US oil company to restart drilling operations in Belize News for 'TECO' - (US oil company to restart drilling operations in Belize) May 08, 2013 (Caribbean News Now - McClatchy-Tribune Information Services via COMTEX) -- BELMOPAN, Belize -- Treaty Energy Corporation, a US-based energy company, has announced a new operational structure for its subsidiary company, Treaty Belize Energy Ltd, along with the recommencement of drilling operations in Belize. Treaty Energy Corporation's CEO, Andrew Reid, announced that Max Mohamed has been appointed to be the president and CEO of Treaty Belize Energy Ltd. Mohamed is a geologist and has been overseeing Treaty Energy's exploration for oil in Belize, pertaining to the two hundred thousand acres of Princess Petroleum's onshore concession. Treaty Belize Energy has drilled three wells so far on the concession, the San Juan #1, San Juan #2 and San Juan #3. While in the process of drilling on San Juan #3, a Supreme Court ruling was issued against the government of Belize, concerning several offshore concessions, including the Princess Petroleum Concession. Two of these offshore concessions included a small acreage onshore, one of which is the Princess Petroleum Concession. Due to the Supreme Court ruling, Treaty Belize Energy temporarily suspended its drilling efforts on the San Juan #3. Treaty wanted to consult with its legal counsel in Belize and wait for the government of Belize to issue a statement. On May 5, 2013, Prime Minister Dean Barrow made statements to local media regarding the Supreme Court ruling. Based on the legal opinion Treaty Energy received from Princess Petroleum's legal counsel and the statement made by Barrow, Treaty has made the decision to recommence drilling of the San Juan #3 well. Treaty Energy Corporation's CEO, Andrew Reid, stated, "I am extremely pleased that Max has accepted the position of president and CEO of Treaty Belize Energy Ltd." Reid further stated, "I look forward to working with Mr Mohamed as Treaty Belize Energy Ltd continues its efforts in Belize and the possibility to explore other opportunities in other Central American and Caribbean regions as well." Last month, the Supreme Court in Belize declared offshore drilling contracts issued by the government (in 2004 and 2007) null and void. The ruling, handed down by Justice Oswell Legall, was in response to a case brought by Oceana, COLA, and the Belize Coalition to Save Our Natural Heritage. It effectively ended the Belizean government's immediate effort to allow offshore oil drilling in the Meso American Reef, the second largest barrier reef in the world. The court overturned the contracts after determining that the government failed to assess the environmental impact on Belize's ocean, as required by law, prior to issuing the contracts. The court also found that contracts were made to companies that did not demonstrate a proven ability to contribute the necessary funds, assets, machinery, equipment, tools and technical expertise to drill safely. ___ (c)2013 the Caribbean News Now (Grand Cayman, Cayman Islands) Visit the Caribbean News Now (Grand Cayman, Cayman Islands) at www.caribbeannewsnow.com Distributed by MCT Information Services