Treaty Energy’s Subsidiary C&C Petroleum Management LLC Received ‘Operators Number’
Operators Number, Granted by the Railroad Commission of Texas (RRC), Clears Treaty to Initiate the Sale of Crude Oil from Texas Wells
PR Newswire
HOUSTON, May 4, 2011
HOUSTON, May 4, 2011 /PRNewswire/ — Treaty Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, announced on April 1st they purchased C&C Petroleum Management LLC, an oil and gas company with properties in the Fertile Texas 7B Oil District.
Stephen L. York, Treaty’s Vice President, today announced that C&C Petroleum has received from the Railroad Commission of Texas an active operators number 120104. (The RRC indicated that it would be a few days before this operators number would be posted to its public access website.) Receiving this operators number allows for the following.
1) C&C Petroleum Management will now officially become the functional operator on all wells of the recently purchased leases in Texas.
2) Treaty Energy Corporation, through subsidiary C&C Petroleum, is now allowed by law to sell its current and all future oil production. Contractual agreements with the pickup company and oil transporters are currently being put in place.
3) This operators number allows Treaty’s subsidiary, C&C Petroleum, to control and operate 99 wells without additional bonding.
4) Treaty’s subsidiary, C&C Petroleum, now enlists all the rights and privileges provided by the Railroad Commission of Texas equal to all oil companies currently in operation in the State of Texas.
Treaty CEO, Andrew V. Reid, stated, “I am excited to have obtained our new operators number. This was a crucial step in our planned growth of Treaty Energy in the State of Texas.”
Mr. Reid further stated, “Our vision for Treaty in Texas is to restore the dozens of wells owned by Treaty on the newly purchased leases, maximize their production and to immediately implement a drilling program for the 75 plus new well sites on the latest two acquisitions and the lease acquisition that will close on June 7th.”
Additionally Mr. Reid stated, “It is very important for Treaty shareholders to understand that we are building a multi-dimensional oil and gas company through our investments in Belize, Texas, Kansas and other unique and potentially rewarding locations. We believe it’s very important to have more than one profit center and to seek maximum return on investments with the least risk to the company and, in doing so, to maximize shareholder value.”
About Treaty Energy Corporation
Treaty is 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. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration. For more information go to: www.treatyenergy.com
Forward-Looking Statements:
Statements 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.
Contact:
Osprey Partners
Tel: 732-292-0982
Fax: 732-528-9065
investors@treatyenergy.com
SOURCE Treaty Energy Corporation
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