NEW ORLEANS, June 5, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com), a growth-oriented international energy company, announced today the results of the recently completed Mitchell #3 well in Tuscola, Texas and provided an update on the Mitchell #4 well and the Standard Lease operations.
On May 21, 2013, the Mitchell #3 was put into full production and is producing consistently between 25 to 30 barrels of oil per day (BOPD). Mitchell #3 concluded swabbing operations on May 13, 2013 and was assigned an initial production (IP) rate of 53 BOPD. As of June 4, 2013 the tank reading on Mitchell #3 is approximately, 19' 8" or 394 barrels of oil.
On June 4, 2013, Mitchell #4 was perforated and acidized. The well is currently undergoing swabbing operations. On May 11, 2013, the Mitchell #4 was cemented and cased. Over the next week, Treaty Energy will continue to swab and test the well. Once swabbing concludes, Treaty Energy will immediately place the well into production with a pump jack already in position over the wellhead.
In order to determine the most efficient and best perforation zone, Treaty Energy held off on well completion until the results of Mitchell #3 had been analyzed. Treaty Energy believes that Mitchell #4 well will be similar to or marginally better than Mitchell #3 based upon initial geology reports.Similar protocols will be used to determine the flow rate of Mitchell #4. After initial production rates have subsided, Treaty Energy will monitor Mitchell #4 and will subsequently release stabilized production rates to shareholders. The rework on the Standard Lease is approximately two weeks behind schedule, due to the loss of an immediate family member of Treaty Energy's main operations manager on the project. Treaty Energy sends its condolences to the family affected by the tragic loss. Treaty Energy will resume operations on the Standard Lease next week.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV