TECO NEWS OUT YESTERDAY
WE need to buy more stocks on the ASK , it seems that MM's are trying to buy it on a lower bid everyhtime a trade goes on the ASK.
Treaty Energy Corporation Announces Purchase of Oil and Gas Wells
HOUSTON, TX -- (Marketwire)
04/07/10
Treaty Energy Corporation (OTCBB: TECO), a growth-oriented energy company in the oil and gas industry, today announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC ("DRG"), a Delaware limited liability corporation.
The three acquired oil wells are located in Venango County, Pennsylvania. The wells are currently drilled to 1,250 ft. and have five pay zones. The zones are named Venango 1, Red Valley Sand, Venango 2, Venango 3 and Venango 4.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia. The wells are drilled to 5,500 ft. and have six pay zones. The zones are named; Benson, Riley, Gordon 4th, Gordon 5th, Sand and Injun Sand.
Andrew Reid, President and COO of Treaty Energy, commented, "Treaty Energy to date has not pursued any investments in natural gas wells, but in looking forward we believe that it should have a natural gas position that can be expanded as the need for natural gas increases in the United States and as prices increase to profitable levels."
Mr. Reid added, "The real value of this acquisition, which was closed using non-convertible preferred stock, is that it includes at least 100 additional well sites in West Virginia that can be drilled by Treaty Energy at its discretion when the cost of drilling and operations are outweighed by the price of natural gas. We intend to disclose further details on the acquisition at the appropriate time."
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. Treaty's headquarters is located in Houston, Texas. 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 SB-2, 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
