Treaty Energy Corporation (TECO) would like to provide a substantial update for investors regarding all on going drilling operations in Belize and Texas and a status update on TECO's website redesign.
Brown well has been perforated, acidized and is now expected to be put into full production as early as tomorrow.
The completion of Treaty Energy Corporation's (TECO) latest well was delayed due to an unscheduled emergency plugging operation on a non-TECO lease that took longer than expected. TECO is using contracted services to drill and complete the Brown well.
On Tuesday, March 27, 2013, the well was perforated. Video of the perforation is available below (perforation occurs at exactly 2:35 in the video):
Completion crews were onsite and acidized the well early this morning. The crews are now working on swabbing and completing the well.
TECO would like to establish a consistent and level flow rate before informing investors of the well's production so that an accurate rate can be determined. TECO expects this to take between 1-2 weeks. Decisions regarding future well operations on this lease will be made then at that time. Investors be informed of these decisions made by TECO management regarding the Brown lease at that time as well.
While on site, the crew completed a rod liner repair to one of TECO's highest producing wells on the lease (as seen below). Several additional crews also performed general maintenance on the Brown lease to improve TECO's operations there.
TECO management looks forward to updating investors on the well's status in the coming weeks.
Treaty Energy Corporation's new website is scheduled to launch by April 5, 2013.
TECO's new website has been designed to provide information on project statuses, well operations, company financials and will be a great resource for those investors who want to know more about oil & gas operations. TECO intends to utilize this resource to the maximum extent and hopes that investors will find it to be a great primary resource for all TECO related questions.
TECO fully anticipates the site will be live sometime between April 1st and April 5, 2013, and will depend on when the DNS servers propugate. TECO will inform investors when the new website goes live.
Treaty Energy Corporation resumed drilling operations on March 27, 2013 on the San Juan #3 exploratory well in Belize.
Treaty Energy Corporation (TECO) announced last week that it had successfully drilled to a depth of 486ft to subsequently case and cement the well. TECO initially planned to allow 2-3 days for curing times.
After an inspection on Thursday, TECO's Belize operations made the decision to continue the curing process through the weekend to ensure proper settlement. During this downtime TECO's drilling supervisor in Belize performed a full inspection of the rigging equipment on Saturday to eliminate any possible issues that may have arrived on Monday.
During the Saturday inspection, the drilling supervisor noticed a part on the drilling rig that was in need of repair. While not immediately critical to operations, the decision was made to purchase the component over the weekend and repair it before resuming drilling operations. Repairs on the rig were successfully completed late Tuesday afternoon.
As of March 27, 2013, drilling has recommenced on San Juan #3. The rig is expected to reach its first expected zone of interest of 800ft as early as this weekend.
TECO will update investors on the well’s operations through existing communication channels.
TECO's drilling partner, TNC, has revised the Mitchell lease's drilling schedule.
TNC has informed TECO that they are revising their drill schedule based upon existing drilling obligations. Despite the revision in the drilling schedule, TNC is still committed to drilling the Mitchell lease for TECO in a quick and efficient manner once the rig arrives on the site.
Preparation crews have been on site for the last week preparing the site for drilling and have successfully installed new tank batteries on the lease.
The next procedural step is to conduct pre-drilling operations (Conductor Pipe, rat holes and mouse holes) which will then be immediately followed by full drilling operations.
TECO would like to assure shareholders that both TECO and TNC are committed to this operation and will begin drilling operations in the very short term. TNC is handling all logistics on this operation.
TECO looks forward to updating investors shortly regarding drilling operations on the Mitchell lease.
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