Treaty announced updates related to its oil and gas leases and drilling activities in Pickett County Tennessee and the country of Belize.
Treaty Energy has purchased the HERBERT Q. GROCE lease, a 44.5 acre property located adjacent to the BYRON HILL #1 lease on which the ROBIN MOODY #1 well was successfully drilled last week producing a "gusher."
The ROBIN MOODY #1 well, the subject of Treaty Energy's June 10th news release, is currently in the completion stage with the "completion rig" starting work on Monday, June 14th. Treaty Energy expects to be able to announce the initial production rate from this well sometime during the next 7 to 10 days.
Treaty Energy's second well, THE JOSEPH SCHWALLIE #1, located about 400 feet from the ROBIN MOODY #1 well, is currently being permitted, bonded, and prepared for re-entry. The Company expects re-entry to occur in approximately two weeks. Funding is secured and in place for this well to be drilled and completed.
Additionally, Treaty Energy is pleased to announce that it has secured funding to re-enter a shut in well on the recently purchased GROCE lease. This will be Treaty Energy's third well in Tennessee. Applications for permits and bonds will immediately follow those of the SCHWALLIE well and re-entry of the GORCE well is scheduled directly behind re-entry of the SCHWALLIE well. Assuming the GORCE well hits oil it will go to completion immediately following completion of the SCHWALLIE well.
In other news, the Treaty Energy team is preparing to return to Belize to take final soil samples to finalize selection of its first onshore well site. Treaty Energy will be taking soil samples over a 300 square mile area, and based on the results the company will determine the most suitable site for success, and then arrange for necessary drilling permits.
Andrew Reid, Chairman and CEO of Treaty Energy, stated, "I am very pleased with the progress we have been able to make in Tennessee and look for further growth there in the short term. I am also very excited about our prospects in Belize, as we move closer to drilling. I feel that this concession has the potential for major hydrocarbon development."
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