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from a friend....For heaven's sake - they're drilling near the Southern Highway across the Placencia Lagoon in Independence. http://finance.yahoo.com/news/Treaty-Energy-Corporation-prnews-663099187.html?x=0From another friend....This company's stock is traded OTC in US. Went from about $.05 US to $.10 today. Make sure they don't leave a mess when they run out of money.
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OIL COMPANY CLAIMS THEY HAVE STRUCK OIL IN SOUTHERN BELIZETreaty Energy Corporation has reported drilling success on its first oil well, San Juan number two in Belize. The company says the final phase of drilling this well commenced on January 24 after review and compliance with all government regulations, requirements and inspections by Belizean officials and permission granted. The release from the company says all information compiled by Treaty engineers, geologists and its own accomplished oil industry veterans indicated that they would start to encounter shows of hydrocarbons around 1100 feet. Andrew Reid, Chairman and Co-CEO of Treaty Energy Corporation is quoted as saying Treaty's initial analysis of the 200,000 acre 'onshore' Princess Concession includes 80 anomalies showing promise and through early analysis they believe they have so far identified three possible oil bearing fields of various sizes. Treaty chose the current, Stann Creek Field, for initial exploration wells because of its easy access by its drilling team, proximity to nearby port facilities, and it being well outside of any protected areas. According to Reid internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing the company would expect to drill up to 90 wells in this oil field. Based on the initial findings, it is estimated there are about five to six million barrels of recoverable oil in place in this first finding. Reid added that the company is taking all the necessary steps to move forward with an aggressive yet environmentally conscious drilling program on the Stann Creek Field and will continue analyzing all additional acreage for additional drilling locations. Director of Petroleum and Geology Andre Cho declined to go on the record with Love News but did tell our special correspondent Brian Mossiah that the Department is carrying out its due diligence. Brian Mossiah - Reporter "What Mr. Cho said to me is that their business out here this afternoon is just to get samples from the technicians out here and they are going back to their lab and they will be running their assessment and then they will get back to the media. From my own investigations I was told that the only way that the technicians here will be able to put that kind of figure in terms of possibility of barrels that could be drawn from these particular wells here is if they were able to go to the extent of allowing the bore to flow for a little bit to get the type of samples they would need to be able to ascertain whether or not the quantity of oil found, the indicator that says that yes there is oil might be there and yes that is the indicator that the company has used to say yes we are successful in finding oil. But the extent to which there is oil, as I was told from my own investigation has to allow the bore to flow for a little bit before they are able to give you that. If Mr. Cho is saying they have drawn their own samples and will be going to the lab to ascertain or decipher for themselves what is the truth then it says to me that more or less they have gone through that process to allow some flow so that they can get the samples they need scientifically to be able to say that there is upwards of 5 to 6 million barrels can be had from these wells." LOVEFM
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Treaty Energy Corporation Strikes Oil in Belize
Treaty's Drilling Team Struck Oil on its First Well on the Princess Concession in Belize on Friday, January 27th, at about 4:30 PM-CT - This 1st Well, SAN JUAN #2, will be Completed and Put into Production Following Review by Belizean Regulatory Officials - The Stann Creek Field is Estimated to Contain up to 6 Million Barrels of Recoverable Oil
NEW ORLEANS, Jan. 30, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented international energy company, today reported drilling success on its first oil well, SAN JUAN #2, in Belize, Central America.
The SAN JUAN #2 well is near Independence Village, Belize, located adjacent to the Port of Big Creek in the Stann Creek District.
Final phase of drilling this well commenced on January 24, 2012, after review and compliance with all government regulations, requirements and inspections by Belizean officials and permission granted.
The initial casing (8 5/8 inch) was set and cemented in place using upgraded cement that was requested (H Grade). Upon completion of the cementing process it was allowed to cure for more than 24 hours.
Once the cement was properly cured and inspected by government officials permission was then given to drill to depth on the well.
All information compiled by Treaty engineers, geologists and its own accomplished oil industry veterans (Steve York, Bill Harden) indicated that we would start to encounter shows of hydrocarbons around 1100 ft.
At 1235 ft hydrocarbons were detected in the form of a gas register. This presence of C1-C4 gas readings indicated a geo-pressurized oil bearing zone/gas driven. As drilling continued the indicator steadily increased from the depth of 1235 ft with readings being taken at 1 ft intervals.
On site analysis of the cuttings by Advanced Geological Services, Treaty's "Mud Logging" equipment supplier and consultant revealed that hydrocarbons (Oil) were present in the cuttings samples. Continued drilling showed a constant increase in hydrocarbon presence in the formation through 1290 ft, after which there was a steady decline. This defined the producing zone to be 1235 ft � 1290ft.
Andrew V. Reid, Chairman and Co-CEO of Treaty Energy Corporation, stated, "We were advised by the drilling team to produce this first well, SAN JUAN #2, at the first pay zone based on their professional expertise. It is our plan to drill SAN JUAN # 1 deeper than SAN JUAN #2 in the belief that there may be additional pay zones present."
The cursory field examinations of the cuttings samples indicate lime characteristics with good porosity and high saturation. On site personnel evaluated the samples and came to the following conclusions. The characteristics are very similar to some of the great oil producing zones in Texas, specifically the Ellenburger Lime, Hope Lime, Caddo Lime, Edwards Lime, etc. The characteristics of these Lime plays are very well documented with initial production rates up to and sometimes exceeding 1000 BPD. These plays have produced hundreds of millions of barrels of oil over the past century and have been the source of many of the great Texas success stories.
Based on analysis and results the following plans will be implemented as we work in accordance with Belizean officials to properly integrate and produce this well.
1) Total depth of the SAN JUAN #2 well will be 1300 ft.
2) The drill pipe will be removed from the hole and the hole will be conditioned for completion.
3) A "four-quadrant" camera shot will be made to provide the geologists a photo image of the pay zone in four 90-degree views.
4) The 4 1/2 inch tubing will be set and cemented in place in the well bore.
5) Wire Line Logs will be done to supplement the Mud Logging data.
6) The casing will be perforated in the oil bearing zone.
7) Standard completion procedures will be performed to bring the well on line.
Treaty is in the process of acquiring its own wire line logging equipment. This equipment will be delivered to Belize on Treaty's newly acquired tractor/trailer that Treaty purchased to expedite deliveries of time sensitive items that are required for the Belize drilling projects.
Mr. Reid, commented, "Treaty's initial analysis of the 200,000 acre 'onshore' Princess Concession includes 80 anomalies showing promise. Through early analysis we believe we have so far identified 3 possible oil bearing fields of various sizes. Treaty chose the current, Stann Creek Field, for our initial exploration wells because of its easy access by our drilling team, proximity to nearby port facilities, and it being well outside of any protected areas. Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding."
Mr. Reid added, "We will commission third party engineers to confirm our estimates in the coming months. Treaty has 200,000 acres to explore within the 'onshore' Princess Concession and 1,400,000 acres on the Paradise Concession. We are taking all the necessary steps to move forward with an aggressive yet environmentally conscious drilling program on the Stann Creek Field and will continue analyzing all our additional acreage for additional drilling locations."
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.
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.
Contact: Osprey Partners Tel: 732-292-0982
TreatyEnergy.com
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Press release
Treaty Energy Corporation's press release on oil discovery in southern Belize
THE MINISTRY OF NATURAL RESOURCES AND THE ENVIRONMENT INFORMS THE GENERAL PUBLIC THAT THE INFORMATION BEING CIRCULATED TO THE MEDIA HOUSES BY TREATY ENERGY CORPORATION RELATING TO OIL DISCOVERY IN THE SAN JUAN #2 WELL IN SOUTHERN BELIZE IS FALSE AND MISLEADING.
THE MINISTRY CATEGORICALLY REFUTES THE IRRESPONSIBLE ACTIONS OF TREATY ENERGY CORPORATION IN ITS MISINFORMATION ON DRILLING SUCCESS AND THEREFORE RESPONSIBLY ADVISE THAT AN INSPECTION CONDUCTED ON THE MUDLOG AND ROCK CUTTINGS FROM THE WELL, BY THE GEOLOGY AND PETROLEUM DEPARTMENT, CONFIRMED ONLY MINUTE TRACES OF TAR WHICH IS COMMONLY OBSERVED IN ROCK FORMATIONS IN MANY WELLS PREVIOUSLY DRILLED IN BELIZE THAT WERE NOT COMMERCIAL.
IT MUST BE EMPHASIZED THAT NO LIVE OIL, IN LARGE AMOUNTS, WAS OBSERVED IN THE ROCK CUTTINGS WHICH NORMALLY INDICATES SOME LEVEL OF POTENTIAL AND WOULD REQUIRE FURTHER ANALYSIS AND TESTING TO DETERMINE WHETHER IT IS COMMERCIALLY VIABLE.
THE MINISTRY OF NATURAL RESOURCES AND THE ENVIRONMENT ASSURES THE GENERAL PUBLIC THAT ALL CONFIRMATION ON OIL DISCOVERIES WILL BE DECLARED BY THE GOVERNMENT OF BELIZE AFTER PROPER TESTING AND APPRAISAL. THE GOVERNMENT DID NOT ENDORSE THE DECLARATION BY TREATY ENERGY AND THEREFORE ITS PRESS RELEASE WAS UNAUTHORIZED.
31ST JANUARY 2012
Ministry of Natural Resources, and the Environment Belmopan, Belize, C.A. ph: (501) 802-2711, (501) 802-2249; Fax: (501) 802-2333, (501) 802-
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MINISTRY OF NATURAL RESOURCES SAYS CLAIMS BY TREATY CORPORATION FALSE
Yesterday Treaty Energy Corporation reported drilling success on its first oil well at San Juan number two in Southern Belize. According to internet reports from the company based on the initial findings, it estimated there are about five to six million barrels of recoverable oil in place in the find. Today Minister of Natural Resources and the Environment Gaspar Vega told Love News after analysis by the Director of Petroleum and Geology Andre Cho, it was gross exaggeration by the company. Gaspar Vega - Minister of Natural Resources and the Environment "According to Mr. Cho the assessment he has done clearly shows that what was reported he cannot confirm, as simple as that." Ava Diaz Sosa - Reporter So it is to say that the projection of 6 million barrels of oil is not a reality? Gaspar Vega - Minister of Natural Resources and the Environment "Not only that the 6 million barrels of oil is not a reality, he cannot confirm that there is any oil over there." Ava Diaz Sosa - Reporter So what happens next? Gaspar Vega - Minister of Natural Resources and the Environment "Well the Ministry has taken a position along with the Cabinet that we ought to put out a press release especially of Belize and then we will see what type of measures we can take to make sure these type of games are not played in our country because we do not think it is fair if not illegal." In its release the Ministry of Natural Resources and the Environment says an inspection conducted on the mudlog and rock cutting from the well confirmed only minute traces of tar which is commonly observed in rock formations in many wells previously drilled in Belize that were not commercial. The release goes on to say it must be emphasized that no live oil in large amounts was observed in the rock cuttings which normally indicates some level of potential and would require further analysis and testing to determine whether it is commercially viable. The release ends by saying all confirmation on oil discoveries will be declared by the Government after proper testing and appraisal. It says the Government did not endorse the declaration by treaty Energy and therefore its release was unauthorised. LOVEFM
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http://www.facebook.com/#!/pages/Treaty-Energy-Corporation/138620389562521?sk=wall
Hmmm, trying to drive up stock prices perhaps???
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Oil, or no oil, in Stann Creek?
Belize's Director of Geology and Petroleum, Andre Cho, has indicated to Amandala that the statements by Treaty Energy Corporation, joint venture partner of Princess Petroleum, which has a concession to explore for oil both onshore and offshore Belize, proclaiming an oil find associated with a 6-million-barrel reserve in Stann Creek are "misleading."
According to Cho, there was no evidence of live oil, only trace tar, which, he said, "is common in a lot of rocks."
The Government of Belize, through the Department of Geology and Petroleum, issued a press release on Tuesday, January 31, 2012, indicating a find of "...only minute traces of tar, which is commonly observed in rock formations in many wells previously drilled in Belize that were not commercial."
Prime Minister Dean Barrow told us today that "Treaty did not follow the prescribed procedure" before making the announcement via press wire in the US.
Cho said that Treaty informed his department on Saturday, January 28, that a find had been made on Friday; he said that the proper procedure was for the company to await government verification before making any such announcement.
Treaty Energy is not backing down from its claim, however, and in a statement issued yesterday, Wednesday, February 1, the company said it "...has further reviewed its finding and confirms its discovery of oil on the Stann Creek Field in Southern Belize."
It went on to say: "There were no asphaltenes (tar) present."
"Our independent logger made a visual analysis with microscope and black light and confirmed the presence of hydrocarbons," said Treaty.
Cho told Amandala that he visited the well site on Monday, January 30, and took samples for analysis.
"We inspected the mud log and rock cuttings from the depth they said they found oil and discussed with their geologist from field," said Cho. He added that what they found was more trace amounts of tar-and it is not live oil.
He added that they looked at the samples and rock cuttings, and tested them, and no live oil was found.
The trace tar is an indication that the oil that may have been generated in that area migrated elsewhere, he added.
As for Treaty's claims that up to 6 million barrels of oil is at the field upon which the San Juan well sits, Cho said: "They have not done any kind of testing to make those kinds of calculation."
Government has to look at whether there are penalties, Cho asserted.
Amandala sought an audience with Treaty CEO Andrew Reid, who arrived in Belize Tuesday for meetings, but we could not get him via phone and he did not return our calls.
Meanwhile, Prime Minister and Minister of Finance Dean Barrow said that he believes Mr. Cho, that no live oil was found in Stann Creek, and he suspects Treaty Energy made the announcement to get more financing from the price leaps in their shares in the US that resulted from the announcement of an oil find in Belize.
As for Treaty's business with his law firm, Prime Minister Barrow told us he does not know anything.
Last May, our newspaper picked up on documents Treaty had posted on its website, detailing the minutes of a one-hour meeting at Barrow & Williams, the Prime Minister's law firm, at 99 Albert Street, at 9:00 a.m. on Sunday, May 29, 2011.
Oddly, we accessed the documents several days before that date.
When we asked Prime Minister Barrow about Treaty Energy's business with his law firm, he told us he does not know that Treaty does any business with them, and asked us to check with his law partner, Rodwell Williams, SC.
When we called Williams subsequently, however, we were advised that he was not in office.
Amandala
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Princess Petroleum Limited, belonging to the owners of the Princess Hotel and Casino, has a contract to explore 1 million plus acres of Belize for oil, Cho informed. The license, he said, was given under the last administration for mostly offshore, but also some inland exploration. "Right now they [Princess] are just reviewing old geologic and geo-physic data, but there is no physical work yet," Cho added.
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History of Treaty Energy Corporation
2010 - Acquisitions/Mergers/Takeovers
The company acquired Coleman Crouch lease in Pickett County, Tennessee.
2010 - Acquisitions/Mergers/Takeovers
The company acquired five oil and gas leases in Tennessee.
2010 - Contracts/Agreements
Treat signed a service contract with Radar Satellite Solutions.
2010 - Contracts/Agreements
Treaty entered into a joint venture agreement with Princess Petroleum Limited.
2009 - Acquisitions/Mergers/Takeovers
Treaty Energy acquired the VAGO #1 Project, a new producing oil and gas lease in West Texas.
2009 - Asset Purchase
Treaty Energy Corporation announced the signing of an agreement to acquire 54 oil and gas leases in Kansas.
2009 - Business / Operations Closure
Treaty Energy Corporation announced that it has entered into a letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
2009 - Corporate Changes/Expansions
In January, the company changed its name to Treaty Energy Corp.
2009 - Others
Corporate Headquarters Moved to Houston, Texas
2009 - Others
Treaty Energy Corporation to enter into a 50/50 Oil & Gas Joint Venture with Discovery Resource Group, LLC ("DRG"), a Delaware limited liability company.
2008 - Acquisitions/Mergers/Takeovers
Treaty Petroleum, Inc., merged into Alternate Energy Corp.in December 2008
2004 - Incorporation/Establishment
In 2004, the company established a wholly owned subsidiary, 2040412 Ontario Inc.
2003 - Acquisitions/Mergers/Takeovers
In 2003, the company acquired all the assets of AEC I Inc., formerly known as Alternate Energy Corporation.
2003 - Corporate Changes/Expansions
In 2003, the company changed its name to Alternate Energy Corp.
1997 - Incorporation/Establishment
In 1997, the company was incorporated as a Nevada Corporation.
Name Role Age Since Andrew V Reid Chairman, Executive Board - 2010 Dan Oison Director, Non Executive Board - 2009 Randal Newton Corporate Controller, Senior Management - 2010 Bruce Gwyn Co-Chief Executive Officer, Senior Management - 2011 Lee C. Schlesinger Chief Information Officer, Senior Management - 2011
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Mayan people battle oil giants as Belize's rainforests threatened
Flare at Spanish Lookout oilfield, operated by Belize Natural Energy with CHx investment. |
Forest communities are fighting increasing incursions onto their land by US oil companies. Now the Belizean government is seeking to reverse a court ruling preventing them allowing oil exploration, logging or mining. Robin Llewellyn reports from Belize
In a wooden hall built on stilts in the Belizean rainforest a man is speaking in Q'eqchi', a language common among the Maya on both sides of the Guatemala-Belize border: 'When we are kept in the dark, when we are kept like in a pot, we are like chickens, and those who intend to deny us our rights are putting on the salt and the onion - all the seasonings - to cook us... And that's what they want.'
He is Manuel Xó C�, a member of Mayan advocacy organization Defensoría Q'eqchi', part of a Guatemalan delegation of Q'eqchi' leaders who have come to the Belizean region of Toledo to share experiences.
'There was a leader' he says, 'who, in three-quarter pants and a torn-up shirt went to Washington and voiced our concerns about the denial of rights to our land. The Inter-American Commission found the Guatemalan Government guilty of violating the rights of the community, and the government started to respond and to address it.'
The visiting Maya describe current threats to their communities as including nickel mines, African Palm plantations, and oil companies, in addition to the cattle ranchers who deprived them of most of their land...
CLICK HERE for the rest of the story
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Treaty staying quiet after Belize row
Treaty Energy Corporation has said it will not make any further comment about its exploration efforts in Belize after a spat with the government over an oil discovery the local prime minister said did not exist.
Andrew Reid, chief executive of the New Orleans and Houston-based explorer, told Upstream he was not able to comment about the company's exploration activities in Belize, in a 50/50 joint venture with Princess Petroleum, owners of Belize's Princess Casino.
He would only say that "in the future we must have Government of Belize and Princess Petroleum approval prior to issuing any statements".
The government of Belize did not respond to two requests for comment from Upstream.
The spat broke out after Treaty Energy announced an oil discovery on 30 January with its first well at the Princess Concession, the San Juan 2.
The well would be completed and put into production in the wake of the discovery of hydrocarbon-bearing zones between 1235 and 1290 feet at the Stann Creek play, the company said, estimating the play could contain up to six million barrels of recoverable oil.
A day later, Belize Prime Minister Dean Barrow told journalists who asked him about the discovery that there was no oil find.
He said that officials from the Belize Petroleum Unit were dispatched to investigate the claim and that "...even in the rain the rock samples displayed were not wet, there was no oil".
Subsequently, the Belize Ministry of Natural Resources and the Environment said it did not endorse the oil find and called its release "unathorised".
"An inspection conducted on the mudlog and rock cutting from the well confirmed only minute traces of tar which is commonly observed in rock formations in many wells previously drilled in Belize that were not commercial," the ministry said.
"It must be emphasised that no live oil in large amounts was observed in the rock cuttings which normally indicates some level of potential and would require further analysis and testing to determine whether it is commercially viable," the statement added.
In response, Treaty Energy's chief operating officer Stephen York issued a further statement insisting the find was genuine to "curb speculation" over the discovery.
"Our independent logger made a visual analysis with microscope and blacklight and confirmed the presence of hydrocarbons," York said.
"The logging equipment registered a steady increase, with a spike of associated gases through the lime pay-zone. The porosity was estimated to be from 8-12%. This is about average for a successful lime play well," he said.
York said that the player had ordered equipment for further testing at the site, adding Treaty believed "deeper pay zones may exist and will be investigated".
Treaty holds 200,000 onshore acres within the Princess Concession, where it believes there could be three oil-bearing fields of various sizes, as well as 1.4 million acres on the Paradise Concession.
SOURCE
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