Treaty Energy Corp. (OTC: TECO) sold a large portion of its existing marginal oil well assets in West Texas for US $550,000, the company announced in a press release on Aug. 16.
The sale is part of the company's long term reorganization strategy to decrease expenses and improve operational efficiency. The company also announced its plan to acquire a new well as part of its program to develop the Tuscola, Texas area.
Summary of Results in West Texas
As announced in February, management initiated several major actions to improve the ...