Treaty to Restart Drilling Ops in Belize, Appoints New CEO of Subsidiary
Treaty Energy Corporation announced a new operational structure for its subsidiary company, Treaty Belize Energy, Ltd., along with the recommencement of drilling operations in Belize.
Treaty Energy Corporation's CEO, Andrew Reid, announced that Max Mohamed has been appointed to be the President and CEO of Treaty Belize Energy, Ltd.
Mohamed is a Geologist and has been overseeing Treaty Energy's exploration for oil in Belize, pertaining to the two hundred thousand acres of Princess Petroleum's onshore concession. Treaty Belize Energy has drilled three wells so far on the concession, the San Juan #1, San Juan #2 and San Juan #3. While in the process of drilling on San Juan #3, a Supreme Court Ruling was issued towards the Government of Belize, concerning several offshore concessions, including the Princess Petroleum Concession. Two of these offshore concessions included a small acreage of onshore, one of which is the Princess Petroleum Concession.
Due to the Supreme Court ruling, Treaty Belize Energy temporarily suspended its drilling efforts on the San Juan #3. Treaty wanted to consult with its Legal Council in Belize and wait for the Government of Belize to issue a statement. Prime Minister Barrow made statements May 5 to local media regarding the Supreme Court ruling. Based on the legal opinion Treaty Energy received from Princess Petroleum's legal counsel and the statement made by Prime Minister Barrow, Treaty has made the decision to recommence drilling of the San Juan #3 well.
"I am extremely pleased that Max has accepted the position of President and CEO of Treaty Belize Energy, Ltd.," Treaty Energy Corporation's CEO Andrew Reid stated. "I look forward to working with Mohamed as Treaty Belize Energy, Ltd. continues its efforts in Belize and the possibility to explore other opportunities in other Central American and Caribbean regions as well," Reid further stated.
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