Treaty Energy Corporation announced the acquisition of three oil wells and ten gas wells from Discovery Resource Group.
The three acquired oil wells are located in Venango County, Pennsylvania. The wells are currently drilled to 1,250 ft. and have five pay zones. The zones are named Venango 1, Red Valley Sand, Venango 2, Venango 3 and Venango 4.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia. The wells are drilled to 5,500 ft. and have six pay zones. The zones are named; Benson, Riley, Gordon 4th, Gordon 5th, Sand and Injun Sand.
Andrew Reid, President and COO of Treaty Energy, commented, "Treaty Energy to date has not pursued any investments in natural gas wells, but in looking forward we believe that it should have a natural gas position that can be expanded as the need for natural gas increases in the United States and as prices increase to profitable levels."
Mr. Reid added, "The real value of this acquisition, which was closed using non-convertible preferred stock, is that it includes at least 100 additional well sites in West Virginia that can be drilled by Treaty Energy at its discretion when the cost of drilling and operations are outweighed by the price of natural gas. We intend to disclose further details on the acquisition at the appropriate time."
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