ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On May 1, 2011, John H. Barksdale resigned as president of Treaty Energy Corporation (“Treaty” or the “Company”). On May 11, 2011, Treaty’s Board of Directors appointed Stephen L. York as president, chief operating officer, and a director.
Since March 31, 2011, Mr. York has been Treaty’s vice president of acquisition and operations for the State of Texas. Prior to then, Mr. York was an owner of C&C Petroleum Management, LLC (“C&C”) since early March 2011. In addition, Mr. York has been the managing member of Green River Drilling, LLC, a drilling company performing contracted drilling services for major oil companies, independent oil companies, and major oil service companies, since 1995.
Mr. York’s initial compensation is $120,000 per year. In addition, Mr. York was issued a starting bonus of 1,000,000 shares of the Company’s restricted common stock.
On March 31, 2011, Treaty acquired all of the assets of C&C for $600,000 ($350,000 in cash and a combination of common and preferred stock valued at $250,000). Upon Treaty’s acquisition of C&C, Mr. York joined Treaty as vice president.
ITEM 9.01 EXHIBITS
Exhibit No. | | Title |
99.1 | | Press Release |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| TREATY ENERGY CORPORATION | |
| | | |
Date: May 16, 2011 | By: | /s/ Michael A. Mulshine | |
| | Michael A. Mulshine | |
| | Assistant Secretary | |
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