Treaty Energy Corporation Announces the Production Rate of Mitchell #3 Well and Begins Completion Work on Mitchell #4
Jun 5, 2013 13:55:00 (ET)
NEW ORLEANS, June 5, 2013 /PRNewswire via COMTEX/ -- Treaty Energy Corporation (otcqb:TECO) ( www.treatyenergy.com ), a growth-oriented international energy company, announced today the results of the recently completed Mitchell #3 well in Tuscola, Texas and provided an update on the Mitchell #4 well and the Standard Lease operations.
On May 21, 2013, the Mitchell #3 was put into full production and is producing consistently between 25 to 30 barrels of oil per day (BOPD). Mitchell #3 concluded swabbing operations on May 13, 2013 and was assigned an initial production (IP) rate of 53 BOPD. As of June 4, 2013 the tank reading on Mitchell #3 is approximately, 19' 8" or 394 barrels of oil.
On June 4, 2013, Mitchell #4 was perforated and acidized. The well is currently undergoing swabbing operations. On May 11, 2013, the Mitchell #4 was cemented and cased. Over the next week, Treaty Energy will continue to swab and test the well. Once swabbing concludes, Treaty Energy will immediately place the well into production with a pump jack already in position over the wellhead.
In order to determine the most efficient and best perforation zone, Treaty Energy held off on well completion until the results of Mitchell #3 had been analyzed. Treaty Energy believes that Mitchell #4 well will be similar to or marginally better than Mitchell #3 based upon initial geology reports.
Similar protocols will be used to determine the flow rate of Mitchell #4. After initial production rates have subsided, Treaty Energy will monitor Mitchell #4 and will subsequently release stabilized production rates to shareholders.
The rework on the Standard Lease is approximately two weeks behind schedule, due to the loss of an immediate family member of Treaty Energy's main operations manager on the project. Treaty Energy sends its condolences to the family affected by the tragic loss. Treaty Energy will resume operations on the Standard Lease next week.
About Treaty Energy CorporationTreaty is an international energy company engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies, which allow Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time compared to traditional exploration.
Treaty Energy Corporation (TECO) trades on the OTC, the marketplace for companies that are current in their SEC reporting requirements. Investors can find real-time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote .
Forward-Looking StatementsStatements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
ContactTreaty Energy CorporationInvestor Relationsinvestors@treatyenergy.comTel: 504-754-6927Fax: 504-324-0844
SOURCE Treaty Energy Corporation
