The 8K information about the San Juan #2 well is in bold below.
Regardless of the amount of oil in that hole; item 7 indicates the well be brought online based on the cutting samples. Weren't cutting samples used to indicate the existance of oil before the invention of wirelining? You claim you don't know much about the US stock markets and how they work. I will tell you this; you don't file an 8K telling the SEC your bringing an oil well online unless you plan to bring an oil well online. Get ready for oil!
ITEM 8.01 OTHER EVENTS
Treaty Energy Corporation (“Treaty” or the “Company”) today reported drilling success on its first oil well, San Juan #2, in Belize, Central America. Treaty reached the initial pay zone of 1235 to 1290 feet and found hydrocarbons at this depth.
The cursory field examinations of the cuttings samples indicate lime characteristics with good porosity and high saturation. On-site personnel evaluated the samples and concluded that the characteristics are very similar to some of the great oil producing zones in Texas, specifically the Ellenburger Lime, Hope Lime, Caddo Lime, and Edwards Lime.
Treaty is working with Belizean officials to properly integrate and produce the San Juan #2 well. Treaty’s plans with respect to San Juan #2 are the following:
1) Total depth of the San Juan #2 well will be 1300 ft.
2) The drill pipe will be removed from the hole and the hole will be conditioned for completion.
3) A “four-quadrant” camera shot will be made to provide the geologists a photo image of the pay zone in four 90-degree views.
4) The 4 1/2 inch tubing will be set and cemented in place in the well bore.
5) Wire line logs will be done to supplement the mud logging data.
6) The casing will be perforated in the oil bearing zone.
7) Standard completion procedures will be performed to bring the well on line.
Treaty is in the process of acquiring its own wire line logging equipment. This equipment will be delivered to Belize on Treaty’s newly acquired tractor/trailer that Treaty purchased to expedite deliveries of time sensitive items that are required for the Belize drilling projects.
Treaty is continuing to drill and complete the well and will keep shareholders advised of further developments.
