Treaty Identifies Belize Drilling Locations
Treaty Energy Corp. on Tuesday issued substantial information on the Company's progress in Belize.
Andrew V. Reid, Treaty Energy's CEO, indicated, "The first of several items issued today is that Treaty Energy Corporation has engaged a law firm in Belize City, Belize, for the purpose of forming a Belizean corporation to be named Treaty Belize Energy, Ltd. All of our business activities in Belize will be handled through this wholly owned subsidiary. As of May 2nd Treaty was told by our Belizean law firm that all filings were done and we are waiting on the 'Certificate of Incorporation' which we expect from the registry promptly."
Reid also explained that Treaty has selected five 'AREAS' as the first of innumerable well sites and has identified the first eight drilling locations that are to be drilled on the land portion of the Princess/Treaty Concession.
- AREA #1: Elevation – 108'
- AREA #2: This very encouraging location is right off Monkey River Road, and shows promise for many wells.This location was staked with one well location approximately 20' back from the seal on the oil side. Due to lack of time on this formation further study will be done. The one well is expected to be 1200' deep to the top of the formation.The Company has been informed by the geoscience team identifying these drilling locations that we can expect multiple wells on this formation at about 600' intervals.
- AREA # 3: This third formation is located near the end of Monkey River Road. A well location has not been chosen on this location as of yet because it will require clearing certain areas to obtain access to specific drilling locations.j
- AREA # 4: This fourth formation was along Southern Highway toward Punta Gorda.The first well staked is close to Southern Highway inside a guarded area that will be easy to drill. The second well is located about 50' off a good dirt road.
- AREA #5: This fifth location is on Southern Highway in Medina Bank.
In conclusion, CEO Andrew Reid indicated, "We are now in the final process with regard to contracting a drilling company. We are currently evaluating a highly qualified company out of Guatemala City, but other companies are also being considered, some of which are based in the United States. It has been determined that an air drilling approach would be very successful in the areas that we will be exploring. Since air drilling can be faster and would likely create less contamination and/or damage to the oil bearing formations, all factors are being considered prior to issuing the contract for the first well."
Treaty is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.