Stephen L. York, President and COO of Treaty Energy Corporation, stated, "Further review of the drilling samples from Princess/Treaty Well #2 on the Stann Creek Field confirms that the pay is a residual lime. Lime must be treated to enhance oil recovery. Standard treatment for lime includes treatment of the formation with additives to enhance inter-capillary wicking, which in return promotes oil flow to the well bore. Our independent logger made a visual analysis with microscope and blacklight and confirmed the presence of hydrocarbons. The logging equipment registered a steady increase, with a spike of associated gases through the lime pay-zone. The porosity was estimated to be from 8-12%. This is about average for a successful lime play well."
Mr. York added, "There have been numerous questions fielded in the last 72 hours. Here is a synopsis to curtail the speculation.
Once again, supplemental equipment such as wireline truck, perf-gun, etc., has been located and contracts to purchase have been issued. All ancillary equipment such as tubing, sucker-rods, down-hole pump, pumpjack, etc. will be shipped on Treaty Energy's truck as soon as it returns from Belize.
Citing the pre-planned Company analysis and memos, the enhanced value, as predicted, will not be in the initial 12 developmental vertical wells, but the projected horizontal wells with 2,000'-4,000' vertical legs in the heart of the reservoir."
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