Texas-based Treaty Energy Corp. has acquired its own drilling rig ahead of commencing operations in Belize, it has been announced.
The Schramm Rig, purchased in Alabama, has been shipped to a service center for inspection and upgrades as needed, prior to its shipment to Belize in June.
The rig is capable of drilling with either air or mud, and is thus able to drill with either method if on-site conditions change, the company said.
Treaty Energy has said it wants to be self-sufficient and have complete oversight of quality control while drilling in Belize. It is now in the process of acquiring a full range of support equipment to prepare for the operation.
Commenting, Andrew V. Reid, chairman and CEO of Treaty Energy, stated: "Treaty Energy has made a final decision to drill the wells on the Belize concession using our own Texas-based drilling company, Treaty Energy Drilling, LLC.”
He added: “This rig is capable of drilling to 4000 ft depth and therefore is suitable to the task of drilling all of the well sites that are currently in our Belize drilling program."
Reid concluded: "I am very excited that the Treaty board has taken an aggressive stance and made possible the acquisition of the Schramm Drilling Rig and the full complement of support equipment. Growing Treaty Energy Drilling, LLC, our own drilling company, is a significant step toward vertical integration of our oil and gas business."
Treaty is focused on the acquisition, development and production of oil and natural gas, with an emphasis on leases which have proven but undeveloped reserves.
