TECO shares just above a penny... Get your tickets
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Posted On: 03/11/2013 12:43:23 AM
TECO shares just above a penny... Get your tickets to the fireworks about to begin....
Project Status Update for March 7, 2013
Treaty Energy Corporation (TECO) Provides a Status Update for the Mitchell Lease in Texas
Treaty Energy Corporation would like to give a general status update regarding ongoing drilling operations in Texas on the Mitchell Lease. Although TECO currently has three drilling projects in various stages of operation: Brown, Mitchell and San Juan; this update will focus on the Mitchell Lease. Please see below to get a detailed break down for this project.
For more update information regarding Treaty Energy Corporation's other operations, please view TECO's previous project status update .
Treaty Energy Corporation's deep well drilling partner in Texas is expected to begin drilling the week of March 18th, 2013.
As announced in December of 2012, Treaty Energy Corporation signed a deal with a new drilling partner, TNC Energy, for the Texas operations. As part of the arrangement, TNC will manage all steps of drilling operations in Texas from start to finish.
Treaty Energy Corporation, through one of its contractors, received an official notice from the Texas Railroad Commission (TRRC) on March 5th, 2013 that TECO had been granted approval to begin drilling operations on the Mitchell lease (Mitchell #3). TECO has since then filed to drill an additional well on the lease (Mitchell #4). As of 3/7/2013, the second permit is still pending approval .
Due to regulations regarding drilling practices in Texas, TECO and TNC were unable to begin normal pre-drilling procedures until permitting was approved by the TRRC. Some initial equipment was sent to the site in preparation and will hopefully expedite operations once rigging crews are on-site.
When the Mitchell #3 permit was granted on Tuesday, TNC immediately sent representatives to the lease to meet with land owners and discuss the large equipment that will be on site and settle any potential land damages that may occur. This is a standard practice with large rigging operations.
TECO and TNC have spent over two months in the planning stages to ensure that these deep wells will be drilled to the highest professional standards on carefully examined areas with high potential production.
TNC has sent TECO the official drilling schedule for the two Mitchell wells:
Starting on March 11, 2013, TNC will prepare the location for drilling. Site preparation includes site leveling, mud pit construction, drilling mud mixing and sub-structure placement. Site preparation is expected to be completed by March 14th.
All piping, rathole and mousehole construction will be completed by Saturday, March 16, 2013.
Starting on the week of March 18, 2013, the drilling right will be placed on top of the substructure and pre-drilled holes and drilling will commence. The tank battery site will be completed simultaneously.
Starting on the week of March 25, 2013, TNC will complete the drilling to formation depths. Casing and cementing will be placed in the hole. Gamma ray logs, perforation, and acid fracturing will also be done this week.
Starting the week of April 1st, tubing, rods and pumps will be placed in the well. A pump jack will be installed and the well will be connected to the tank. Oil/gas is expected to start producing by Wednesday, April 3, 2013.
TECO will patiently wait 1-2 weeks to establish actual oil flow rates to the tanks before making any announcements regarding actual daily production numbers to shareholders .
Please note that this timeline includes two wells that will be drilled on a staggered 1 week schedule, which explains the longer than anticipated timeline. Some items on this timeline will be completed simultaneously (e.g. mud pit construction) when possible. TECO and TNC will attempt to expedite the drilling schedule while adhering to OHSA standards.
The rig that TNC will use on these leases is the largest that TECO has ever utilized. TECO remains committed to increasing production and regaining the shareholder's trust. TECO once again thanks its shareholders and investors for supporting the company during its rebuilding and restructuring initiatives.
TECO looks forward to updating its shareholders and investors on the Mitchell project through social media and email newsletters .
Project Status Update for March 7, 2013
Treaty Energy Corporation (TECO) Provides a Status Update for the Mitchell Lease in Texas
Treaty Energy Corporation would like to give a general status update regarding ongoing drilling operations in Texas on the Mitchell Lease. Although TECO currently has three drilling projects in various stages of operation: Brown, Mitchell and San Juan; this update will focus on the Mitchell Lease. Please see below to get a detailed break down for this project.
For more update information regarding Treaty Energy Corporation's other operations, please view TECO's previous project status update .
Treaty Energy Corporation's deep well drilling partner in Texas is expected to begin drilling the week of March 18th, 2013.
As announced in December of 2012, Treaty Energy Corporation signed a deal with a new drilling partner, TNC Energy, for the Texas operations. As part of the arrangement, TNC will manage all steps of drilling operations in Texas from start to finish.
Treaty Energy Corporation, through one of its contractors, received an official notice from the Texas Railroad Commission (TRRC) on March 5th, 2013 that TECO had been granted approval to begin drilling operations on the Mitchell lease (Mitchell #3). TECO has since then filed to drill an additional well on the lease (Mitchell #4). As of 3/7/2013, the second permit is still pending approval .
Due to regulations regarding drilling practices in Texas, TECO and TNC were unable to begin normal pre-drilling procedures until permitting was approved by the TRRC. Some initial equipment was sent to the site in preparation and will hopefully expedite operations once rigging crews are on-site.
When the Mitchell #3 permit was granted on Tuesday, TNC immediately sent representatives to the lease to meet with land owners and discuss the large equipment that will be on site and settle any potential land damages that may occur. This is a standard practice with large rigging operations.
TECO and TNC have spent over two months in the planning stages to ensure that these deep wells will be drilled to the highest professional standards on carefully examined areas with high potential production.
TNC has sent TECO the official drilling schedule for the two Mitchell wells:
Starting on March 11, 2013, TNC will prepare the location for drilling. Site preparation includes site leveling, mud pit construction, drilling mud mixing and sub-structure placement. Site preparation is expected to be completed by March 14th.
All piping, rathole and mousehole construction will be completed by Saturday, March 16, 2013.
Starting on the week of March 18, 2013, the drilling right will be placed on top of the substructure and pre-drilled holes and drilling will commence. The tank battery site will be completed simultaneously.
Starting on the week of March 25, 2013, TNC will complete the drilling to formation depths. Casing and cementing will be placed in the hole. Gamma ray logs, perforation, and acid fracturing will also be done this week.
Starting the week of April 1st, tubing, rods and pumps will be placed in the well. A pump jack will be installed and the well will be connected to the tank. Oil/gas is expected to start producing by Wednesday, April 3, 2013.
TECO will patiently wait 1-2 weeks to establish actual oil flow rates to the tanks before making any announcements regarding actual daily production numbers to shareholders .
Please note that this timeline includes two wells that will be drilled on a staggered 1 week schedule, which explains the longer than anticipated timeline. Some items on this timeline will be completed simultaneously (e.g. mud pit construction) when possible. TECO and TNC will attempt to expedite the drilling schedule while adhering to OHSA standards.
The rig that TNC will use on these leases is the largest that TECO has ever utilized. TECO remains committed to increasing production and regaining the shareholder's trust. TECO once again thanks its shareholders and investors for supporting the company during its rebuilding and restructuring initiatives.
TECO looks forward to updating its shareholders and investors on the Mitchell project through social media and email newsletters .
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