The company acquired five oil and gas leases in Pickett County in April 2010. The leases encompass 246 acres and included two shut in wells, the first of which was re-entered on June 8.
Andrew Reid, chairman and CEO of Treaty Energy, said: “With our strong performance on the first of the shut in wells, I have been able to secure funding in order to move ahead with plans to re-enter the second shut in well on the Joseph Schwallie #1 lease.
“It is our plan to move aggressively on our drilling program in Tennessee. I look for Treaty to be able to fully capitalize on our first great success in Tennessee.”
Treaty Energy is engaged in acquisition, development and production of oil and natural gas. The company acquires and develops oil and gas leases, which have ‘proven but undeveloped reserves’ at the time of acquisition.
