Sept. 30, 2013
/PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (
), a growth-oriented international energy company, today announced that the Company has commenced full drilling operations on the Stockton Lease in
September 27, 2013
, at around
, the drilling rig spudded in on the Stockton #2 well. The Company is employing a local drilling contractor to perform the operation. The Stockton #2 well will be drilled to the Gardner Limestone pay-zone located at an approximate depth of 4800ft. The well is considered an off-set well to the Company's successful Mitchell #4 well.
Currently, the Stockton #2 drill is at approximately 2000ft. and is drilling 24 hours a day. 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.
After completion of the Stockton #2 well, the drilling rig will immediately move over to the Stockton #3 site to begin drilling operations there. The target pay-zone for the Stockton #3 is also the Gardner Limestone and is expected to have a total depth of 4800ft.
Drilling on the Stockton lease comes at an opportune time with the price of WTI Crude nearing all-time highs at over
a barrel. Initial production surges will guarantee larger profits for the Company due to this unexpected market development.
The Stockton lease project was entirely self-funded and the Company sought no additional partners on the project. As a result, the Company maintains its full 75% net revenue interest (NRI) and a 100% working interest (W/I) on the well.