US based Treaty Energy has acquired a George E Failing 1500 CF drilling rig and all related components.

According to the company, the acquisition has included all current drilling contracts for the rig, which is currently drilling its first well contract.

Treaty Energy vice president of acquisitions and operations Stephen York said that the rig will be used for the company’s new well drilling program based on current acquisitions and also as an additional profit center when jobbed out to do drilling for other oil firms.

"Treaty currently has sites for approximately 75 new wells or possibly more on its new Texas leases," York said.

Treaty Energy is engaged in the acquisition, development and production of oil and natural gas.