TECO Mitchell Lease Update for May 13, 2013
On January 10, 2013, Treaty Energy Corporation (OTC: TECO) acquired an assignment on the Mitchell Lease, located approximately one mile northwest of Tuscola, Texas.
Treaty acquired 77% of net revenue interest (NRI) and 100% working interest in the lease. TECO’s strategic acquisition of this lease was a key part of the Company’s plans to shift away from stripper well operations as announced on May 9, 2013.
On February 28, 2013, TECO entered into a drilling agreement with TNC Energy, LLC of Woodward, OK to drill two wells on the lease. Under the terms of this agreement, TNC acquired 50% of working interest on these two wells.
The statuses of these two wells are in various stages of completion as described below.
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