Treaty Energy Corporation declared a prior funding commitment for 5-Wells of 2,600 to 3,000 feet depth on its existing leases in Texas was extended to fund the full 9-Well Drilling Program.
Bruce Gwyn, Co-CEO of Treaty Energy Corporation, stated, "Treaty Energy Corporation completed the funding for their 9-well drilling program on existing leaseholds. The total amount of this project, which has now been fully funded, is $1,450,000. The first 5 of the 9-well program had previously been secured and the same investor group came back to complete the funding for the entire program. These 9-wells will be drilled to depths of 2,600 feet to 3,000 feet with expected oil production flow rates of up to 100 bopd per well. Now both the 9-well and 12-well programs are completely funded."
Mr. Gwyn added, "Treaty Energy has been looking for a larger Rig for its deeper drilling needs on the Texas leases. We are pleased to announce that we have purchased a Wilson Mogul 42 S/D Drilling Rig capable of drilling to 7,500 feet The new Wilson Mogul Rig will be used to drill all of the wells on the 9-Well Program.