Treaty Energy intends to acquire a 113 acre lease in Brown County, Texas with two producing wells that, with minor rework, are projected to produce 10 BOPD. This is planned as an asset purchase, and will include all existing down-hole and surface equipment.
The lease has about seven PUDS that will likely be drilled after further study. This lease is currently under a Letter of Intent (LOI) that provides for a 90 day due diligence period. This purchase transaction may be closed at anytime sooner with the consent of the parties. Details of the transaction will be disclosed following closing.
Treaty Energy considers this leasehold to be another small step forward in the implementation of its growth strategy.
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