This Day On The Street
Continue to site
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

Treaty Energy Corporation Announces Signing Of Drilling Contracts On The Stockton #2 And #3 Wells In Tuscola, Texas

NEW ORLEANS, Sept. 19, 2013 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (, a growth-oriented international energy company, today announced that the Company has signed contracts to begin drilling two self-funded and already permitted wells in Tuscola, Texas. Drilling is expected to begin as early as Saturday, September 21, 2013 but may begin as late as Wednesday, September 25, 2013.


On June 28, 2013, Treaty Energy acquired a working interest on the Stockton lease from U.S. Fuels, Inc. of Breckenridge, Texas. This working interest included a 75% net revenue interest (NRI) and a 100% working interest (W/I). The remaining 25% NRI is dedicated to existing overriding royalty interests (ORRI).

On July 17, 2013, the Company announced it had completed survey work and were solidifying plans to drill two offset wells from the Mitchell lease on the Stockton lease.  Requests for drilling permits were filed approximately two weeks after survey work was completed. The Company received permitted approval to drill the two wells on August 6, 2013 from the Texas Railroad Commission (TRRC).

The Company finalized and signed contracts on September 11, 2013 to begin drilling the two planned wells on the Stockton lease. As previously announced, the Company has sought no partners on the project and will be completely self-funded. The Company's self-funding grants 100% of the 75% NRI as revenue for the Company.

Due to proximity and same field geology, initial production numbers and estimated production rates are expected to be similar to the Mitchell #4 well, which received an initial production rate of 61 barrels of oil per day (BOPD) and an announced production rate of 45-50 BOPD. Both wells will be drilled to an approximate depth of 4800ft and will be drilled sequentially. Based on the Mitchell's production rates, the Stockton wells combined are expected to bring in approximately $205,000 in revenue within thirty days of completion.

As part of the Stockton lease development, the Company recently purchased the Stockton #1 well. The strategic Stockton #1 purchase reduced the capital needed to begin work on the project by supplying an existing oil and gas infrastructure, namely the tank batteries and water separators. Both of these were recently repaired by the Company in order to remove the Mitchell #1 from severance.

1 of 2

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
Only $9.95
14-Days Free
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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 -0.41%
FB $117.81 -0.21%
GOOG $701.43 0.82%
TSLA $211.53 -4.96%
YHOO $36.94 2.61%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs