Alternate Energy Corp. announced that its wholly-owned subsidiary has merged with Treaty Petroleum, Inc. The company anticipates that its name will change to Treaty Energy Corporation on or around Dec. 29th. Alternate Energy also told investors that its ticker symbol with change from ARGY to a new symbol and that there will be a reverse split of its common stock.
According to the press release, this merger will significantly enhance the ability and timeline for Treaty to reach its future development and expansion goals. In preparation of the name change, the company has developed a new website reflecting the Oil & Gas business, the new direction of the business.
Treaty is currently focused on its ongoing development and enhanced recovery program with re-completion, infield drilling and/or stimulation activities of multiple wells on currently owned properties in the prolific Permian Basin of West Texas. The company has also mapped several new developmental drillsite locations to kick off the first phase of a rapid, full development plan. In addition to these activities, preparations are being made for distribution related to the acquisition of additional oil and gas lease properties over the next few weeks.
Treaty will continue to focus on finding and acquiring properties in the Permian Basin that meet the set criteria for their development and enhancement program. The company expressed its excitement to be doing their part to diligently seek and utilize all possible opportunities to enhance the ability of our nation to meet its own needs for crude oil and natural gas products.
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