|By PR Newswire||
|March 11, 2014 06:30 AM EDT||
NEW ORLEANS, March 11, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced it has retained Inspire Energy Services (www.inspireenergyservices.com) effective March 10, 2014 to conduct a full review of the Company's oil and gas operations and assets to further develop and enhance the Company's on-going oil and gas strategy.
Inspire is a group of petroleum engineers and business development experts who advise small public and private companies seeking investment in operated and non-operated oil and gas exploration. The consultants review reserves and recommend reserve value, property acquisition and financing strategy as well as direct operational efficiency. Inspire Energy Services advocates to management framing in reasonable stock price targets and works to disseminate that information through the management to the Company's current and potential investors.
In early March, Inspire representatives conducted an initial review of the Company's assets and recommended a test through March 9th of the Gray Sand on the Stockton #2 well. The Company, in conjunction with the recommendations from Inspire, installed a new pump jack on the Stockton #2 well. The Gray Sand zone produced signs of oil production; however Inspire believes that based on geological data that the upper zone in the Gardner Limestone will yield greater production potential. The Stockton #2 well yielded promising returns on its initial test.
The petroleum engineer and spokesman for Inspire evaluating Treaty Energy's assets with Inspire informs, "It is important to spend a reasonable amount of time doing longer less time-sensitive production tests before making long-term investment plans. Direct off-set wells to the Stockton #2 well have been consistent producers at fairly low water cuts. The Mitchell #3 and #4, located on the lease next door, were evidence of this consistent high-yield production." The Stockton #3, which was drilled immediately after the Stockton #2, remains uncompleted.
Inspire's spokesman continued with, "The production tests that we are conducting on the Stockton #2 will be used to develop completion plans for the Stockton #3. In addition, the information on the Stockton #2 and Mitchell lease, which was previously drilled by Treaty, will provide us the ability to develop a large scale drilling and completion strategy on the Kubacak lease, which is being looked at as a large scale investment project."
On the subject of Treaty Energy, Inspire's spokesman further commented that, "Inspire believes that Treaty Energy has not always had the benefit of a thorough engineering assessment of their field operations. Recent operations have been successful based on prior geological data. However, with the new drills on the Stockton and Kubacak leases, a thorough reservoir and production study needs to be done. Inspire intends to ensure that the dollars spent in the field yield the highest return per investment dollar and, more importantly, maximize oil and gas production."
In addition to the completions scheduled for the current lease holds in the oil leases in Taylor County Texas, Inspire has recommended reviewing additional acreage acquisitions in the Abilene area. Inspire has already begun to evaluate new projects beyond the Kubacak lease for the Company.
Inspire has also done a preliminary evaluation of the Company's Belize Operations and believes that there may be significant possibility of success in that area. The Company's Belize operations have been on hold since November of 2013 after it was unable to successfully retrieve a stuck packer from its San Juan #3 well. The Company has remained in negotiations with Princess Petroleum since then and has not committed to a full pull out of operations in the region. Inspire believes that with increased investment dollars in the region, a large multi-rig drilling project is very possible, but would require a complete restructuring and renegotiation of the project from both Treaty Belize Energy, LTD and Princess Petroleum. Nevertheless, the Company is actively seeking other possible international ventures in the region.
Despite significant positive changes to Company operations already, Inspire representatives are projecting several weeks before making specific recommendations. Inspire has indicated that in order to move the Company towards increased future success, several additional dramatic changes may be necessary to improve production and drilling operations.
Andrew V. Reid, the Company's current Chief Executive Officer, stated, "I am fully on-board with the changes that Inspire has already recommended and look forward to reviewing the future changes they will recommend. Treaty and its management have undertaken a tremendous effort to move the Company on the right path since its unsuccessful marginal well project in 2012. In the third quarter of 2013, Treaty posted its first net profit in Company history."
Mr. Reid added, "Now, we are looking to lead with oil and gas professionals on board. Several positions, including the CFO and CIO positions remain vacant and need to be filled. We have asked the Inspire team to recommend sound leadership including new management where necessary. Shareholders should rest assured that large scale positive changes are on the way."
Treaty Energy Corporation
About Treaty Energy Corporation
Treaty, an international energy company, 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 Energy Corporation (TECO) trades on the OTCQB, the marketplace for companies that are current in their SEC reporting requirements. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
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 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.
SOURCE Treaty Energy Corporation
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 25, 2016 09:15 AM EDT Reads: 535
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
Aug. 25, 2016 09:00 AM EDT Reads: 442
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 25, 2016 09:00 AM EDT Reads: 529
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 25, 2016 09:00 AM EDT Reads: 3,858
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Aug. 25, 2016 08:45 AM EDT Reads: 2,101
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Aug. 25, 2016 08:30 AM EDT Reads: 395
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
Aug. 25, 2016 08:30 AM EDT Reads: 507
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Aug. 25, 2016 08:30 AM EDT Reads: 1,685
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
Aug. 25, 2016 08:15 AM EDT Reads: 1,475
Enterprises have forever faced challenges surrounding the sharing of their intellectual property. Emerging cloud adoption has made it more compelling for enterprises to digitize their content, making them available over a wide variety of devices across the Internet. In his session at 19th Cloud Expo, Santosh Ahuja, Director of Architecture at Impiger Technologies, will introduce various mechanisms provided by cloud service providers today to manage and share digital content in a secure manner....
Aug. 25, 2016 08:00 AM EDT Reads: 496
Using new techniques of information modeling, indexing, and processing, new cloud-based systems can support cloud-based workloads previously not possible for high-throughput insurance, banking, and case-based applications. In his session at 18th Cloud Expo, John Newton, CTO, Founder and Chairman of Alfresco, described how to scale cloud-based content management repositories to store, manage, and retrieve billions of documents and related information with fast and linear scalability. He addres...
Aug. 25, 2016 07:15 AM EDT Reads: 1,866
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 25, 2016 06:30 AM EDT Reads: 1,824
Akana has announced the availability of version 8 of its API Management solution. The Akana Platform provides an end-to-end API Management solution for designing, implementing, securing, managing, monitoring, and publishing APIs. It is available as a SaaS platform, on-premises, and as a hybrid deployment. Version 8 introduces a lot of new functionality, all aimed at offering customers the richest API Management capabilities in a way that is easier than ever for API and app developers to use.
Aug. 25, 2016 06:00 AM EDT Reads: 1,419
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 25, 2016 03:30 AM EDT Reads: 2,123
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 25, 2016 02:30 AM EDT Reads: 2,148