Replies to post #79489 on Treaty Energy Corp. (fka TECO)

[bigdaddy21c]

Treaty Energy Corporation
July 16 · Edited
Treaty Energy Corporation received word that the Damon Mound seismic survey of almost five miles in total length is now complete!

The data set is finally ready for processing, and should only take about a week to ten days. The processing/analysis is being performed by geophysicist Bill Gaskin in Houston.
The task of completing this seismic survey was complicated by incessant rains, practically every other day. As many investors may be aware, surface leases normally have "no wet work" clauses, the Aquinas leases were no exception and contained such clauses. Had weather permitted, the project would have taken about two weeks to complete the survey and two weeks to process. In addition, the seismic crew encountered leases that had farmers with crops of maize while others had herds of cattle, add in a period of haying as well! All presented problematic situations for completing the project on a timely basis. With the delays the project has extended to almost eight weeks. We wish to apologize to our investors for this delay despite circumstances being beyond our control. We want to thank you for your patience.
Today, due to the delays incurred for the seismic survey, Treaty requested and received an extension for the timeline required to initiate the drilling on our Four Well Farmout program with Aquinas. Chris Tesarski, Exec Chairman of Treaty will now schedule a meeting within 10 days with Bill Gaskin to make a final determination for the first well site in the program. In addition, he will have an opportunity to see and review other important data that may be available. August 15th is now the timeline to have selected the first well site, completed the well site survey, run a complete title check and file for a permit with the TRRC. From that time, Treaty will have until October 15th to begin drilling. We believe this now to be a prudent timeline that should allow the five to six weeks for the TRRC to issue a permit, and for the well site to be developed and rig set for drilling.

Now, it's time to get down to business!

[malbecman]

Seismic was paid for by Aquinas Energy. The rain and a change in program caused delays for completion. Backlog by the processor delayed the final. And then it has to be interpreted. Keep in mind that the size of the seismic program was small, so priority is set low. Contractors like more beef. The seismic acquisition contractor has no affiliation with Treaty and is a bit upset that Treaty has used him name without permission for publicity. It is not believed that it is a done deal that Treaty has the Belle Wisdom near Damon. It is thought that a money transaction may need to be made in a timely manner.