Treaty announced that due to its overwhelming success on the first of the two shut in wells on its Pickett County, Tennessee leases, the Company has made arrangements and secured financing for work to begin on the second shut in well on "THE JOSEPH SCHWALLIE #1" lease.
Treaty Energy's first attempt to drill on its Tennessee leases is considered to be a major success. As announced earlier, the Company acquired five oil and gas leases in Pickett County, Tennessee, 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 stellar results.
Andrew Reid, Chairman and CEO of Treaty Energy, stated, "With our strong performance on the first of the shut in wells, I have been able to secure funding in order to move ahead with plans to re-enter the second shut in well on the 'THE JOSEPH SCHWALLIE #1' lease."
Mr. Reid added, "It is our plan to move aggressively on our drilling program in Tennessee. I look for Treaty to be able to fully capitalize on our first great success in Tennessee. I would like to especially thank Gerard Danos, our COO, for all his help in making the first well such a success."
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