The company announced today that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee. This acquisition was completed with Green Light Energy LLC, with which Treaty Energy has several other projects moving toward completion. The lease has wells that are currently being re-entered after having been shut in for some time.
One well has been re-entered and is currently producing in the 8 to 10 barrels of oil per day range. Additional work planned on this well is expected to further enhance its production. The second well is in the workover stage and will be completed by mid-January. All of the wells are expected to produce in the 8 to 10 barrels of oil per day range.
Randall Newton, CEO of Treaty Energy, commented on the deal, “This acquisition, while small, is a first step in a much larger business plan with Green Light Energy. As this relationship develops further, we’ll be sharing more information with our investors.”