Treaty's Drilling Team Struck Oil on its First Well on the Princess Concession in Belize on Friday, January 27th, at about 4:30 PM-CT - This 1st Well, SAN JUAN #2, will be Completed and Put into Production Following Review by Belizean Regulatory Officials - The Stann Creek Field is Estimated to Contain up to 6 Million Barrels of Recoverable Oil
NEW ORLEANS, Jan. 30, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com), a growth-oriented international energy company, today reported drilling success on its first oil well, SAN JUAN #2, in Belize, Central America. The SAN JUAN #2 well is near Independence Village, Belize, located adjacent to the Port of Big Creek in the Stann Creek District. Final phase of drilling this well commenced on January 24, 2012, after review and compliance with all government regulations, requirements and inspections by Belizean officials and permission granted. The initial casing (8 5/8 inch) was set and cemented in place using upgraded cement that was requested (H Grade). Upon completion of the cementing process it was allowed to cure for more than 24 hours. Once the cement was properly cured and inspected by government officials permission was then given to drill to depth on the well. All information compiled by Treaty engineers, geologists and its own accomplished oil industry veterans ( Steve York, Bill Harden) indicated that we would start to encounter shows of hydrocarbons around 1100 ft. At 1235 ft hydrocarbons were detected in the form of a gas register. This presence of C1-C4 gas readings indicated a geo-pressurized oil bearing zone/gas driven. As drilling continued the indicator steadily increased from the depth of 1235 ft with readings being taken at 1 ft intervals. On site analysis of the cuttings by Advanced Geological Services, Treaty's "Mud Logging" equipment supplier and consultant revealed that hydrocarbons (Oil) were present in the cuttings samples. Continued drilling showed a constant increase in hydrocarbon presence in the formation through 1290 ft, after which there was a steady decline. This defined the producing zone to be 1235 ft – 1290ft.