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Looks like TECO has changed their website. No talk about VAGO, SAGO, redevelopment of lease and wells. Any insight??
I doubt it. They've been severed by the TRC on one lease since August and the other since March. I don't think the landowner is happy with that and I would not be surprised at anything he might attempt to do.
good point. have no idea where the initial money went, but I suppose the day will come when there will be a reckoning. if it happens, could be quite interesting.
What makes sense to me is that RB is the majority owner of TK Holdings. Why people are investing in TECO (and it looks like a lot more are selling than buying) makes absolutely no sense to me, regardless of oil prices. They have produced no oil in the past few months and as of today, they are still severed from the leases by the TRC. I wouldn't anticipate them coming out of this anytime soon, probably ever.
that would make sense
Does anyone know a Gregory Kramer or Robbie Tullos? They're listed as owners of TK Holdings LLC in TX. Not sure if they're the same folks who are listed on the 10K as majority owners in TECO. Actually the majority owner is PBLS, but then again......
As the Zen Master said..... "We'll see."
Indeed....oil near $70 a barrel, TECO hovering around .025 all day, finally closed unchanged at .03. Down 40% or more since settling after IPO. Severed from their lease by the TRC and won't answer emails. Can't produce, prospects look very grim, but oil is up! Get it while it's hot!!!!
someone needs to change the banner at the top of this page and the TECO webpage. It states "serious, reliable production." I don't think any of them are serious (but maybe in serious trouble) and they sure as heck aren't anywhere close to reliable.
perhaps the most interesting thing in the 10Q is the following:
"During the three months ended March 31, 2009, a shareholder contributed $60,000 in cash for working capital and paid expenses on behalf of the Company totaling $56,378 and elected to have those cash contributions and expenses treated as a contribution of capital. We recorded the expenses and with an offsetting credit to Additional Paid In Capital in that amount."
Add that to the fact that they are "shut in" I assume by the severance by the TRC, that may be one of the more foolish "contributions" I've ever heard of. There are only one or two people involved in TECO that might do that.....geez.
Don't most of these companies get their initial burst of funds when they first go public? In a few months, there are going to be another 40+ million shares available to be dumped on the market by the original investors from Hallin's group. Since the daily volume is so high and there is a huge demand for TECO stock, I'm sure that the extra stock will be music to the ears of the potential investors who just can't wait to get in to this bargain basement stock.....lol. I think they'll be fortunate to be in business in the next 6 months with all they have on their plate right now.
Hey FMI, oil prices are up, what's cooking with TECO?
So PBLS had no ties to Treaty? Have they ever had any ties to Treaty? I don't know exactly the relationship between the two, although I think I have a pretty good idea. Caprock indicates there's a tie, but FM says there isn't any. It is my understanding that PBLS owns a significant part of Treaty. Is that incorrect? Also I've seen the name Ron Blackburn pop up periodically who I see is on the PBLS website as director of acquisitions or some such title. So what's the deal guys, is PBLS currently or previously involved? I also note that the IR for Treaty is a guy by the name of Mike Mulshine, who is also listed on the PBLS website. There seems to be some sort of link.
I am familiar to some extent. Can you provide details?
For someone who has such close ties to Treaty, you should be able to ask her directly. But, if she's not talking, go online the Texas Railroad Commission, which is www.rrc.state.tx.us/ They can give you all the information you need regarding interests, legal status, being severed from the lease, etc. You can navigate around the site and find the link you need or you can contact them directly. I'd suggest the legal department is a good start.
But, if she won't tell you, try the TRC. They have complete documentation.
Why don't you just ask her? I'm sure she'll be glad to provide full disclosure.
Nothing more than the letter of intent has been signed. Everything is hush hush. No disclosure as to who the letter of intent is with, where the site is located (other than generalities of east or west part of the basin). Since they have little or no income and a huge debt, I suspect the purchase hasn't been made or if it has, there are a number of strings attached, like maybe it's owned by someone like PBLS or something that. Rest assured, it's encumbered by something if it has actually taken place.
The company you refer to regarding David Hallin was the "precurser" of TECO. It was formed when Gary Milby botched the oil deal with a bunch of private investors. His claim to fame is that he was a pilot for Federal Express. He has no genuine experience in the oil business. He is a private investor who is trying to salvage his money that was taken by Milby and that's it! Gary Dunham has similar credentials business wise, none in the oil industry. He too is one of the original investors who lost money with Milby. Ronda Hyatt is the president of HighGround, the operator who has blown this deal from the very beginning and who was in cahoots with Milby. She, as operator, is directly responsible for the only well that was productive blowing out and also responsible for the mess the company is in with the Texas Railroad Commission. She also owns a rather large royalty interest on this lease, which is not disclosed in the 10K. The conflicts of interest in this company are rampant.
Solid management: what can you tell us about the management and operator of Treaty that makes it solid? 2 members of board have no management experience particularly in oil. The other one is the operator who has no significant experience beyond botching up this lease.
Leases: Besides the Owens lease which is shut down, what else do they have? None. They claim that they have a letter of intent on another one.
fmi81, you continue to ignore the fact that the operator has been legally severed from their lease and only source of production by the TRC. Have you checked that out or asked the Board about it. I have and they haven't responded.
Why would you want to ask the Board for the "truth." The TRC has no axe to grind, or no reason to pump out a load of BS. Try the legal dept of the TRC. The reply is part of their open records, so it's a well documented public record, not a load of nonsense from those with a vested interest.
Since they've been legally severed from the lease by the Texas Railroad Commission, it doesn't matter how they "intend" to develop their production wells. It will take a lot more than $150K to rework those wells, of which they are well aware. They also have a VERY UNHAPPY land owner that may decide to pull the plug on their lease. Then what do they have besides a letter of intent and some major litigation against them?
The biggest problem they have with their "plan" is that they have to be operational on that lease. They have been severed from it, and with their past history, they may find that they lose the lease. If that were to happen, what will their "plan" be?
Woopee! How about posting the historic prices.
Although you can probably get that information from a field engineer, the legal department can tell you exactly what their status is in terms of them being severed. They can't carry out their plan for $150K. Also, the figures quoted aren't quite accurate. They currently get 68% of the production less taxes and they aren't producing sweet oil which is what is reported in the spot price. They produce sour crude which goes for about 15% less than the spot price. The directors of TECO all know this, but seem to be content in misleading the investing public.
fm181, what is your relationship to the principals in TECO. Are you a member of the board, the IR, or what? I noticed on one of your previous emails you listed the names of the board of directors and put them all under the same address. I think the addresses are incorrect. From other sites, I find that the address listed is for HighGround which would be Ronda Hyatt, but Dunham and Hallin are located in Tennessee, not TX
The blowout on the well was a couple years ago. It may not be listed on the TRC, or it may be hidden. Essentially they were reworking the only decent well on the site and, due to some "operator error" the well blew back on them and became, for the most part, non functional. Prior to that, it was the only well that was producing much of anything. They hung all their hopes on having that one produce, then once revenue began flowing, to rework some other ones. Once the only decent well was gone, they began to consider drilling a twin which would be parallel to the one that blew out, but they had used up all their revenues, so nothing was done. Then along came PBLS and the ARGY merger idea so they could get some bucks. If you look at production reports, you can see that the blow out would have occurred around Nov 2007. That's when production pretty well dried up. The claims that are being made on the website about production all all bogus. There has been no activity anywhere in the area of that volume for about 18 months. The entire premise is "pie in the sky" and the likelihood of it happening, especially in view of the number of people they have alienated on this project is going to make it virtually impossible to pull off. Look for them to be belly up or facing some very serious litigation in the next few months or perhaps sooner.
The blown out well has never come back online. also, they have never had 3 wells producing since the formation of TECO. It was 2006-07 when they had 3 wells working. One of them was converted into an injection well, for disposal, not for production. The website is very misleading if not an outright lie as to the real story.
Yes, I know they had a blowback in one well. Ronda Hyatt, the operator and president of TECO was responsible for that. Well documented. But regardless, that isn't why they were severed by the TRRC. Environmental issues, also well documented on the TRRC site, ongoing for some time. Additionally, there are two leases on that site and only one well blew out. Why are they severed from both leases? Not because of the well blowing out.
Is it true that they have had their oil production shut down by the Texas Railroad Commission?