Treaty Energy Corporation Signs Farmout Agreement With Aquinas Energy Resources
Four Wells will be Drilled up to 5,000ft Depth Under this Initial Farmout Agreement with Anticipated Yield of 100 BOPD per Well; Leases are in the Damon Salt Dome Area of Brazoria County, Texas; Texas Sands Resources to be the Operator
NEW ORLEANS, May 22, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( http://www.treatyenergy.com), a growth-oriented international energy company, today announced that the company has signed an agreement for a four well farmout drilling program with Aquinas Energy Resources, Inc. on the Belle Wisdom lease in Brazoria County, Texas.
Chris D. Tesarski, Executive Chairman of Treaty Energy, is pleased to announce that Andrew V. Reid, Treaty Energy's CEO, has signed a farmout agreement with Aquinas Energy Resources, Inc., a Houston-based oil and gas company. Texas Sands Resources will be the operator of the project and will be applying for the first drilling permit based on a location that will be chosen by the company in conjunction with technical guidance from Aquinas' Geologist, Bill Gaskin. Prior to drilling, Aquinas Energy will be providing Treaty Energy and Texas Sands Resources with Seismic data for management's review to ensure that the wells provide the maximum return on investment at the lowest risk possible. This initial agreement covers four well locations on the Belle Wisdom Lease located approximately 45 miles southwest of Houston in Brazoria County, just outside of Damon, Texas. The lease is geologically positioned in the Damon Salt Dome area. The four wells are expected to be drilled into the Marge and Frio Attic pay zones and will range from 4,000ft to 5,000ft in depth. Based on historic well production data, anticipated initial production rates on these wells could yield at least 100 BOPD per well. According to geological data, there are more than 440,000 barrels of recoverable reserves on the Belle Wisdom lease.