PERTINENT NEWS IN REVIEW:5/14/2013
Treaty Energy Corporation , TECO is not in bankruptcy. An involuntary petition was filed against the company, which requires multiple hearings before an involuntary bankruptcy is declared. Here is TECO's standard response to inquiries such as yours:
TECO's o fficial answer is that the involuntary petition is founded on completely baseless claims. Several of the petitioners are disgruntled former directors and employees of TECO that still hold resentment against the company.
The representing parties have used no filing attorney or have listed an attorney as a point of contact and are filing it pro se.
TECO is going to petition to have the case against TECO dismissed with supporting documents against the claims. If dismissed, TECO will be seeking full damages along with attorney fees as allowed by federal law. Shareholders should not be concerned as TECO's attorneys are already working on a legal response and are confident in TECO's case against the petitioners.
https://www.facebook.com/TreatyEnergyCorp?fref=ts
Source - Read More: http://investorshangout.com/post/747056/Treat...z2TIpFtvuo
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TECO Mitchell Announcement - 5/13/2013
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.
Mitchell #3 is a commercially viable well and will be put into production.
Drilling on the Mitchell #3 well began on April 24, 2013. The drill reached a total depth (TD) of 4605ft. on April 30, 2013 and was immediately cased and cemented. Perforation and acidization was completed on May 9, 2013. Swabbing operations began May 10, 2013 and were concluded Monday, May 13, 2013.
TNC is in the process of installing a pump jack and flow lines in order to place the Mitchell #3 into full commercial production.
In addition to this announcement, TECO has released the geology report on Mitchell #3 and is available for download here .
As part of the Company's revised reporting policies, flow rates on the wells will be announced in a few weeks once production has stabilized and will then be available on the Company's website at: www.treatyenergy.com/operations/texas .
Mitchell #4 has been cemented and will be completed once cured.
Drilling on the Mitchell #4 began on May 6, 2013 during Mitchell #3's completion process. The drill reached a total depth (TD) of 4650ft. on May 11, 2013 and was immediately cased and cemented. The cement on the well is currently being cured.
TECO expects TNC to begin completion operations after both parties have had a chance to evaluate the initial results on the Mitchell #3, which are expected early this week.
http://xa.yimg.com/kq/groups/86712394/sn/1011...CF0040.jpg
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