In the news release, Treaty Energy Corporation Acquires the Assets of Texas Sands Resources, LLC, issued 01-May-2014 by Treaty Energy Corporation over PR Newswire, the second paragraph, third sentence, should read "These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day)." rather than "These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day) and currently hold 552 barrels of sellable oil in the tanks (est. $50,000)." as incorrectly transmitted by PR Newswire. The complete, corrected release follows:
Treaty Energy Corporation Acquires the Assets of Texas Sands Resources, LLC
Chris Tesarski, President and CEO of TSR, to be Executive Chairman of the Treaty Energy Corporation
NEW ORLEANS, May 1, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( http://www.treatyenergy.com), a growth-oriented international energy company, today announced the acquisition of the assets of Texas Sands Resources, LLC (TSR) of Abilene, Texas and the appointment of Chris Tesarski to Executive Chairman of the Company.
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day). At current production levels, the Company anticipates that this acquisition will generate estimated revenues of $800,000 per year, with revenues expected to increase as the ten (10) leases are more fully developed. TSR also holds a number of additional lease opportunities that if completed, will be included in this purchase. The purchase price was $1,250,000. On the acquisition, Mr. Reid stated, "TSR will continue to operate all leases currently included in this acquisition and future leases acquired after this acquisition. The current leases under development by Treaty Energy will remain with their current operator. TSR has a great working relationship with the Railroad Commission of Texas and is in good standing. This should ensure that their production will be safe and reliable for the Company." In addition to the acquisition, Mr. Reid announced, "There will be a change of leadership at Treaty Energy. As of May 1, 2014, Chris Tesarski, the President and CEO of TSR, will assume the position of Executive Chairman of Treaty Energy Corporation. Mr. Tesarski will assume immediate control of the day-to-day operational vision and strategy of the Company." A native of Canada, Mr. Tesarski immigrated to Abilene, Texas in 2012 with the goal of developing an integrated energy platform. TSR has been committed to developing advanced processes on marginal leases, using current down hole optimization technology, oilfield waste management and byproduct optimization to create a zero-waste oil lease. Mr. Tesarski stated, "If we are to achieve North American Energy Independence, it will mean producers must be innovative. We must stop thinking of marginal wells as uneconomic and understand that with creativity and innovation we can make North America self sufficient when it comes to energy production. The bulk of that production will continue to come from extraction of hydrocarbons for the foreseeable future." Mr. Tesarski further stated, "TSR has the operational foundations and technologies needed and Treaty Energy Corporation has the trading platform that has bred a loyal shareholder base that should benefit greatly from the changes. Our combined goal of improving marginal well operations and utilizing new development drilling opportunities through Treaty Energy will give current and future Treaty Energy shareholders a company that they can be proud of. I will be making that my number one priority in the coming months."