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#463173 - 04/26/13 08:46 PM TREATY ENERGY SUSPENDS DRILLING IN S. BELIZE
Marty Offline

TREATY ENERGY/PRINCESS SUSPENDS DRILLING IN SOUTHERN BELIZE

Treaty Energy Corporation, the joint venture partner of Princess Petroleum in Belize, announced today, April 24, that it has decided to suspend drilling operations in southern Belize, as a consequence of last week’s Supreme Court ruling by Justice Oswell Legall, which included an injunction placed on the Government of Belize that it should no longer pursue works under six contracts, including that given to Princess, which the court has declared “illegal, null and void.”

According to the Louisiana-based corporation, Treaty Energy Corporation, back in 2010 it entered into a joint venture agreement with Princess Petroleum Ltd. to develop its oil and gas concession. The contract, which originally covered 2 million acres, is mostly for offshore works.

“Due to the current injunction placed on offshore concession holders, and by extension Treaty Energy Corporation, drilling on San Juan #3 has been suspended,” the company’s press release issued today said.

“On April 19, 2013, representatives from Treaty Energy Corporation and Princess Petroleum met with Princess Petroleum’s legal counsel, Rodwell Williams, to discuss the Oceana case and the potential impacts that the ruling may cause. During this meeting, Treaty Energy Corporation was advised of their legal rights and furthered the discussion with other government representatives,” the company said.

At the time the ruling was handed down, Treaty was working on its third well in the San Juan area, near Cowpen village.

The company’s website informs that in 2012, Treaty Energy commenced drilling its first well, the San Juan #2 in the Stann Creek district, and proceeded to its second well in August.

After analyzing the results of the first two wells, it began drilling a third exploratory well, San Juan #3, in March of 2013. As of March 29, 2013, TECO’s drill was at approximately 700 feet.

Following the recent court ruling, Max Mohammed, Treaty Energy Corporation’s Chief Operations Manager for Treaty Belize Energy, Ltd., returned to the United States. However, Mohammed will be returning to Belize the week of April 29, 2013, and will continue to oversee all Treaty operations in Belize, the company said.

“Treaty Energy Corporation is still awaiting guidance from the Government of Belize regarding their future course of action on how Treaty Energy Corporation will proceed with drilling on San Juan #3,” the company added.

The Government plans to appeal last week’s court ruling, because it does not agree with the court that an EIA is required before a petroleum contract is issued.

Chief Environmental Officer Martin Alegria had previously told Amandala that an EIA would be required if exploitable petroleum is found and the company wants to pursue commercial production at the well sites.

Amandala


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#463847 - 05/08/13 11:03 AM Re: TREATY ENERGY SUSPENDS DRILLING IN S. BELIZE [Re: Marty]
Marty Offline

Treaty Energy Corporation Appoints New CEO of Treaty Belize Energy and Plans to Restart Drilling Operations in Belize

Treaty Energy Makes Managerial Changes to Better Streamline Operations in Belize and to Restart Drilling Operations on San Juan #3 after Supreme Court Ordered Injunction against the Government of Belize

Treaty Energy Corporation TECO -3.23% (www.treatyenergy.com), a growth-oriented international energy company, is pleased to announce a new operational structure for its subsidiary company, Treaty Belize Energy, Ltd., along with the recommencement of drilling operations in Belize.

Treaty Energy Corporation's CEO, Andrew Reid, announced that Mr. Max Mohamed has been appointed to be the President and CEO of Treaty Belize Energy, Ltd.

Mr. Mohamed is a Geologist and has been overseeing Treaty Energy's exploration for oil in Belize, pertaining to the two hundred thousand acres of Princess Petroleum's onshore concession. Treaty Belize Energy has drilled three wells so far on the concession, the San Juan #1, San Juan #2 and San Juan #3. While in the process of drilling on San Juan #3, a Supreme Court Ruling was issued towards the Government of Belize, concerning several offshore concessions, including the Princess Petroleum Concession. Two of these offshore concessions included a small acreage of onshore, one of which is the Princess Petroleum Concession.

Due to the Supreme Court ruling, Treaty Belize Energy temporarily suspended its drilling efforts on the San Juan #3. Treaty wanted to consult with its Legal Council in Belize and wait for the Government of Belize to issue a statement. On May 5, 2013, Prime Minister Barrow made statements to local media regarding the Supreme Court ruling. Based on the legal opinion Treaty Energy received from Princess Petroleum's legal counsel and the statement made by Prime Minister Barrow, Treaty has made the decision to recommence drilling of the San Juan #3 well.

Treaty Energy Corporation's CEO, Andrew Reid, stated, "I am extremely pleased that Max has accepted the position of President and CEO of Treaty Belize Energy, Ltd." Mr. Reid further stated, "I look forward to working with Mr. Mohamed as Treaty Belize Energy, Ltd. continues its efforts in Belize and the possibility to explore other opportunities in other Central American and Caribbean regions as well."

SOURCE


US oil company to restart drilling operations in Belize

Treaty Energy Corporation, a US-based energy company, has announced a new operational structure for its subsidiary company, Treaty Belize Energy Ltd, along with the recommencement of drilling operations in Belize.

Treaty Energy Corporation's CEO, Andrew Reid, announced that Max Mohamed has been appointed to be the president and CEO of Treaty Belize Energy Ltd.

Mohamed is a geologist and has been overseeing Treaty Energy's exploration for oil in Belize, pertaining to the two hundred thousand acres of Princess Petroleum's onshore concession. Treaty Belize Energy has drilled three wells so far on the concession, the San Juan #1, San Juan #2 and San Juan #3.

While in the process of drilling on San Juan #3, a Supreme Court ruling was issued against the government of Belize, concerning several offshore concessions, including the Princess Petroleum Concession. Two of these offshore concessions included a small acreage onshore, one of which is the Princess Petroleum Concession.

Due to the Supreme Court ruling, Treaty Belize Energy temporarily suspended its drilling efforts on the San Juan #3. Treaty wanted to consult with its legal counsel in Belize and wait for the government of Belize to issue a statement.

On May 5, 2013, Prime Minister Dean Barrow made statements to local media regarding the Supreme Court ruling. Based on the legal opinion Treaty Energy received from Princess Petroleum's legal counsel and the statement made by Barrow, Treaty has made the decision to recommence drilling of the San Juan #3 well.

Treaty Energy Corporation's CEO, Andrew Reid, stated, "I am extremely pleased that Max has accepted the position of president and CEO of Treaty Belize Energy Ltd."

Reid further stated, "I look forward to working with Mr Mohamed as Treaty Belize Energy Ltd continues its efforts in Belize and the possibility to explore other opportunities in other Central American and Caribbean regions as well."

Last month, the Supreme Court in Belize declared offshore drilling contracts issued by the government (in 2004 and 2007) null and void.

The ruling, handed down by Justice Oswell Legall, was in response to a case brought by Oceana, COLA, and the Belize Coalition to Save Our Natural Heritage. It effectively ended the Belizean government's immediate effort to allow offshore oil drilling in the Meso American Reef, the second largest barrier reef in the world.

The court overturned the contracts after determining that the government failed to assess the environmental impact on Belize's ocean, as required by law, prior to issuing the contracts. The court also found that contracts were made to companies that did not demonstrate a proven ability to contribute the necessary funds, assets, machinery, equipment, tools and technical expertise to drill safely.

Caribbean News Now


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#463911 - 05/09/13 11:02 AM Re: TREATY ENERGY SUSPENDS DRILLING IN S. BELIZE [Re: Marty]
Marty Offline

OCEANA Says GOB Should Stop Treaty Energy

And staying with the marine matters, OCEANA also held a press conference today. We gather it’s to respond to the prime minister’s response to OCEANA’s response to the Supreme Court judgment about offshore drilling. Yes, that is a lot of responding, but today OCEANA still wanted one more bite at the already much bitten cherry. For Audrey Matura – Shepherd, that last word is that companies which want to continue drilling – and are not directly injuncted against doing so - should be stopped by the government.

Audrey Matura Shepherd - OCEANA Vice President
"I think that that's the quagmire we are in - where we have a government which should be a law abiding government, a government that should operate within the rule of law it is that government would then have to police. But if you give a statement that 'we will allow and have the concession holders decide how we will proceed next' - what you have done is relinquish your responsibility as the government of this country and handing it over to a set of companies that the law has said don't even qualify under the law to even have a contract. But until they violate we will not move the court and so we would call on all Belizean - everyone, even public officers need to know that the government cannot tell them 'give them the permit'."

Matura Shepherd says government mustn’t lift a finger to do anything to carry out any contract that has been voided by the court.

Channel 7


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#497940 - 11/14/14 05:46 PM Re: TREATY ENERGY SUSPENDS DRILLING IN S. BELIZE [Re: Marty]
Marty Offline
Treaty Energy Corporation has ceased Belize operations

Treaty Energy Corporation, the joint venture partner of Princess Petroleum Limited, the local company which has a contract with the Government of Belize to explore for oil both onshore and offshore Belize, issued a letter this week to shareholders, announcing that they have launched an investigation after company officials ceased Belize operations and tied up company assets in a loan with a real estate firm.

As we understand it, Princess has severed its relationship with Treaty Energy Corporation – which is a US company that admitted to shareholders that its Belize operations had gone awry, and that had acquired a bit of notoriety after making false declarations that the company had struck oil in Stann Creek, Belize, when in fact, no commercial find had been discovered.

Earlier this week, the company issued a letter of progress to shareholders, providing reports on its Belize and Colorado operations.

Dr. Colin Young, Chief Executive Officer in the Ministry of Energy, Science and Technology and Public Utilities, told Amandala today that, “As far as we understand, the Princess group is no longer in operation with them, although [Princess] still [has] a valid concession, including the offshore bit as well.”

According to Young, Princess has relinquished substantial offshore acreages, including portions of the concession that were around the Great Blue Hole and the Turneffe Atolls.

He said that the Government had no formal relationship with Treaty Energy, but they were brought in by Princess Petroleum and were subcontracted to explore for oil in Stann Creek.

The company had reported back in 2012 that it had commenced drilling its first well, the San Juan #2, in the Stann Creek district. That same year, the company made a bogus claim that it had struck oil at a location which it said appeared to have 6 million barrels of oil.

“It was something that the ministry took very seriously. It was at the time inconsistent with standard operating procedure,” said Young, confirming that Treaty had certainly not struck oil.

The company told its shareholders that it had “failed to execute on many fronts,” and that it has launched a formal investigation.

“In January 2014, Treaty management performed, without reporting to shareholders, the abandonment of Belize and its opportunity platform when it assigned all of its assets to the Hackmeyer Real Estate Group in a ‘blanket security agreement’ as collateral against funds which the Hackmeyer Group had loaned to Treaty for ironically, development in Belize, as well as some of the company’s endeavors in Texas,” the company said.

“We believe this was misguided. Clearly at that time, Treaty was not able to execute on extensive opportunities available to the company to provide shareholders the ultimate return on investment that was and is indeed possible,” the letter added.

It also expressed concerns about leakage of “insider information.”

“They contained false information about former consultants being involved in activities on said trip. Misleading statements regarding Treaty’s ownership and title to said interests and deliberate misinformation about contractual discussions and outcomes of said discussions,” it claimed.

Treaty said that after the company’s assets have been sold by the Hackmeyer Group and the lien has been removed, proceeds are to flow into escrow and then be distributed satisfactorily to all parties in Belize and will also be used to finance its Colorado operations.

The company said that with the sale of its assets, it has been able to settle some of its major debts, which should in turn help it to find financing for its Colorado operations.

Amandala

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