US-based Treaty Energy has completed a funding agreement under which Treaty Energy will drill five wells of 2,600 to 3,000ft depth on several of its Texas leases.
Treaty Energy chairman and co-CEO Andrew V. Reid said the company is pleased to announce that the funding commitment for this new 5-well program is from the same investment group that provided the funding for the 12-well program that will commence drilling upon return of the smaller rig from Belize.
"We are also pleased to say that funding for the four additional wells of the 9-well program we discussed in a prior release appears to be imminent," added Reid.
"The 12 shallow wells will begin with the two sites already permitted with ten additional drilling sites to be permitted shortly after drilling the first two wells"
"This 12-well program is expected to take up to three months to complete and we are reminded that previous wells on the Wooldridge leases had initial production rates between 30 and 31 barrels of oil per day.
The company expects that these new deeper wells will be plotted, staked and permitted over the next 30 days and will start to be drilled and completed shortly thereafter.