|By PR Newswire||
|August 29, 2014 06:45 AM EDT||
NEW ORLEANS, Aug. 29, 2014 /PRNewswire/ -- TREATY Energy Corporation (OTCQB: TECO), a growth-oriented energy company in the oil and gas industry, today reported that its Board of Directors is pleased to announce the following update and vision statement to its shareholders and the investment community.
Chris D. Tesarski, Executive Chairman and CEO of TREATY Energy Corporation, stated, "September 1, 2014 marks the beginning of a new chapter in the history of TREATY Energy."
The corporation has signed a LETTER OF INTENT with a private service company, "PRIVCO" to "liberate the oilfield service" assets of TREATY Energy into "PRIVCO" as part of the process to build an exciting, diverse and growth oriented full service company dedicated to optimizing and enhancing oil and gas operations in "the Americas."
Of particular interest to TREATY shareholders will be the fact that PRIVCO has an executed JOINT VENTURE AGREEMENT with a downhole tool company whose patented process has been credited with optimizing and enhancing production on several hundred wells in Canada, Mexico and the United States. This process when paired with TREATY's oilfield services unit, will not only give PRIVCO the ability to optimize TREATY's production, but also allows PRIVCO the ability to service other clients. This business arrangement comes with a built in network of six NATIONAL distributors that have been integral in marketing the tool that will now be important to building an opportunity platform for the TREATY oilfield service assets.
In addition, PRIVCO has acquired 50% of the interest of SANDBOX RESOURCE SOLUTIONS LLC of Abilene, TX. "SANDBOX" has developed a proprietary process for converting "produced formation water" from oil and gas wells into fresh water suitable for a wide variety of applications including oilfield service, agriculture, and many other uses. The SANDBOX water management system is being used commercially by a Denver-based energy company to integrate into a constructed wetlands project North of the Yellowstone River in Montana that utilizes the treated formation water from an oil battery to provide fresh water for cattle, wildlife, and oilfield applications. Water hauling costs on this project have been reduced by approximately $3,000 per day. Over thirty five to forty water-hauling trucks per week have been reduced to three.
TREATY will incorporate the SANDBOX water processing system into its "Stockton" field operations. Initial drilling reports indicate the presence of oil but also significant quantities of water. The decision was made to "go uphole". Unfortunately, this decision rendered the well basically unproductive. TREATY's technical team believes that if they recomplete the well in the lower water bearing zones they can significantly increase oil production. The SANDBOX system will allow the company to produce significant volumes of fluid without the cost of drilling an injection well. The recycled water will have significant value in drought stricken West Texas.
In speaking about the PRIVCO opportunity Mr. Chris Tesarski, Chairman & CEO of TREATY, stated "TREATY shareholders will be pleased to note that the integration of the PRIVCO service platform will now allow the "500 Well Louisiana Project", "Project X" (certain contract opportunities in Central America and the Caribbean), and reinvigorated GEOTECHNICALLY DEFINED operations in Belize to move forward, thereby restoring the opportunity for TREATY shareholders to see value derived from what was a previously difficult chapter in the history of the company. The combination of new management and technically qualified industry personnel in TREATY and PRIVCO will allow value to be realized that had for the most part been written down by the markets and shareholders alike."
"PRIVCO's commitment to integrating a full service operation into TREATY's growth oriented production platform and the ability to network its services to a growing number of energy companies in the Americas make this transaction a very attractive one for TREATY's shareholders," says Mr. Tesarski
PRIVCO is currently involved in the process of converting to a publicly traded company by completing the process of acquiring an existing public entity. Once again, the Board is convinced that this will provide significant additional value to TREATY's shareholders. PRIVCO and TREATY will keep shareholders apprised of developments as they occur.
As part of the changes in structure to the company the Board of Directors has negotiated a stock based dividend for all TREATY shareholders in PRIVCO. During a rollout period of the next 90 days, TREATY shareholders as of September 30, 2014 (or such date as the market regulators might determine), will receive shares of the common stock of PRIVCO at a rate to be determined subject to all regulatory approvals as are common to such transactions.
In keeping with the aforementioned transaction and the commitment of the Board of Directors to increasing shareholder value, the company will undergo a process of defining TREATY's identity as an ENERGY PRODUCER. Rooted in a firm belief that the "Americas" hold vast untapped, bypassed and forgotten energy reserves the company intends to continue its focus on "finding new oil and gas in old places."
"We believe that this is the right place for us to be and welcome other players who focus on exploratory, wildcat plays, but TREATY will continue to focus on what we KNOW got left behind instead of risking shareholder value on what we believe MIGHT be there," says Mr. Tesarski.
To this end, the company wishes to announce the signing of three (3) new leases (defined by 3D seismic) in the Tuscola, TX area, not far from its Stockton operations. These leases will give the company the ability to integrate PRIVCO's service platform into operations thereby giving TREATY a strategic advantage in developing its production operations. In addition to the 3D seismic, TREATY has access through PRIVCO to thorough geotechnical data to assist in making strong, technically sound strategic development and optimization decisions with regard to its operational platform.
"TREATY shareholders have stuck with the company through some very difficult times. Liberating the oilfield service assets of TREATY and partnering with PRIVCO will lead to strong growth for our shareholders in two dynamic companies. A reenergized, reorganized and vibrant energy company and a new, visionary, and technology savvy oilfield service company. With both companies committed to a strategy of integration, the Board sees this as a tremendous step forward" stated Mr. Tesarski. He added, "It is time to ensure that our shareholders are rewarded for their loyalty to the company."
As promised, as of August 27, 2014, the company has officially engaged auditors to begin to undertake the process of bringing the company into regulatory compliance.
"I am relieved that we have been able to now fully engage in the process of getting our company into compliance," said Mr. Tesarski. "It has been my number one priority. I have promised this to shareholders and they deserve nothing less than a 100% commitment to compliance."
In addition, the Board wishes to assure shareholders that the company will commit to providing them updates on or around the 15th and 30th days of the next few months following this announcement utilizing its social media resources while it transitions the company through this reorganization and growth phase. The Board looks forward to continuing to provide its shareholders with positive developments in this new chapter in TREATY's history.
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.
About Sandbox Resource Solutions LLC
Sandbox Resource Solutions is a privately owned company dedicated to meeting your produced water requirements. Our Resource Management System, "RMS" is engineered to remove oil, solids, iron sulphides and hydrocarbons and is proven to be more efficient and cost effective than traditional methods. SRS is applying a patented proprietary technology to treat produced oilfield wastewater into useable, fresh water. Our ground breaking technology is a 2 part system designed to reduce and reuse our most precious resource, water. Micro-Encapsulating Flocculent Dispersion ("MFD") and desalination allow us to optimise and maximize our natural resources. The company's focus is to deliver produced fresh water and subsequent by-products from its processes, which will be suitable for commercial, industrial and agriculture sustainability while reducing the strain on our natural resources.
Treaty Energy Corporation (TECO) trades on the OTC. 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
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Jan. 31, 2015 05:15 PM EST Reads: 2,685
Entuity®, a provider of enterprise-class network management solutions, today announced that it solidifies its position as a market leader through global enterprise customer acquisitions and a refined channel strategy. In 2014, Entuity increased new license revenues in EMEA by over 75 percent, and LATAM by over 125 percent as customers embraced Entuity for its highly automated solution and unified architecture. Entuity’s refined channel strategy focuses on even deeper strategic alignment with ke...
Jan. 31, 2015 05:00 PM EST Reads: 725
We are all here because we are sold on the transformative promise of The Cloud. But what good is all of this ephemeral, on-demand infrastructure if your usage doesn't actually improve the agility and speed of your business? How must Operations adapt in order to avoid stifling your Cloud initiative? In his session at DevOps Summit, Damon Edwards, co-founder and managing partner of the DTO Solutions, will highlight the successful organizational, process, and tooling patterns of high-performing c...
Jan. 31, 2015 04:15 PM EST Reads: 2,954
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Jan. 31, 2015 03:00 PM EST Reads: 3,839
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 31, 2015 02:45 PM EST Reads: 2,588
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 31, 2015 02:30 PM EST Reads: 2,739
In this demo at 15th Cloud Expo, John Meza, Product Engineer at Esri, showed how Esri products hook into Hadoop cluster to allow you to do spatial analysis on the spatial data within your cluster, and he demonstrated rendering from a data center with ArcGIS Pro, a new product that has a brand new rendering engine.
Jan. 31, 2015 02:30 PM EST Reads: 1,815
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 31, 2015 02:30 PM EST Reads: 2,770
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
Jan. 31, 2015 02:15 PM EST Reads: 1,704
CloudBees, Inc., has announced a $23.5 million financing round, led by longtime CloudBees investor Lightspeed Venture Partners. Existing investors Matrix Partners, Verizon Ventures and Blue Cloud Ventures also participated in the round. The latest funding announcement follows earlier rounds of $4 million, $10.5 million and $10.8 million, bringing the total investment in CloudBees to just under $50 million since the company’s inception in 2010. Previous venture investment rounds were led by Ma...
Jan. 31, 2015 02:00 PM EST Reads: 932
“We are strong believers in the DevOps movement and our staff has been doing DevOps for large enterprise environments for a number of years. The solution that we build is intended to allow DevOps teams to do security at the speed of DevOps," explained Justin Lundy, Founder & CTO of Evident.io, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Jan. 31, 2015 02:00 PM EST Reads: 2,300
SYS-CON Media announced that Splunk, a provider of the leading software platform for real-time Operational Intelligence, has launched an ad campaign on Big Data Journal. Splunk software and cloud services enable organizations to search, monitor, analyze and visualize machine-generated big data coming from websites, applications, servers, networks, sensors and mobile devices. The ads focus on delivering ROI - how improved uptime delivered $6M in annual ROI, improving customer operations by minin...
Jan. 31, 2015 02:00 PM EST Reads: 3,893
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...
Jan. 31, 2015 02:00 PM EST Reads: 2,863
Puppet Labs on Wednesday released the DevOps Salary Report, based on salary data gathered from Puppet Labs' industry-recognized State of DevOps Report. The data confirms that market demand for DevOps skills is growing, and that DevOps engineers are among the highest paid IT practitioners today. That's because IT organizations today are grappling with how to be more agile and responsive to the business, while maintaining the stability of their infrastructure. DevOps practices, such as continuous ...
Jan. 31, 2015 02:00 PM EST Reads: 1,512