This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Treaty Energy Corporation Announces Sale Of Existing Assets In West Texas And Announces Plans To Acquire The Stockton #1 Well In Tuscola, Texas

NEW ORLEANS, Aug. 16, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( http://www.treatyenergy.com), a growth-oriented international energy company, today announced that it sold a large portion of its existing marginal oil well assets in West Texas for $550,000 as part of the Company's long term re-organization strategy to decrease expenses and improve operational efficiency. The Company also announced its plan to acquire a new well as part of its program to develop the Tuscola, Texas area.

Summary of Results in West Texas

As announced in February of 2013, management initiated several major actions to improve the Company's financial strength. The first major action announced by the Company included a full review of all leases in West and East Texas that were purchased in 2011 and 2012.

The internal review was immediately responded to by management, which reacted by restructuring Company operations and by moving away from marginal well operations into hydrocarbon exploration opportunities on underdeveloped leases. These moves were announced mid-2013 and should not be unexpected by shareholders. Results of these actions are being seen in the third quarter (Q3) 2013 with the acquisition of the Mitchell, Stockton, Standard and Murl/Stroebel leases.

Oil and gas development that occurred in late second quarter (Q2) on the Mitchell lease has produced more than 3,000 barrels of oil.

Sale of Marginal Well Assets in West Texas

As part of the Company's internal review of leases purchased in 2011 and 2012, cost effective and necessary work overs were performed on at least one well on each lease that was currently producing at least one barrel of oil per day (BOPD). A shallow well (Brown #22) was also drilled to determine the production potential of the Brown lease. Work over operations began in mid to late Q1 and early Q2. Actions taken during this time by the Company will be reflected in the Company's financial filings.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.73 -63.39 -0.36%
S&P 500 2,067.89 -18.35 -0.88%
NASDAQ 4,900.8850 -46.5560 -0.94%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs