Treaty announced that it is now in production of oil in Pickett County, Tennessee, on its first well drilled on a prolific oil field contained by its TN leases.
TECO's first attempt to drill on its TN leases is considered to be a major success. The Company announced the acquisition of five oil and gas leases in Pickett County TN on April 13, 2010. The leases encompass 246 acres and included two shut in wells, the first of which was re-entered on Tuesday, June 8th, with these most positive results. The Company indicates that there is a second "shut in" well that will likely be penetrated soon. These leases will accommodate up to 25 drilling sites.
Gerard Danos, COO of Treaty Energy Corporation, was on site in Pickett County, and stated, "What an exciting day. We were tremendously successful in reopening our first well on one of our Tennessee leases. Our drilling crew utilized the air rotary method, and the well started producing a heavy flow of oil at 900 ft. and continued the high output to a depth of 1875 ft."
Mr. Danos added, "This well produced 30+ barrels in just three hours due to natural back pressure. Once we realized the amount of oil the well was producing, we immediately began negotiations and reached an agreement on a 45 acre lease adjacent to this tract."
Andrew Reid, Chairman and CEO of Treaty Energy, stated, "Our drilling success in Tennessee is a strong step forward for Treaty Energy. We are steadily moving ahead on all of our oil and gas projects, which include leases in Kansas, Louisiana, Tennessee, Pennsylvania and the biggest of all, our Joint Venture project in Belize with Princess Petroleum. We look to a very bright future for all of our stakeholders."
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