Treaty Energy Corp. engages in the acquisition, development and production of oil and natural gas. The company acquires and develops oil and gas leases which have proven but undeveloped reserves at the time of acquisition. This strategy allows Treaty to develop and produce oil and natural gas with significantly decreased risk, cost and time involved in traditional exploration.
Treaty Energy’s management has carefully designed a strategic acquisition program to move the company into continually stronger production, with initial lease projects in Louisiana, Tennessee, and Kansas. When ready for additional expansion, they will pursue acquisition opportunities in other areas that meet their criteria and are in line with the other projects and employee talents.
Recently, Treaty Energy Corporation released the latest information available on their three wells in Pickett County Tennessee. The Company recently re-opened the Robin Moody well #1 and placed it into oil production. It is producing live gassy crude from the Wells Creek formation at 1820-1824 feet.
The company also recently re-opened the Joseph Schwallie well #1. They are pumping it intermittently with a pumping unit equipped with an 8 HP gasoline motor. As of mid-September, they were pumping water with small crude oil shows.
The Herbert Q. Groce well #1 was recently re-opened as well and bailer-tested. Treaty Energy ran a video log in the well. A small amount of oil was found in the well. The Wells Creek porosity zone in this well ran approximately 70 feet lower than the same zone in the Robin Moody #1 and the Joseph Schwallie #1.
A thin zone at 1126 feet showed minor amounts of oil and gas in the Stones River formation. The company sent the video to a consulting geologist for review and to seek his opinion as to whether they should acidize this zone. He advised against it, and therefore, Treaty plans to plug and abandon the well.
On September 20, 2010, Treaty Energy announced the signing of a service contract with Radar Satellite Solutions (RSS). The contract with RSS covers remote sensing and exploratory services in the country of Belize. Under the leadership of the Treaty group as the operator of the concession, RSS will provide scientific oversight to survey and provide drilling technology on the concession in accordance with the proprietary technology of RSS.
In late October, Treaty Energy Corporation announced that they successfully performed the acidizing process on their Joseph Schwallie #1 well in Pickett County, Tennessee. During the acidizing process, Mr. John Barksdale, President of Treaty Energy, and Mr. Gerard Danos, Vice President and COO of the Company, were present. Mr. Danos commented that he is very optimistic about the future production on the Joseph Schwallie #1 well. The company now plans to proceed to the Robin Moody #1 well to do the same acidizing treatment.
This week, Treaty Energy Corporation updated shareholders on the progress of their Joint Venture with Princess Petroleum Limited on the 2 million acre concession in Belize. The Company’s contractor, Radar Satellite Solutions (R.S.S.), has completed initial analysis of a portion of the land based concession.
Mr. Mike Morgan, spokesman for R.S.S., stated, “Early indications have shown two areas on the Princess concession that have many characteristics similar to the Spanish Lookout field. The first prospect is referenced as Orchard 1 and the zone being studied is at 3300 ft. This is the first of the two zones that we will study extensively and we are optimistic that we will locate commercially viable hydrocarbons in this field.”
Mr. Andrew Reid, Chairman and CEO of Treaty Energy, stated, “I am very pleased with the promising outlook of the information coming from the first deployment of the R.S.S. crew. Treaty Energy is looking forward to the continuing efforts of R.S.S. in establishing our first well site in Belize.”
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