Treaty reported progress on its Pickett County Tennessee and Belize oil and gas projects.
Treaty Energy indicated that its first well on the Tennessee lease, the ROBIN MOODY #1 well, is complete, electrical is connected, and was final inspected on Tuesday, July 13th. Production on this well started on the 14th. The well was allowed to run for only three hours on the first day and produced 15 BBLS of oil. John Barksdale, Treaty's operator, will be back on the well site on Thursday, July 15th, and will begin the process of adjusting the pump times on the well to maximize production. Based on the initial three hour trial production run, Treaty is very optimistic about the production of the ROBIN MOODY #1 well.
Gerard Danos of Treaty Energy was on site during Wednesday's trial run, and commented, "Our Tennessee leases are rapidly becoming a great success for Treaty Energy and our management team is excited to announce that the first well is online and performing better than expected."
Treaty Energy's second TN well, JOSEPH SCHWALLIE #1, located about 400 feet from the ROBIN MOODY #1 well, was re-opened last week and a completion rig arrived on July 12th to start completing the well. Initial indications show two pay zones, one at 1,600 ft. and one at 1,800 ft. This well will be acidized prior to starting production. The Treaty people on site are very optimistic about the level of production that will likely be achieved on this well.
As to the #3 well on the TN leases, the GROCE well, the permits and bonds for this well were "overnighted" to the State regulators on July 12th. Treaty expects to re-open this well during the week of July 19th.
Treaty Energy also updated progress on its Belize project. Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government.
Andrew Reid, Chairman and CEO of Treaty Energy, stated, "I am excited we have successfully re-opened our second well in Tennessee, and I have a very high level of confidence that we will also bring in the third well as a producer. Our shareholders will see Treaty reporting significant increases in oil production quarter-to-quarter from now on."
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