Earlier this week, Treaty Energy Corp., a growth-oriented energy company in the oil and gas industry, updated shareholders on the progress of its Joint Venture with Princess Petroleum Ltd. on the two million acre concession in Belize.
Radar Satellite Solutions (R.S.S.), the company’s contractor, has finished its initial analysis of a portion of the land based concession. Mike Morgan, spokesman for R.S.S., stated, “R.S.S. has concluded a geophysical 3-D mapping of the prolific ‘Spanish Lookout’ oil field in the Northwest area of Belize. This was done to gain a better understanding of known reservoir characteristics in Belize.”
By tuning its equipment to the electrical frequencies of that study, R.S.S. was able to more easily identify similar reservoir formations on the Princess concession. According to the press release, this information will be published on the Treaty Energy website next week.
Mr. Morgan also noted, “Early indications have shown two areas on the Princess concession that have many characteristics similar to the Spanish Lookout field. The first prospect is referenced as Orchard 1 and the zone being studied is at 3300 ft. This is the first of the two zones that we will study extensively and we are optimistic that we will locate commercially viable hydrocarbons in this field.”
Andrew Reid, Chairman and CEO of Treaty Energy, commented, “I am very pleased with the promising outlook of the information coming from the first deployment of the R.S.S. crew. Treaty Energy is looking forward to the continuing efforts of R.S.S. in establishing our first well site in Belize.”
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