|By PR Newswire||
|March 11, 2014 06:30 AM EDT||
NEW ORLEANS, March 11, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (http://www.treatyenergy.com), a growth-oriented international energy company, today announced it has retained Inspire Energy Services (www.inspireenergyservices.com) effective March 10, 2014 to conduct a full review of the Company's oil and gas operations and assets to further develop and enhance the Company's on-going oil and gas strategy.
Inspire is a group of petroleum engineers and business development experts who advise small public and private companies seeking investment in operated and non-operated oil and gas exploration. The consultants review reserves and recommend reserve value, property acquisition and financing strategy as well as direct operational efficiency. Inspire Energy Services advocates to management framing in reasonable stock price targets and works to disseminate that information through the management to the Company's current and potential investors.
In early March, Inspire representatives conducted an initial review of the Company's assets and recommended a test through March 9th of the Gray Sand on the Stockton #2 well. The Company, in conjunction with the recommendations from Inspire, installed a new pump jack on the Stockton #2 well. The Gray Sand zone produced signs of oil production; however Inspire believes that based on geological data that the upper zone in the Gardner Limestone will yield greater production potential. The Stockton #2 well yielded promising returns on its initial test.
The petroleum engineer and spokesman for Inspire evaluating Treaty Energy's assets with Inspire informs, "It is important to spend a reasonable amount of time doing longer less time-sensitive production tests before making long-term investment plans. Direct off-set wells to the Stockton #2 well have been consistent producers at fairly low water cuts. The Mitchell #3 and #4, located on the lease next door, were evidence of this consistent high-yield production." The Stockton #3, which was drilled immediately after the Stockton #2, remains uncompleted.
Inspire's spokesman continued with, "The production tests that we are conducting on the Stockton #2 will be used to develop completion plans for the Stockton #3. In addition, the information on the Stockton #2 and Mitchell lease, which was previously drilled by Treaty, will provide us the ability to develop a large scale drilling and completion strategy on the Kubacak lease, which is being looked at as a large scale investment project."
On the subject of Treaty Energy, Inspire's spokesman further commented that, "Inspire believes that Treaty Energy has not always had the benefit of a thorough engineering assessment of their field operations. Recent operations have been successful based on prior geological data. However, with the new drills on the Stockton and Kubacak leases, a thorough reservoir and production study needs to be done. Inspire intends to ensure that the dollars spent in the field yield the highest return per investment dollar and, more importantly, maximize oil and gas production."
In addition to the completions scheduled for the current lease holds in the oil leases in Taylor County Texas, Inspire has recommended reviewing additional acreage acquisitions in the Abilene area. Inspire has already begun to evaluate new projects beyond the Kubacak lease for the Company.
Inspire has also done a preliminary evaluation of the Company's Belize Operations and believes that there may be significant possibility of success in that area. The Company's Belize operations have been on hold since November of 2013 after it was unable to successfully retrieve a stuck packer from its San Juan #3 well. The Company has remained in negotiations with Princess Petroleum since then and has not committed to a full pull out of operations in the region. Inspire believes that with increased investment dollars in the region, a large multi-rig drilling project is very possible, but would require a complete restructuring and renegotiation of the project from both Treaty Belize Energy, LTD and Princess Petroleum. Nevertheless, the Company is actively seeking other possible international ventures in the region.
Despite significant positive changes to Company operations already, Inspire representatives are projecting several weeks before making specific recommendations. Inspire has indicated that in order to move the Company towards increased future success, several additional dramatic changes may be necessary to improve production and drilling operations.
Andrew V. Reid, the Company's current Chief Executive Officer, stated, "I am fully on-board with the changes that Inspire has already recommended and look forward to reviewing the future changes they will recommend. Treaty and its management have undertaken a tremendous effort to move the Company on the right path since its unsuccessful marginal well project in 2012. In the third quarter of 2013, Treaty posted its first net profit in Company history."
Mr. Reid added, "Now, we are looking to lead with oil and gas professionals on board. Several positions, including the CFO and CIO positions remain vacant and need to be filled. We have asked the Inspire team to recommend sound leadership including new management where necessary. Shareholders should rest assured that large scale positive changes are on the way."
Treaty Energy Corporation
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.
Treaty Energy Corporation (TECO) trades on the OTCQB, the marketplace for companies that are current in their SEC reporting requirements. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
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.
SOURCE Treaty Energy Corporation
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 20, 2014 11:00 PM EST Reads: 1,275
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 20, 2014 11:00 PM EST Reads: 1,184
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 12:00 PM EST Reads: 1,950
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com...
Dec. 20, 2014 11:30 AM EST Reads: 2,386
"Our premise is Docker is not enough. That's not a bad thing - we actually love Docker. At ActiveState all our products are based on open source technology and Docker is an up-and-coming piece of open source technology," explained Bart Copeland, President & CEO of ActiveState Software, in this SYS-CON.tv interview at DevOps Summit at Cloud Expo®, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 11:00 AM EST Reads: 1,976
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...
Dec. 20, 2014 11:00 AM EST Reads: 2,287
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, p...
Dec. 20, 2014 10:45 AM EST Reads: 2,243
SYS-CON Media announced today that Aruna Ravichandran, VP of Marketing, Application Performance Management and DevOps at CA Technologies, has joined DevOps Journal’s authors. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Aruna's inaugural article "Four Essential Cultural Hacks for DevOps Newbies" discusses how to demonstrate the...
Dec. 20, 2014 10:00 AM EST Reads: 1,777
The move in recent years to cloud computing services and architectures has added significant pace to the application development and deployment environment. When enterprise IT can spin up large computing instances in just minutes, developers can also design and deploy in small time frames that were unimaginable a few years ago. The consequent move toward lean, agile, and fast development leads to the need for the development and operations sides to work very closely together. Thus, DevOps become...
Dec. 20, 2014 10:00 AM EST Reads: 2,026
Verizon Enterprise Solutions is simplifying the cloud-purchasing experience for its clients, with the launch of Verizon Cloud Marketplace, a key foundational component of the company's robust ecosystem of enterprise-class technologies. The online storefront will initially feature pre-built cloud-based services from AppDynamics, Hitachi Data Systems, Juniper Networks, PfSense and Tervela. Available globally to enterprises using Verizon Cloud, Verizon Cloud Marketplace provides a one-stop shop fo...
Dec. 20, 2014 09:00 AM EST Reads: 1,956
AppZero has announced that its award-winning application migration software is now fully qualified within the Microsoft Azure Certified program. AppZero has undergone extensive technical evaluation with Microsoft Corp., earning its designation as Microsoft Azure Certified. As a result of AppZero's work with Microsoft, customers are able to easily find, purchase and deploy AppZero from the Azure Marketplace. With just a few clicks, users have an Azure-based solution for moving applications to the...
Dec. 20, 2014 09:00 AM EST Reads: 992
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 08:00 AM EST Reads: 1,313
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada...
Dec. 20, 2014 07:00 AM EST Reads: 2,122
SYS-CON Events announced today that AIC, a leading provider of OEM/ODM server and storage solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. AIC is a leading provider of both standard OTS, off-the-shelf, and OEM/ODM server and storage solutions. With expert in-house design capabilities, validation, manufacturing and production, AIC's broad selection of products are highly flexible and are conf...
Dec. 20, 2014 07:00 AM EST Reads: 1,891