For those you you who have restrictions at work, h
Post# of 39368
Posted On: 08/12/2013 3:23:52 PM
For those you you who have restrictions at work, here's a snap shot of today's new release. 3 for 3 Teco is on a roll.
Treaty Energy Corporation Newsletter for the Week of August 12, 2013
Over the last eight months, Treaty Energy Corporation (OTC: TECO) has made great strides in improving operations in Texas and in Belize. In order to improve shareholder confidence and to increase transparency, the Company will begin issuing weekly newsletter updates on all oil and gas operations.
This newsletter is for the week of August 12, 2013 and contains information current as of August 9, 2013. Information contained in this newsletter may be outdated at the time of release. Prior issues of the newsletter may be found on the Company’s website located at http://www.treatyenergy.com/investors/news .
1 st & 2 nd Quarterly Filings /Question of the Week:
As stated in the July 26, 2013 newsletter, the Company began work on the first and second quarter (Q1 and Q2) financials. The Q1 financials are nearing completion and will likely be filed the week of August 12, 2013. The Company is currently awaiting auditor’s final approval, which is required before submission to the Security and Exchange Commission. Immediately following the submission of the Q1 financials, work can begin on Q2 financials based on the auditor’s adjusted and approved figures.
Prior to their release, shareholders should be aware that the Q1 2013 financial statement will reflect actions taken by management in its evaluation of existing well operations, while simultaneously making several internal operating changes . Q2 2013 will reflect the transition in operating strategy from marginal “shallow well” operations to exploratory drilling operations with new “deeper” wells (Mitchell #3 and #4). Q3 2013 and beyond will start reflecting the success of management’s strategic policy changes.
Following the submission of the Q1 financials, a formal press release will be issued the following day.
TRRC Issues and Resolutions (C&C Petroleum Management, LLC):
As previously stated in prior newsletters, C&C Petroleum Management, LLC reached an agreement with the Railroad Commission of Texas (TRRC) on the P.H. Barnes Lease. C&C Petroleum Management, LLC was required to pay a fine of $16,000.00 to clear its TNR flag on existing operations. C&C Petroleum Management, LLC made its final payment of $8,000.00 to the Texas Attorney General’s Office on August 8, 2013. At the time of this news release, payment has not been processed. Inquiries on the matter with the Attorney General’s office will likely reflect this statement, as the Company has already started to receive questions on the matter.
The Company will inform shareholders on when C&C Petroleum Management’s TNR flag has been lifted. Work has also begun on the TRRC issue webpage as previously mentioned in the August 5, 2013 newsletter.
San Juan #3 (Treaty Belize Energy, Ltd):
The Company, through Treaty Belize Energy, Ltd. (TBE), announced last week that after discussions with the Government of Belize, Management, Geologists and Engineers, the decision was made to drill to the official pre-designated total depth of 4,000’ with the intent to possibly discover more fracture points independent of SJ3 FP1.
On Thursday, August 8, 2013, TBE restarted drilling operations, drilled approximately 25ft. and was unable to continue due to the unanticipated size of SJ3 FP2. As a result, the call has been made to abandon further drilling exploration, cement the bottom of the hole, and to perform an open hole perforation and acidization of SJ3 FP1 in order to determine possible commercial hydrocarbon production viability.
The Company has officially submitted documentation to the Government of Belize and Princess Petroleum that TBE intends to complete the San Juan #3 project by August 31, 2013, barring no major setbacks. At that time, the Company will make an official announcement on the well’s status and will announce the results of San Juan #3 with the support of the Government of Belize behind it.
Mitchell Lease (Texas):
Mitchell #3 & #4:
Contrary to speculation and rumors, the Mitchell #3 and #4 are still producing daily. The Company has received numerous amounts of emails regarding the Mitchell lease’s production and why they have not had ‘daily updates’ on the lease from individuals who have been acting as voluntary representatives in the field. Shareholders should rest assured that the Mitchell lease is still active and producing.
The Company however, does acknowledge that production on the Mitchell lease has decreased slightly. This decrease is not unexpected and was calculated into the Company’s reserve and production calculations. All new wells operate on a declining production function and the Company anticipates that overtime newly drilled and perforated wells will decrease in production. Due to oil and gas being a non-renewable resource, this is a natural occurrence and shareholders should rest assured that decreases in production are expected and are calculated beforehand based on a very conservative declining production function. These wells are still operating well into the profitability range for the company and are expected to for approximately 1-3 years before needing a rework.
Mitchell #1:
U.S. Fuels, Inc. has been working with the TRRC to resolve its severance issue on the Mitchell #1. On August 5, 2013, crews were dispatched to clean the area and the Mitchell #1 has arranged an inspector to inspect the field. The inspector has not arrived to clear the severance. The Mitchell #1 has an inspection scheduled for the week of August 12, 2013 to remove it from severance. The Company will announce to shareholders when the Mitchell #1 has been removed from severance.
Stockton Lease (Texas):
On August 5, 2013, the Company received word from U.S. Fuels, Inc. that the Stockton #2 and #3 drilling permits were approved. The permits are available to the Company’s website located at: http://www.treatyenergy.com/sites/default/fil...RC_opt.pdf
Shortly after the announcement of the permits being approved, the Company began the process of purchasing the Stockton #1 well based on a long term acquisition strategy of area surrounding the Mitchell lease.
On August 8, 2013 the Company made a down payment of $25,000. The Company will finalize the purchase of the well within three weeks. Once the Stockton #1 purchase is completed, the Company will be making a formal announcement with a larger plan of operation for the Stockton and Mitchell leases. Included in this will be the plans for the Stockton #2 and #3. This lease acquisition will provide the Company with the tank battery (with approximately 4' of oil in the tank already) and the Stockton #1 well.
While the Company understands that shareholders would like drilling to commence immediately on the Stockton lease, the Company is working on a larger project involving the Stockton and Mitchell leases based on newly acquired information. Unfortunately, while the purchase of the Stockton #1 is in process, the Company is unable to release further information on the Stockton project until the purchase is completed.
General Texas Operations Update:
The Company will be releasing a Texas operations update sometime during the week of August 12, 2013. The Texas update will include information on the Brown #22 and other leases once information has been finalized and management has authorized it for release.
This newsletter is for the week of August 12, 2013 and contains information current as of August 9, 2013. Information contained in this newsletter may be outdated at the time of release. Prior issues of the newsletter may be found on the Company’s website located at http://www.treatyenergy.com/investors/news .
1 st & 2 nd Quarterly Filings /Question of the Week:
As stated in the July 26, 2013 newsletter, the Company began work on the first and second quarter (Q1 and Q2) financials. The Q1 financials are nearing completion and will likely be filed the week of August 12, 2013. The Company is currently awaiting auditor’s final approval, which is required before submission to the Security and Exchange Commission. Immediately following the submission of the Q1 financials, work can begin on Q2 financials based on the auditor’s adjusted and approved figures.
Prior to their release, shareholders should be aware that the Q1 2013 financial statement will reflect actions taken by management in its evaluation of existing well operations, while simultaneously making several internal operating changes . Q2 2013 will reflect the transition in operating strategy from marginal “shallow well” operations to exploratory drilling operations with new “deeper” wells (Mitchell #3 and #4). Q3 2013 and beyond will start reflecting the success of management’s strategic policy changes.
Following the submission of the Q1 financials, a formal press release will be issued the following day.
TRRC Issues and Resolutions (C&C Petroleum Management, LLC):
As previously stated in prior newsletters, C&C Petroleum Management, LLC reached an agreement with the Railroad Commission of Texas (TRRC) on the P.H. Barnes Lease. C&C Petroleum Management, LLC was required to pay a fine of $16,000.00 to clear its TNR flag on existing operations. C&C Petroleum Management, LLC made its final payment of $8,000.00 to the Texas Attorney General’s Office on August 8, 2013. At the time of this news release, payment has not been processed. Inquiries on the matter with the Attorney General’s office will likely reflect this statement, as the Company has already started to receive questions on the matter.
The Barnes lease plugging operation is still on-going with the P.H. Barnes #1, #12CD and #13 wells still needing to be plugged. The Company is waiting on the rig to return on site after having to perform a short maintenance. All other wells are plugged and paperwork is being completed at the time of this newsletter’s release. As of August 12, 2013 the TRRC has provided instruction on how to plug the P.H. Barnes #1 well, which the Company will follow in order to bring C&C Petroleum Management, LLC back into compliance.
The Company will inform shareholders on when C&C Petroleum Management’s TNR flag has been lifted. Work has also begun on the TRRC issue webpage as previously mentioned in the August 5, 2013 newsletter.
San Juan #3 (Treaty Belize Energy, Ltd):
The Company, through Treaty Belize Energy, Ltd. (TBE), announced last week that after discussions with the Government of Belize, Management, Geologists and Engineers, the decision was made to drill to the official pre-designated total depth of 4,000’ with the intent to possibly discover more fracture points independent of SJ3 FP1.
On Thursday, August 8, 2013, TBE restarted drilling operations, drilled approximately 25ft. and was unable to continue due to the unanticipated size of SJ3 FP2. As a result, the call has been made to abandon further drilling exploration, cement the bottom of the hole, and to perform an open hole perforation and acidization of SJ3 FP1 in order to determine possible commercial hydrocarbon production viability.
The Company has officially submitted documentation to the Government of Belize and Princess Petroleum that TBE intends to complete the San Juan #3 project by August 31, 2013, barring no major setbacks. At that time, the Company will make an official announcement on the well’s status and will announce the results of San Juan #3 with the support of the Government of Belize behind it.
Mitchell Lease (Texas):
Mitchell #3 & #4:
Contrary to speculation and rumors, the Mitchell #3 and #4 are still producing daily. The Company has received numerous amounts of emails regarding the Mitchell lease’s production and why they have not had ‘daily updates’ on the lease from individuals who have been acting as voluntary representatives in the field. Shareholders should rest assured that the Mitchell lease is still active and producing.
The Company however, does acknowledge that production on the Mitchell lease has decreased slightly. This decrease is not unexpected and was calculated into the Company’s reserve and production calculations. All new wells operate on a declining production function and the Company anticipates that overtime newly drilled and perforated wells will decrease in production. Due to oil and gas being a non-renewable resource, this is a natural occurrence and shareholders should rest assured that decreases in production are expected and are calculated beforehand based on a very conservative declining production function. These wells are still operating well into the profitability range for the company and are expected to for approximately 1-3 years before needing a rework.
Mitchell #1:
U.S. Fuels, Inc. has been working with the TRRC to resolve its severance issue on the Mitchell #1. On August 5, 2013, crews were dispatched to clean the area and the Mitchell #1 has arranged an inspector to inspect the field. The inspector has not arrived to clear the severance. The Mitchell #1 has an inspection scheduled for the week of August 12, 2013 to remove it from severance. The Company will announce to shareholders when the Mitchell #1 has been removed from severance.
Stockton Lease (Texas):
On August 5, 2013, the Company received word from U.S. Fuels, Inc. that the Stockton #2 and #3 drilling permits were approved. The permits are available to the Company’s website located at: http://www.treatyenergy.com/sites/default/fil...RC_opt.pdf
Shortly after the announcement of the permits being approved, the Company began the process of purchasing the Stockton #1 well based on a long term acquisition strategy of area surrounding the Mitchell lease.
On August 8, 2013 the Company made a down payment of $25,000. The Company will finalize the purchase of the well within three weeks. Once the Stockton #1 purchase is completed, the Company will be making a formal announcement with a larger plan of operation for the Stockton and Mitchell leases. Included in this will be the plans for the Stockton #2 and #3. This lease acquisition will provide the Company with the tank battery (with approximately 4' of oil in the tank already) and the Stockton #1 well.
While the Company understands that shareholders would like drilling to commence immediately on the Stockton lease, the Company is working on a larger project involving the Stockton and Mitchell leases based on newly acquired information. Unfortunately, while the purchase of the Stockton #1 is in process, the Company is unable to release further information on the Stockton project until the purchase is completed.
General Texas Operations Update:
The Company will be releasing a Texas operations update sometime during the week of August 12, 2013. The Texas update will include information on the Brown #22 and other leases once information has been finalized and management has authorized it for release.
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