Treaty, Princess Update on Belize O&G Concession
Treaty released updated information on its recently announced 50\50 Joint Venture Agreement with Princess Petroleum Limited ("Princess").
Treaty announced last week that it signed an oil and gas joint venture in Belize (Central America) with Princess. The concession covers 2,000,000 acres in three separate tracts; one offshore and two onshore.
As can be seen from the satellite data below, the onshore tract closest to the Atlantic Ocean shows significant amounts of bright
reds and yellows which could be potential hydrocarbons. The satellite's software picks up methane gas being emitted by possible
hydrocarbons in the ground below. There is the possibility that some of the shows could be decomposing vegetation especially in marshy areas. However, this tract represents probably 110,000 acres and most of the bright spots are shown on dry areas.
This is particularly encouraging news considering an Irish concession nearby is producing 5000 barrels a day out of 8 wells and has completed 2 more wells expected to produce 1000 barrels a day each.
Treaty has engaged a highly respected geoscientist to oversee the taking of soil samples in the best areas proved by satellite and test
the samples to determine where the hydrocarbons are and to select a drill site. This geoscientist will go to Belize in early May 2010 to
do soil samples and other studies needed to select the first well site. Treaty intends to start drilling its first well no later than July 1, 2010.
Andrew Reid, President and CEO of Treaty Energy, stated, "We are very excited with the progress we are making on the Belize concession, and fully expect to achieve our target date of commencing drilling our first oil well prior to July 1st of this year."