Treaty Energy Corporation (OTCBB: TECO), a growth-oriented energy company in the oil and gas industry, recently announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee. This lease includes 4 wells with estimated production of 40 bbl per day.
Top Best Penny Stocks, a leading financial publication, is pleased to alert investors of stocks on the move. Sign up for our Free Stock Newsletter.
This acquisition was completed with Green Light Energy LLC, with which Treaty Energy has several other projects moving toward completion. The lease has four wells that are currently being re-entered after having been shut in for some time. One well has been re-entered and is currently producing in the 8 to 10 bbl per day range. Additional work planned on this well is expected to further enhance its production. The second well is in the workover stage and will be completed by mid-January. All of the wells are expected to produce in the 8 to 10 bbl per day range. However, Green Light Energy LLC has guaranteed a net production to Treaty Energy of 4 bbl per day for the first 12 months of production after all workovers are completed. Projected life span on wells in this area exceeds 20 years. Randall Newton, CEO of Treaty Energy, commented, "This acquisition, while small, is a first step in a much larger business plan with Green Light Energy. As this relationship develops further, we'll be sharing more information with our investors." Mr. Newton went on to note, "Even though the legal process has taken far more time than anticipated, additional closings on potential deals that were previously reported are imminent and will be announced as they take place." Joe Grace, President and COO of Treaty Energy, stated, "Treaty Energy is currently in the process of enhancing its website and will soon be including a page that will provide our investors monthly reports on the production of each of the company's wells. This method of providing information to our investors again illustrates our commitment to corporate transparency."
Sign up for Top Best Penny Stocks' free newsletter. To subscribe, enter your e-mail address into the frame at the bottom of this press release or visit our website.
Follow us on Twitter: http://www.Twitter.com/topbestps
About Us
Top Best Penny Stocks is a leading stock web site that allows investors and interested parties to research stocks that are on the move. We also track small cap companies that are on the brink of a financial breakout. To feature a company on our web site please contact us at the email listed below.
Please click here to read the full disclaimer.
