In the news release, Treaty Energy Corporation Acquires the
Assets of Texas Sands Resources, LLC, issued 01-May-2014 by Treaty Energy Corporation over PR
Newswire, the second paragraph, third sentence, should read "These
leases have a current, consistent and provable production of 25
BOPD (Barrels of Oil per Day)." rather than "These leases have a
current, consistent and provable production of 25 BOPD (Barrels of
Oil per Day) and currently hold 552 barrels of sellable oil in the
tanks (est. $50,000)." as incorrectly
transmitted by PR Newswire. The complete, corrected release
follows:
Treaty Energy Corporation Acquires the Assets of Texas Sands
Resources, LLC
Chris Tesarski,
President and CEO of TSR, to be Executive Chairman of the Treaty
Energy Corporation
NEW ORLEANS, May 1, 2014 /PRNewswire/ -- Treaty Energy
Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a
growth-oriented international energy company, today announced the
acquisition of the assets of Texas Sands Resources, LLC (TSR) of
Abilene, Texas and the appointment
of Chris Tesarski to Executive
Chairman of the Company.
Andrew V. Reid, Chairman and
Chief Executive Officer of Treaty Energy Corporation, is pleased to
announce the acquisition of the assets of Texas Sands Resources,
LLC of Abilene, Texas (TSR).
TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a
current, consistent and provable production of 25 BOPD (Barrels of
Oil per Day). At current production levels, the Company anticipates
that this acquisition will generate estimated revenues of
$800,000 per year, with revenues
expected to increase as the ten (10) leases are more fully
developed. TSR also holds a number of additional lease
opportunities that if completed, will be included in this
purchase. The purchase price was $1,250,000.
On the acquisition, Mr. Reid stated, "TSR will continue to
operate all leases currently included in this acquisition and
future leases acquired after this acquisition. The current
leases under development by Treaty Energy will remain with their
current operator. TSR has a great working relationship with
the Railroad Commission of Texas
and is in good standing. This should ensure that their
production will be safe and reliable for the Company."
In addition to the acquisition, Mr. Reid announced, "There will
be a change of leadership at Treaty Energy. As of
May 1, 2014, Chris Tesarski, the President and CEO of TSR,
will assume the position of Executive Chairman of Treaty Energy
Corporation. Mr. Tesarski will assume immediate control of
the day-to-day operational vision and strategy of the Company."
A native of Canada, Mr.
Tesarski immigrated to Abilene,
Texas in 2012 with the goal of developing an integrated
energy platform. TSR has been committed to developing
advanced processes on marginal leases, using current down hole
optimization technology, oilfield waste management and byproduct
optimization to create a zero-waste oil lease.
Mr. Tesarski stated, "If we are to achieve North American Energy
Independence, it will mean producers must be innovative. We
must stop thinking of marginal wells as uneconomic and understand
that with creativity and innovation we can make North America self sufficient when it comes to
energy production. The bulk of that production will continue to
come from extraction of hydrocarbons for the foreseeable
future."
Mr. Tesarski further stated, "TSR has the operational
foundations and technologies needed and Treaty Energy Corporation
has the trading platform that has bred a loyal shareholder base
that should benefit greatly from the changes. Our combined
goal of improving marginal well operations and utilizing new
development drilling opportunities through Treaty Energy will give
current and future Treaty Energy shareholders a company that they
can be proud of. I will be making that my number one priority
in the coming months."
Andrew V. Reid indicated that he
will continue as a Director and Chief Executive Officer for Treaty
Energy in the interim as it emerges over the next several months to
be a serious player in the junior energy sector and until
definitive decisions are made regarding the direction management
will be taking the Company. Treaty Energy intends to build a
team of oil and gas professionals who can execute on the plan.
The Company hired a new field operations manager in March to
oversee operations in Texas and
has already seen some success with a recompletion on the Stockton
lease.
"There are countless junior energy producers in the marketplace,
all fighting for the same dollar and same corner of the crowded
market," stated Mr. Reid. He continued, "We need to show them
that we stand apart and are prepared to separate ourselves from the
rest of the pack. Chris is committed to seeing Treaty Energy
evolve, change, and become that kind of company. I believe
this is a solid plan for Treaty Energy."
Bio of Chris
Tesarski
Chris
Tesarski brings over thirty years of experience in the
energy industry to Treaty Energy. His oil and gas career has
been multi-faceted, focusing on land, operations, pipeline and
infrastructure control, and commodity marketing. Mr.
Tesarski, through his consulting companies, has participated in
well over one billion dollars in oil
and gas transactions.
Mr. Tesarski is a guest lecturer at Texas
Christian University (TCU) in
Ft. Worth, Texas in the petroleum
and land management program where he currently teaches a course on
lease optimization and energy sustainability. In addition to
his TCU commitments, Mr. Tesarski
serves on the boards of several community organizations in
Abilene.
A more fulsome vision statement and bio of Mr. Tesarski will be
posted to the Treaty Energy website and related company links over
the next few weeks.
Contact
Treaty Energy Corporation
Investor Relations
investors@treatyenergy.com
Tel: 504-301-4475
Fax: 504-324-0844
Company Links
Website: http://www.treatyenergy.com
Facebook: https://www.facebook.com/TreatyEnergyCorp
Twitter: https://twitter.com/TreatyEnergyCo
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 OTC.
Investors can find Real-Time quotes and market information for
Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
Forward-Looking Statements
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.
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SOURCE Treaty Energy Corporation