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Discrepency on 10k
"On March 2, 2009, our President and direct, Joe Grace, resigned from the board of directors and from his position as officer of the Company, citing health reasons. Mr. Grace remains as a consultant to the Company. "
and yet this was PR'ed in Mar 2010.
Treaty Energy Corporation (OTCBB: TECO), a growth-oriented energy company in the oil and gas industry, today announced that on March 2, 2010, Joe Grace resigned as a director and President and Chief Operating Officer of Treaty Energy Corporation. In a letter directed to Randall Newton, the company's Chairman and Chief Executive Officer, Mr. Grace indicated that his resignation was for health reasons
Once again, another flaw in the TECCO story. Which year was it TECO???? im sure another mistake just like the connection to PBLS that was a typo in 2009.
im guessing we should have results from the TN wells in several weeks.
"Treaty Energy plans to start re-entry of the two existing wells in May, 2010. Early results of production are expected to be high based on the accumulated pressure build up from being shut in. It is expected that up to 1000 barrels of oil could be recovered early on, prior to the wells settling in at expected pre shut in production of 8 to 10 BOPD.
Treaty Energy plans to drill the first new well in June, 2010. Other wells will be drilled as results are analyzed and drilling funds are available
I believe some posters on this board predicted Treaty would be producing oil by end of year 2009.
But thats okay, no need to rehash predictions that did not come true.
$100 crude is just around the corner... hmmm
Correct. They did file their 10k late. No reason to believe qtr update will be on time. Precedence has been set.
thats right. They didnt file a NT 10k this year. Here it is mid month and no qtr update. Precedence has been set, by notice of late filing of 10k.
At this time last year, filing date was May 15. Hopefully it will come out this week.
Quarterly report, is it late?
I completely agree with you. When the time is right and company is doing as they say, we will need new investors in this stock. On the other hand, if they do not, I think thats chickensh@! of others to steal from honest people. PERIOD. No excuses.
I hope we all make money on this company.
Smith, there sure seems to be a pattern here according to your documents. To date, do you know if Treaty has moved forward with any of these deals?
Great DD by the way.
What are you going to do if they dont deliver? As been the case since Jan 2009. History has a way of repeating itself. And is a great benchmark for judging the future.
Lost a lease. 2 deals havent closed on time bc of no funding. Drilling in belize yet cant confirm with anyone except Treaty.
Story line seems very familiar.
Be prepared to perform the dancin chicken.. LMAO
I really dont care if i have respect on the board. Bottom line, company has not perfomed as to what they have said since Jan 2009.
As a shareholder, i have the right to ask tough questions.
If the company will live up to its word, i would be the 1st to support. Until then, the negativity will continue.
They have until July, the benefit of the doubt. If drilling has not commenced by then, it will be on again.
You can give them to 4Q10, thats your business, but there are ample crews, equipment and vendors in the marketplace that are ready and willing to drill this week. Im going to chuckle when we hear the next excuse...
Welcome back Bengal.
To be honest, the stock has done nothing. Management PR's a new acquisition, and yet funding falls thru. Time and time again. That should clarify the subject.
Why are there only several of us asking the tough questions? If the company would do what they say they are doing, then perhaps there would be supporters.
Do what you say, say what you mean...
Can you say the company has lived up to their actions??
Wow. Crude oil trading down 1.41, currently 70.20. Getting close to that $100 crude mark, as some have said.
Go TECO. drill more. 65, here we come.
Great in 6 weeks, we will truly know how serious Treaty is.. Cant wait to hear the next excuse
Company has built absolutely nothing. Treaty can consider investments all day/year long, but nothing has closed due to lack of funding. Those are the facts.
Pipe dreams and smoke and mirrors.
Thanks but i will stick to FACTS
Treaty has made many claims about acquisitions, and yet cannot fund the deal. Their 10k proved that and was nothing but disappointment.
No oil = NO REVENUE.
Company is all smoke and mirrors.
made what deals? Have they secured financing for any of the deals which they said they havent, per their 10k?
Perfect. Here is the update:
zero oil = zero revenue
Its been 6 months since the company announced they would update shareholders as to current oil production. Company wanted to be transparent. What a joke.
Hope you are sitting down fair for the disappointment.
You be the judge.
They cannot close a deal due to lack of funds..
Yet they continue to announce new deals. But they have no money..
Not good enough my friend. Company needs to come clean and address current issues or stop portraying as an oil/gas company. Stop the pump. enough is enough
My response.
Its unfortunate people continue to pump this company as they still have nothing to offer their shareholders except broken deals. How much oil are they currently producing. ZERO. NODDA, NOTHING
When Treaty can provide reports that show how much oil was produced and sold in a given month, i will become a positive voice. Its called transparency, which Treaty even stated in a PR that they would provide monthly production reports. Company should do what they say, say what they mean. Is it too much to ask the company to do that?
Secure funding and close a deal. Just like they PR. Have they done that. NOPE
I manage a huge staff. If i say i will perform a task, i live up to my word. Can you say the company has? Nothing but smoke and mirrors from the company.
Over 18 companies have rights to drill in belize. Must not be all that hard to obtain rights. Dont see any majors??? Wonder why. They dont thru darts at a dart board.
The 18 companies with petroleum contracts are: BCH International Inc, BelGeo Ltd., Belize Natural Energy, Blue Creek Exploration Ltd., Island Oil Belize Ltd., Miles Tropical Energy Ltd., Northern Spirit Resources Inc., OPIC Resource Corporation, Perenco Limited, PetroBelize Ltd., Princess Petroleum Ltd., Providence Energy Belize Limited, RSM Production Corporation, SOL Oil Belize Ltd., Spartan Petroleum Corporation, US Capital Energy Belize Ltd., West Bay Belize Ltd., and ZMT International Inc.
I will remind you of your statement. Treaty will be producing oil by end of year 2009.
I assume you do recall that statement. Shall i repost for you?
Great call btw
A seasoned exec supports my theory of lower curde oil prices. Check out his past credentials. I would say he is an expert in this field.
O’Malley’s PBF Investments LLC, based in Greenwich, Connecticut, is backed by Petroplus, Blackstone Group LP and First Reserve Corp.
Shuttered Refineries
O’Malley has said he expects the outlook for U.S. refineries to improve with lower crude prices and as more refineries around the world shut down or reduce production. O’Malley expects crude oil supply to outpace demand growth, which would increase oil inventories and reduce prices, according to his comments at a Deutsche Bank conference for investors in January, reported in a note to clients by Paul Sankey, a Deutsche Bank analyst
Judging by the comments/reviews left by individuals that have visited the Princess Hotel, not many are all that impressed by their antiquated site.
But perhaps their oil division will be different.
Just as i predicted, Crude touches 73 and closes at 74. Trend will reverse in 6-8 weeks. Takes time to draw down cushing.
TECO, can you update your shareholders on how much oil you are currently producing?
Sincerely,
part owner of your company.
Who is Princess Petroleum? We have no clue, its a newly formed company. Wildcatter??
They have no track record. No company officers. Treaty offers no contacts on their PR.
What does Treaty bring to the venture? They have no money. No expertise. The other 18 companies listed to have tracts are joining forces with known records.
Hoodwink...
More info as my opinion of too much crude in cushing is supported...
Several U.S. cash crudes strengthened a dollar or more Wednesday against West Texas Intermediate CLc1 as bulging inventories drove WTI futures down, opening outsized spreads
Thought i would inform you as to what Treaty has filed in their 10k. look below
1. Treaty Energy’s Kansas-based properties include 57 Oil and Gas leases covering 7,788 acres, with 481 active producing wells. Oil production from these fields is considered “sweet” and thus brings premium prices in the market.
Per 10k filed in Apr 2010, "Since the leases have not conveyed, and since the revenues are not accruing to the Company until the financing is arranged, we have not recognized these assets in the Company books. We are actively seeking financing for this project".
Nodda.
How many times have you said, "Treaty will be producing oil by end of 2009". Many times. Did that occur?
At the moment, you are dead wrong. Hence, the sell off in crude today. Even though indices are up. Thats a fact. Its only going to get worse as we move thru the year. Just think, WTI is the cheapeast sweet crude oil in the world at the moment.
You did predict Treaty would producing oil by end of 2009. We know the answer...
not this year my friend, as you have said on many occcasions. back to fundamentals, supply and demand.
more product inventory builds. Oil going to 73-74 tomorrow. Not good for TECO belize deal.
It appears the pump is over. Lots of bagholders left.
There are many stocks out there with a good trade. several hundred if not more. Why TECO? Why pennyland?
your assumption is incorrect. go back and ask your economists, since you like to quote them.
Then go look at govenmnet data, its there buddy. Or call the EIA, its a toll free number.
Just to make sure you dont misunderstand my view on TECO, this company is WEAK.
no oil production = no revenue
which then means deals cannot close bc of no FUNDING....
Just to be sure you dont spin the wheel, here is a bit from their most recent annual report.
On October 29, 2009 we entered into a letter of intent to acquire 56 wells on 600 acres near Converse, Louisiana. In order to hold the property while the company sought financing, an affiliate posted 10 million shares as collateral. We were subsequently unable to obtain the financing, and the seller foreclosed on the 10 million shares. We valued the shares at the closing price on the date of the letter of intent ($0.013 for a value of $130,000) and recorded a loss of $178,036 which included legal fees incurred for closing.
UNABLE TO OBTAIN FINANCING... ANYONE WITH A BRAIN CAN FIGURE THIS ONE OUT
oil spill has little impact short term. As your "economist/world trader" should know.
The U.S. government on Saturday said two offshore production platforms in the Gulf of Mexico were shut as a safety precaution -- the first sign that the giant oil slick was affecting the region's energy production.
But analysts said the location of the spill was well east and north of the heart of the region's oil and gas production -- which accounts for about 15 percent of U.S. natural gas supply. It also provides 25 percent of crude oil output.
The Minerals Management Service -- the arm of the Interior Department that oversees offshore oil and gas activity -- said the two platforms were shut down as a safety precaution due to the oilspill.
They account for less than 0.1 percent of daily Gulf of Mexico output. Some 6.2 million cubic feet per day of natural gas production are involved, the service said.
The MMS did not identify the names or companies that own the affected platforms, and said more platform shutdowns may be ordered as the spill spreads eastward.
"Yes, there's always the possibility of that," MMS spokeswoman Eileen Angelico said, when asked if more shutdowns were possible.
Analysts downplayed the impact of the spill on offshore energy production. The spill's trajectory is closer to land and away from more prolific deepwater production platforms, experts said.
HMM. lets see. $4 gas = economic recession. Also, traders are beginning to see hurricanes as an impetus for demand destruction. As your "economist/world trader". hurricane hits major city, demand drops.
Funding, Nope. 2 deals failed bc of no money...
Next
Great info smith. You nailed it with all of this great DD.
:)
You be the judge...
PR on 10/29/2009
Treaty Energy Corporation (OTCBB: TECO) today announced that it has entered into a letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana. This purchase will include all
pumps and equipment to operate the wells. There are currently 13 wells in production on this property producing 22 BBLS of oil per day, and a program is in place to rework the balance of the wells with estimated production to then exceed 95 BBLS per day. With
estimated reserves of one million BBLS at a discounted price of 60 per BBL, this project represents a significant addition to Treaty Energy. The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
My call.
Posted by: caprock Date: Wednesday, December 09, 2009 1:43:27 PM
In reply to: fmi81 who wrote msg# 7034 Post # of 10122
and you said Treaty was producing oil this year?? You also said Ron Blackburn was not involved??? All been proven wrong. good luck with this bunk stock.
by the way, they are 3 weeks late on their mid Nov acqusition. I hear funding has fallen thru. Only thing TECO is pumping is the stock. No oil, No revenue. Company is broke. Those are the facts.
Posted by: fmi81 Date: Wednesday, December 09, 2009 7:36:47 PM
In reply to: caprock who wrote msg# 7035 Post # of 10122
Please confirm source of funding information...If you don't then I will consider the post just more inaccurate information posting,the norm...
Here is an excert from the Apr 15 2010 Annual Report.
On October 29, 2009 we entered into a letter of intent to acquire 56 wells on 600 acres near Converse, Louisiana. In order to hold the property while the company sought financing, an affiliate posted 10 million shares as collateral. We were subsequently unable to obtain the financing, and the seller foreclosed on the 10 million shares. We valued the shares at the closing price on the date of the letter of intent ($0.013 for a value of $130,000) and recorded a loss of $178,036 which included legal fees incurred for closing.
You be the judge. FACTS are FACTS. Did i have inaccurate info as the poster stated.LMAO
You will read the same about the Belize deal. Only a matter of time.