Review this..... NEW ORLEANS, May 1, 2014 /PRNe
Post# of 39368
Posted On: 10/25/2014 12:41:51 PM
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NEW ORLEANS, May 1, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced the acquisition of the assets of Texas Sands Resources, LLC (TSR) of Abilene, Texas and the appointment of Chris Tesarski to Executive Chairman of the Company.
Treaty Energy Corporation logo
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day) and currently hold 552 barrels of sellable oil in the tanks (est. $50,000). At current production levels, the Company anticipates that this acquisition will generate estimated revenues of $800,000 per year, with revenues expected to increase as the ten (10) leases are more fully developed. TSR also holds a number of additional lease opportunities that if completed, will be included in this purchase. The purchase price was $1,250,000.
On the acquisition, Mr. Reid stated, "TSR will continue to operate all leases currently included in this acquisition and future leases acquired after this acquisition. The current leases under development by Treaty Energy will remain with their current operator. TSR has a great working relationship with the Railroad Commission of Texas and is in good standing. This should ensure that their production will be safe and reliable for the Company."
In addition to the acquisition, Mr. Reid announced, "There will be a change of leadership at Treaty Energy. As of May 1, 2014, Chris Tesarski, the President and CEO of TSR, will assume the position of Executive Chairman of Treaty Energy Corporation. Mr. Tesarski will assume immediate control of the day-to-day operational vision and strategy of the Company."
NEW ORLEANS, May 1, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced the acquisition of the assets of Texas Sands Resources, LLC (TSR) of Abilene, Texas and the appointment of Chris Tesarski to Executive Chairman of the Company.
Treaty Energy Corporation logo
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day) and currently hold 552 barrels of sellable oil in the tanks (est. $50,000). At current production levels, the Company anticipates that this acquisition will generate estimated revenues of $800,000 per year, with revenues expected to increase as the ten (10) leases are more fully developed. TSR also holds a number of additional lease opportunities that if completed, will be included in this purchase. The purchase price was $1,250,000.
On the acquisition, Mr. Reid stated, "TSR will continue to operate all leases currently included in this acquisition and future leases acquired after this acquisition. The current leases under development by Treaty Energy will remain with their current operator. TSR has a great working relationship with the Railroad Commission of Texas and is in good standing. This should ensure that their production will be safe and reliable for the Company."
In addition to the acquisition, Mr. Reid announced, "There will be a change of leadership at Treaty Energy. As of May 1, 2014, Chris Tesarski, the President and CEO of TSR, will assume the position of Executive Chairman of Treaty Energy Corporation. Mr. Tesarski will assume immediate control of the day-to-day operational vision and strategy of the Company."
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