SOURCE: Alternate Energy Corporation

December 19, 2008 12:38 ET

Treaty Petroleum, Inc. and Alternate Energy Corp. Update on Merger

Treaty Petroleum Expects to Close on Merger by December 23rd -- Following Merger the Name of Alternate Energy Corp. Will Be Changed to Treaty Energy Corporation

BURLINGTON, ON--(Marketwire - December 19, 2008) - Alternate Energy Corp. (OTCBB: ARGY) updates on status of the Treaty Petroleum, Inc. merger. The merger of Treaty into Alternate Energy is likely to close on December 23rd. Upon the close, the name of the company will be changed to Treaty Energy Corporation, and a notice will be distributed to announce a new ticker symbol for the company. The companies had announced the signing of a Definitive Agreement to merge on December 12th.

Treaty has indicated that they have an ongoing program for the reentry of multiple wells on a current property to bring new oil production online. They also have an active effort to acquire additional lease properties, and have an active drilling program underway. More information on these and other efforts will be released following the closing of the merger.

About Treaty Petroleum, Inc.

Treaty is engaged in the acquisition, development and production of oil, primarily in West Texas. Treaty acquires and develops properties, many of which have "proven but undeveloped reserves" at the time of acquisition that are economically interesting to Treaty, but not strategic to exploration-oriented oil and gas companies. This strategy provides Treaty with the assets to develop and produce without the risk, cost and time involved in traditional exploration. Treaty's headquarters are located in Abilene, Texas.

Forward-Looking Statements:

Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks. These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms SB-2, 10-KSB, 10-QSB and 8-K. Actual results may differ materially from such forward-looking statements.

Contact Information

  • Contact:
    Alternate Energy Corp.
    Tel: 905-332-3110