Treaty Energy Corporation, an international energy company, acquired the assets of Texas Sands Resources (TSR) of Abilene, Texas, and appointed Chris Tesarski as the executive chairman of the company.
TSRs assets currently include ten leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25BOPD. At current production levels, the company anticipates that this acquisition will generate estimated revenues of USD 800,000 per year, with revenues expected to increase as the leases are more fully developed. TSR also holds a number of additional lease opportunities that, if completed, will be included in this purchase. The purchase price was USD 1,250,000.
In addition to the acquisition, Andrew V. Reid, chairman and CEO of Treaty Energy announced the appointment of Chris Tesarski, the president and CEO of TSR, as the executive chairman of Treaty Energy. A native of Canada, Tesarski immigrated to Abilene, Texas in 2012 with the goal of developing an integrated energy platform. Reid will continue as a director and CEO for Treaty Energy in the interim as it emerges over the next several months to be a serious player in the junior energy sector and until definitive decisions are made regarding the direction management will be taking the company.