NEW ORLEANS, Oct. 29, 2013 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a
growth-oriented international energy company, today announced it
has signed a $3,500,000 drilling
contract to drill 500 shallow wells in Louisiana through its drilling services
subsidiary, Treaty Energy Drilling, LLC.
(Logo:
http://photos.prnewswire.com/prnh/20130716/MM48083LOGO )
Treaty Energy Drilling, a wholly owned subsidiary of Treaty
Energy Corporation, has secured and signed a $3,500,000 500 well drilling contract in
Louisiana. All of the wells in the
contract are considered shallow vertical drills and will be
approximately 475ft. in depth. Drilling is expected to begin on
November 6, 2013 and at least thirty
wells are expected to be completed by January 31, 2014.
Treaty Energy Drilling plans to use its Failing 1500 CF Mounted
Drilling rig to drill the wells. The drilling rig is currently
being retooled and upgraded before starting the job to ensure a
quick drilling time.
Andrew V. Reid, Chairman &
CEO of Treaty Energy Corporation, stated, "When the Company
initially started Treaty Energy Drilling, the Company believed that
it would be more cost effective to drill its own wells. However
looking at financials earlier this year, the Company decided that
the best course of action would be to use the experience of Treaty
Energy Drilling to drill wells under contract to third parties to
diversify the revenue stream and bring in additional capital to the
Company."
Mr. Reid continued, "This type of contract is exactly the reason
that the Company shifted Treaty Energy Drilling to being a third
party contractor. We will use the profits from this operation to
fund our operations domestically and internationally, providing a
secondary revenue stream for future Company operations. The
Company is excited to be drilling these wells and expanding our
operations to Louisiana."
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-754-6926
Fax: 504-324-0844
Company Links
Website: http://www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo
About Treaty Energy Corporation
Treaty, an international energy company, is engaged in the
acquisition, development and production of oil and natural
gas. Treaty acquires and develops oil and gas leases which
have "proven but undeveloped reserves" at the time of
acquisition. These properties are not strategic to large
exploration-oriented oil and gas companies. This strategy
allows Treaty to develop and produce oil and natural gas with
tremendously decreased risk, cost and time involved in traditional
exploration.
Treaty Energy Corporation (TECO) trades on the OTCQB, the
marketplace for companies that are current in their SEC reporting
requirements. Investors can find Real-Time quotes and market
information for Treaty Energy at
http://www.otcmarkets.com/stock/TECO/quote
Forward-Looking Statements
Statements herein express management's beliefs and expectations
regarding future performance and are forward-looking and involve
risks and uncertainties, including, but not limited to, raising
working capital and securing other financing; responding to
competition and rapidly changing technology; and other risks.
These risks are detailed in the Company's filings with the
Securities and Exchange Commission, including Forms 10-KSB, 10-QSB
and 8-K. Actual results may differ materially from such
forward-looking statements.
SOURCE Treaty Energy Corporation