Flashback, April 2010, The Reporter, commenting upon a satellite survey of our offshore concession area ... now I don't recall ever hearing much about that, ... I wonder what it shows and what our eta is for turning our heads offshore. We have eight wells currently planned. Oiljob
"Oil and gas from onshore and offshore blocks in Belize will be explored, drilled and brought into production, through a joint venture agreement between Princess Petroleum Limited of Belize and the Treaty Energy Corporation (OTCBB: TECO) of Houston Texas, a growth-oriented energy company in the oil and gas industry.
Treaty EnergyCorp. announced its 50\50 agreement with Princess Petroleum Limited on Thursday, April 22.
Princess Petroleum is a Belize company engaged in the business of exploration, development and production of crude oil and natural gas. It is also a part of The Princess Group International, which is engaged in the development of Hotels, Casinos, and other Real Estate ventures throughout South America, the Caribbean, and Europe.
Princess received one of 17 concessions from the government of Belize to explore for oil and natural gas. As part of the joint venture, Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres. The concession consists of 1,800,000 acres of off shore exploration, and 200,000 acres of onshore exploration.
Treaty has completed, as part of its due diligence, a satellite survey of the entire concession. Satellite imaging coupled with specific scientific technology and experienced engineering analysis can identify areas containing hydrocarbon deposits. Based on initial findings, Treaty is targeting a 10,000 acre area in the south central part of Belize to place its first well. This site is located off the southern highway which provides quick access to ports in Punta Gorda and Belize City.
Treaty has engaged a highly respected geoscientist to analyze all data currently available and guide Treaty to the area with the highest likelihood of achieving a high producing well. This geoscientist will go to Belize in early May 2010 to do soil samples and other studies needed to select the first well site. Treaty intends to start drilling its first well no later than July 1, 2010.
Currently there is one company, Belize Natural Energy Ltd. (B.N.E.), actively exploring its onshore concession. B.N.E. started exploration in 2005 and as of May 2009 it is producing an average of 5000 barrels of high grade crude oil per day (API 40.8 Sulphur 0.89%) out of 10 wells that they have drilled. Other groups are starting to come to Belize to explore the offshore area that Treaty believes will produce huge wells that could produce thousands of barrels per day based on information supplied to Treaty by the satellite surveys. Most of the offshore areas in Treaty’s concession are in shallow water and many locations showing hydrocarbon deposits have small land formations which would make it very economical to drill in terms of offshore drilling costs.
Treaty will begin to analyze the offshore concession towards the end of this year, 2010, using satellite and other methods to help in the selection of optimal locations for well sites."
