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If you want a closer look at TREATY's practice look at the following post titled "A summary of the Acquisition PR’s and 8-k’s"
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
----------------------------------------
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement).
But from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
--------
Link to TECO's website for Radar Satellite Solutions initial analysis report of a portion of the land based concession in Belize.
http://www.treatyenergy.com/belize1/belize1.htm
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
----------------------------------------
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement).
But from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
--------
Link to TECO's website for Radar Satellite Solutions initial analysis report of a portion of the land based concession in Belize.
http://www.treatyenergy.com/belize1/belize1.htm
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
----------------------------------------
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement).
But from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
--------
Link to TECO's website for Radar Satellite Solutions initial analysis report of a portion of the land based concession in Belize.
http://www.treatyenergy.com/belize1/belize1.htm
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
----------------------------------------
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement).
But from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
--------
Link to TECO's website for Radar Satellite Solutions initial analysis report of a portion of the land based concession in Belize.
http://www.treatyenergy.com/belize1/belize1.htm
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s updated
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
----------------------------------------
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement).
But from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
--------
Link to TECO's website for Radar Satellite Solutions initial analysis report of a portion of the land based concession in Belize.
http://www.treatyenergy.com/belize1/belize1.htm
No PR concerning this report issued when I last checked.
That's good news techno, nice going.eom
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
---
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
tdbowieknife, sjstockshark it's not my info...it's the companies.
Try following the link that I supplied with the "Kansas deal numbers" post to the "SALE AND PURCHASE AGREEMENT" and verify for yourself...geez.
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
http://cf.us.biz.yahoo.com/iw/100113/0576517.html?.v=1
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Byron Hill, 18.5 acres
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
---
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
blackgold31, yes, according to the PR dated Sept 16, 2010, they re-opened the Robin Moody well #1 and placed it into oil production.
And in that same PR they also stated, "Oil production has decreased to approximately 2 barrels of oil per day."
You seem to have left that part out of your post.
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
-------------------------
Yes, from the Joseph Schwallie well #1 they were pumping water with small crude oil shows. Big whoop.
And according to the 10Q dated June 30, 2010:
”On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
They only retain rights for 45% of that water with small crude oil shows.
-------------------------$
Yes, the Herbert Groce #1 was reopened.
Per the 10 Q dated June 30, 2010:
They sold 50% working interest in that one for $45k and then they stated in the PR dated Sept 16, 2010 "...we plan to plug and abandon the well."
You forgot to mention that part in your post too.
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Byron Hill, 18.5 acres
---
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
---
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
SJ, that would be gross - before all maintenance and tax expenses, not to mention the expense of any further drilling and subsequent increased in maintenance cost. The crux is, to close the deal.
SJ, yes we do know what percentage. Read post# 13049 for the link to the amended sale and purchase agreement.
Shizoku, better the COO contact all share holders via public update.
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Byron Hill, 18.5 acres
---
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
---
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
---
Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
---
Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
---
Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
---
As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
---
Herbert Groce #2, 80 acres
---
Leeta West, 20 acres
---
Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
---
Byron Hill, 18.5 acres
---
Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
---
Terry Williams, 18.5 acres
---
Kimberly Hicks, 18.5 acres.
---
The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
----
Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
---
Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
---
Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
---
Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
--------
Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."
Important DD for all investors
From the merger Agreement:
http://www.sec.gov/Archives/edgar/data/1075773/000135448808002139/ex101.htm
EFFECT ON CAPITAL STOCK; SURRENDER OF CERTIFICATES AND PAYMENT
ARTICLE II
"with 397,440,000 of such shares to be issued to TK Holdings; and 16,560,000 of such shares to be issued to Osprey Partners’s designee, Michael A. Mulshine, constituting 90% of the issued and outstanding common stock of ARGY."
The A/S is 500,000,000
O/S was....460,061,553
.........................................Shares
TK Holdings.......................397,440,000....86.39 % of O/S
Osprey Partners..................16,560,000.....3.6 % of O/S
(designee, Michael A. Mulshine)
---------
From the 10-k filed 5/15/2009:
http://www.sec.gov/Archives/edgar/data/1075773/000135448809000366/treaty10k.htm
TK Holdings, LLC (a.k.a. Tri Koon Holdings)
310 North Willis, Suite 212,
Abilene, Texas 79603
---------
I believe that the fictatious name "TK Holdings, LLC"
http://sunbiz.org/scripts/ficidet.exe?action=DETREG&docnum=G09013900355&rdocnum=G02007900411
used in the 10k, instead of the real name "Tri Koon Holdings, LLC", was in order to hide the fact that the Alonzo's and Blackburn were the principles involved with TECO.(an example of smoke and mirrors, not transparency)
If you look up TK Holdings, LLC on the Texas site
https://ourcpa.cpa.state.tx.us/coa/servlet/cpa.app.coa.CoaGetTp?Pg=tpid&Search_Nm=TK%20Holdings%20&Button=search&Search_ID=10437185415
the Alonzo's and Blackburn don't show up, because its the wrong company.
It's only when you look up Tri Koon Holdings, LLC or TK Holdings(Fictitious Name Search) on the Florida site, that the curtain is lifted.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
10/03/2008 -- Florida Limited Liability:
Electronic Articles of Organization
Dated October 03, 2008
The officers of Tri Koon Holdings were:
Paul Alonzo
Ronald Blackburn
Carolyn Alonzo
--------------
Why would they want to hide the involvement of the Alonzo's and Blackburn?
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF LOUISIANA
IN RE: PHOENIX ASSOCIATES LAND SYNDICATE, INC.
CASE NO. 09-11743
CHAPTER 7
DEBTOR
WILBUR J. “BILL” BABIN, JR., IN HIS
CAPACITY AS TRUSTEE OF THE
BANKRUPTCY ESTATE OF PHOENIX
ASSOCIATES LAND SYNDICATE,
PLAINTIFF
"Between June 10, 2005 and June 10, 2009 (the four year reach-back period under Nevada law), Phoenix distributed in excess of $6,000,000.00 to its three principals, Paul Alonzo, Carolyn Alonzo, and Ronald Blackburn. At the same time that it was distributing these millions of dollars to its principals, Phoenix submerged sharply into deeper levels of debt. Schedule F of the Debtor’s bankruptcy schedules tallies a total indebtedness at $20,135,813.313 (Bankruptcy Case Doc. 39). The Trustee has determined that the distributions to the Alonzos and Blackburn were paid at the expense of its and its companies’ unpaid creditors, and constituted fraudulent conveyances and unlawful dividends under Nevada and federal bankruptcy law.
Since 2003, creditors have been pursuing Phoenix. According to the Statement of Financial Affairs, at least forty creditors have filed suits in various courthouses across the country and are seeking collection of their claims."
---
Background links for Ronald L Blackburn:
Toledo Blade Article May 19, 1990
http://news.google.com/newspapers?nid=1350&dat=19900519&id=6g4VAAAAIBAJ&sjid=EgMEAAAAIBAJ&pg=6853,5403156
Toledo Blade Article September 10, 1999
http://news.google.com/newspapers?id=5IYUAAAAIBAJ&sjid=9QMEAAAAIBAJ&pg=6727,3477522&dq=former-sylvania-man-sentenced-to-37-months-in-income-tax&hl=en
Federal Bureau of Prisons
http://www.bop.gov/iloc2/InmateFinderServlet?Transaction=NameSearch&needingMoreList=false&FirstName=Ronald&Middle=L&LastName=Blackburn&Race=U&Sex=M&Age=63&x=81&y=10
--------------------------------
The old officer list of TREATY ENERGY CORPORATION:
GARY E DUNHAM
DAVID HALLIN
RONDA HYATT
RANDALL NEWTON
Blackburn fired the old management as mentioned in these TECO documents filed with the sec on July 8, 2009...
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_171.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_172.htm
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001454/treaty_173.htm
--------------
Blackburn dissolved Tri Koon Holdings, LLC as recorded in this document:
11/19/2009 -- LC Voluntary Dissolution
on the Florida site.
http://www.sunbiz.org/scripts/cordet.exe?action=DETFIL&inq_doc_number=L08000094414&inq_came_from=NAMFWD&cor_web_names_seq_number=0000&names_name_ind=N&names_cor_number=&names_name_seq=&names_name_ind=&names_comp_name=TRIKOONHOLDINGS&names_filing_type=
If the notation in Blackburns own hand is accurate(and I see no reason to believe that it is not) then he owned 100% of Tri Koon Holdings interest in TECO at that time.
And why did the 10K(dated Dec 31, 2009) list TK Holdings, LLC as a beneficial owner when it was already dissolved? The rightful entry of beneficial owner should have been Ronald L Blackburn.
Kansas deal numbers
Paragraph 5 of the amended sale and purchase agreement(teco_ex991008.gif)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
clearly states:
"Buyer shall deliver to Seller the full payment of Six Million Dollars($6,000,000.00) in collected funds at closing."
-----------------
Per the Reserve Report:
Operating Expenses; oil wells $225/well-month = $2,700/well-year
Operating Expenses; deeper oil wells $750 - $850/well-month = $9,000/well-year
---
660 well x $2,700 = $1,782,000 operating expense per year(conservative)
-----------------
current production = 135 bbls/day using $70/bbl = $3,449,250/year gross revenue, minus the 5% overriding royalty interest for Town Oil($172,463) = $3,276,787
$3,276,787 - $1,782,000 operating expense/year =
$1,494,787 pre-tax income for deposit to the joint operating account.
Treaty gets 50% of this = $747,394 per year, which is put into the "joint operating account", and which they intend to use to help pay for the wells.
------
They owe $6,000,000 at closing (by Sept. or Dec. of 2010 at the latest) or they default.
$6,000,000 - $747,394 = $5,252,606 that they need to come up with from a source other than the current well production of these leases.
If they default, what will be forfeited is:
the $900,000 in stock that has been placed in escrow as earnest money and all of the funds accrued in the "joint operating account".
Drilling Cost - Oil well $30,000/well
Drilling Cost - Injector $20,000/well
A summary of the Acquisition PR’s and 8-k’s
Form 8-K
http://www.sec.gov/answers/form8k.htm
----------------------
Press Release dated: Jan 09, 2009
http://www.financialnewsusa.com/finance/archives/6625-treaty-energy-corporation-2
Enters LOI to acquire the VAGO #1 Project,. Taylor County, Texas(west texas)160 acres
Per PR dated July 30, 2009, acquisition completed.
Per PR dated, Oct 8, 2009, acquisition rescinded.
---
Press Release dated: July 9, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3340419
Enters LOI to acquire a 360-acre lease in Taylor County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 15, 2009
http://www.istockanalyst.com/article/viewiStockNews/articleid/3350692
Enters LOI to acquire a 113 acre Baker lease in Brown County, Texas
Per the PR dated Oct 8, 2009, "closing on this possible acquisition is delayed".
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
---
Press Release dated: July 30, 2009
http://investor.wedbush.com/wedbush/?GUID=9596283&Page=MediaViewer&Ticker=TECO
Announced the completion of the acquisition of the VAGO #1(west texas)
8-k filing date: Aug 4, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001175/0001116502-09-001175-index.htm
Per PR dated, Oct 8, 2009, acquisition rescinded.
No 8-k filed (Termination of Material Definitive Agreement), but noted in the 10Q filed 11/16/2009.
---
Press Release dated: Aug 7, 2009
http://investor.wedbush.com/wedbush/?GUID=9678174&Page=MediaViewer&Ticker=TECO
Enters LOI to enter into a 50/50 Oil & Gas Joint Venture ("JV") with Discovery Resource Group, LLC
DRG is to secure an initial credit line from a bank of $2 million for drilling and work overs of wells.
The line of credit is projected to do work overs in West Texas, radial jet lateral line work overs, and drill new wells in Tennessee.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of this (JV) in the 10K for 2009 nor in the 1st or 2nd 10Q for 2010.
---
Press Release dated: Oct 8, 2009
http://investor.wedbush.com/wedbush/?GUID=10336976&Page=MediaViewer&Ticker=TECO
Agreement to acquire 54 oil and gas leases with Town Oil Co. in Paola, Kansas.
(See post titled "Kansas deal numbers")
8-k filing date: Oct 14, 2009 (Entry into Material Definitive Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650209001568/0001116502-09-001568-index.htm
See Press Release dated: Jan 5, 2010 for link to Amended Material Definitive Agreement
---
also in this PR:
Baker Lease in Brown County, Texas Closing on this possible acquisition is delayed
Taylor County, Texas Lease Closing on this possible acquisition is delayed
VAGO #1 Lease(west texas) This acquisition has been rescinded
SAGO Lease Ended the lease relationship
---
Press Release dated: Oct 29, 2009
http://investor.wedbush.com/wedbush/?GUID=10576563&Page=MediaViewer&Ticker=TECO
A letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana.
The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.
Per the 10-k for 2009,"The deal fell through do to inablility to obtain financing".
The 10,000,000 shares, posted by the unnamed affiliate as collateral, were forfeited.
---
Press Release dated: Nov 13, 2009
http://investor.wedbush.com/wedbush/?GUID=10768905&Page=MediaViewer&Ticker=TECO
Announces it is a acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee.
The lender for this acquisition and the planned Converse, Louisiana acquisition (Note: Converse deal fell through, see above) that was announced on October 29, 2009, is Midwest Capital Investments LLC, (registered in Florida, Dan Olson).
"Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009" (See PR below, dated Dec 21, 2009)
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Press Release dated: Dec 21, 2009
http://investor.wedbush.com/wedbush/?GUID=11214454&Page=MediaViewer&Ticker=TECO
Announced that it has successfully closed on the acquisition of a 70% working interest on a lease in Morgan County, Tennessee.
Excerpt from 10-k for 2009, concerning this lease.
"As of the date of this report, we have been unsuccessful at obtaining financing to pay the promissory note and the seller has not transferred title to these assets."
Excerpt from 1st 10Q for 2010 "We owned no oil and gas properties at December 31, 2009 or March 31, 2010."
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
IMO - Prognosis is bleak
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Press Release dated: Jan 5, 2010
http://investor.wedbush.com/wedbush/?GUID=11344539&Page=MediaViewer&Ticker=TECO
Completed an agreement to acquire 54 oil and gas leases in Kansas and Missouri
Per the Amended Sale and Purchase Agreement closing won’t be until Sept. 2010, or if extended, Dec 2010.
(See post titled "Kansas deal numbers")
8-ka filing date: 1/12/2010 (Amended Material Definitve Agreement)
http://www.sec.gov/Archives/edgar/data/1075773/000111650210000035/0001116502-10-000035-index.htm
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Press Release dated: April 4, 2010
http://investor.wedbush.com/wedbush/?GUID=12595641&Page=MediaViewer&Ticker=TECO
Announced the acquisition of three (3) oil wells and ten (10) gas wells from Discovery Resource Group, LLC.
The 3 oil wells are located in Venango County, Pennsylvania.
The ten gas wells are located in the Centerville and Mead districts of Tyler County, West Virginia.
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
No mention of these acquisitions in the 2nd 10Q for 2010.
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Press Release dated: April 15, 2010
http://investor.wedbush.com/wedbush/?GUID=12691384&Page=MediaViewer&Ticker=TECO
Announced that it concluded the acquisition of five oil and gas leases in Tennessee on April 13, 2010.
Per this PR the leases are:
Pickett County, Tennessee.
Byron Hill #1 -- 18 acres
H. Groce #1 -- East of Byron Hill #1
H. Groce #2 -- East of Byron Hill #1
Coleman Crouch #4
Wilburn Hill. -- Located adjacent to the Coleman Crouch lease.
There were no 8-k’s filed (Entry into Material Definitive Agreement)
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As per the 10 Q dated June 30, 2010:
TECO’s interest is 100% undivided working interest (82.5% royalty interest)
Price: 1.5 million shares of TECO which were contributed by a major shareholder.
The leases were:
Herbert Groce #1, 77 acres(3rd shut in well reopened in Tennessee)
“On June 18, 2010, we entered into an agreement to sell 50% of our working interest in the Herbert Groce #1 well for $45,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"...we plan to plug and abandon the well."
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Herbert Groce #2, 80 acres
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Leeta West, 20 acres
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Joseph Schwallie, 47 acres (2nd shut in well reopened in Tennessee)
” On June 11, 2010, we entered into an agreement to sell 35% of our working interest in the Joseph Schwallie #1 well to an investor for $20,000 cash.”
“Also on June 11, 2010, we entered into an agreement to sell another 20% of the Joseph Schwallie #1 well for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"To date we have been pumping water with small crude oil shows."
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Byron Hill, 18.5 acres
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Robin Moody, 18.5 acres (1st shut in well reopened in Tennessee)
“On May 27, 2010, we entered into an agreement to sell 50% of our working interest in the Robin Moody #1 well for $20,000 in cash.”
“On June 11, 2010, we sold a 20% interest in the Robin Moody lease for $55,000 in cash.”
From the PR dated Sept 16, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2702958436.html?x=0&.v=1
"Oil production has decreased to approximately 2 barrels of oil per day."
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Terry Williams, 18.5 acres
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Kimberly Hicks, 18.5 acres.
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The 10 Q made no mention of the Coleman Crouch #4(see PR below dated June 24, 2010) or the Wilburn Hill.
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Press Release dated: April 22, 2010
http://investor.wedbush.com/wedbush/?GUID=5845413&Page=MEDIAVIEWER
Entered into a 50\50 Joint Venture Agreement with Princess Petroleum Limited.
As part of the joint venture Treaty will have the right to explore for oil and gas on a total of 2,000,000 acres.
Treaty intends to start drilling its first well no later than July 1, 2010.
Prime Minister and Minister of Finance, Dean Barrow/Belize:
--“Treaty must be talking through their hats,” Barrow said in response.--
http://www.amandala.com.bz/index.php?id=9893
Director of Geology and Petroleum, Andre Cho/Belize:
--As to claims previously made by Treaty that they would start drilling in July, Cho said, “That’s a bunch of nonsense; that’s not possible.”--
http://www.amandala.com.bz/index.php?id=9985
As of yet, no 8-k filed (Entry into Material Definitive Agreement), but mentioned in the 10Q, dated June 30, 2010.
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Press Release dated: June 24, 2010
http://finance.yahoo.com/news/Treaty-Energy-Adds-Another-iw-1359885099.html?x=0&.v=1
Announced the addition of the COLEMAN CROUCH lease(54 acres) to its oil and gas lease properties in Pickett County Tennessee.(Mentioned in the PR dated April 15, 2010; But not mentioned in the 10Q dated June 30, 2010)
As of yet, no 8-k filed (Entry into Material Definitive Agreement)
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Press Release dated: July 15, 2010
http://finance.yahoo.com/news/Treaty-Energy-Reports-iw-2219536276.html?x=0&.v=1
John Barksdale is Treaty's operator,
and per the PR dated Sept 3, 2010
http://finance.yahoo.com/news/Treaty-Energy-Updates-iw-3484506540.html?x=0&.v=1
is now President of Treaty Energy.
For those who don't know who John Barksdale is:
http://newsblaze.com/story/2006011008092000002.mwir/topstory.html
Excerpt: "John Barksdale, President of Rome Oil, a subsidiary of Phoenix Associates Land Syndicate."
ROME OIL AND GAS COMPANY is no longer a subsidiary of Phoenix, of course.
Enter Barksdale's name at the Kentucky site.
http://apps.sos.ky.gov/business/obdb/%28S%28jkynw455x20exo45axdnjueg%29%29/offsearch.aspx
Blackburn, Phoenix, and Barksdale tried the Tennessee thing before without much success...couldn't keep Phoenix alive anyway.
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Belize:
"Treaty representatives flew to Panama City, Panama, for meetings the past Monday with the president of Princess Petroleum, Inc. Both groups then flew to Belize City for meetings with government officials to layout the drilling plan that the Treaty/Princess joint venture proposes to implement. Treaty Energy indicated that it has funding in place to proceed with the required efforts to pick the first drill site and then drill well #1 as soon as can be done, and working with its partner, Princess Petroleum, will assure that all drilling projects will be in compliance with rules and regulations of the Belize government."
July 21, 2010 Belize Petroleum Director Comments On Treaty Energy Statement:
"The Belize Petroleum and Geology Department has denied reports in a press release from Treaty Energy Corporation claiming it met with government officials in Belize last week."
http://belizean.com/news/belize-petroleum-director-comments-on-treaty-energy-statement/
As of yet, no 8-k filed for the Belize project. (Entry into Material Definitive Agreement), but from the 10Q dated June 30, 2010 concerning the Belize project:
“A major shareholder of the Company paid $100,000 cash as required under the agreement.”
“In July, 2010, we sold a 5% interest in our investment in the Joint Venture with Princess Petroleum Limited (2.5% of the total partnership interest) to an investor for $250,000 in cash.”
"We intend to finance the drilling of one to three wells by selling additional interests in our Joint Venture with Princess Petroleum Limited."
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Other Article concerning the strange saga of the Belize Project:
Posted: 02/07/2010 - 10:07 AM
http://www.amandala.com.bz/index.php?id=10024
"Broke, no experience, but gets oil concession!!"
"Cho, however, put little weight on the fact that the partner of Princess, Treaty Energy Corporation, continues to be “in the red,” and with very little to invest in Belize."
"One of the investors in Treaty with whom we had a chance to communicate this week told us that many, including the Government of Belize, think that crude and natural gas reserves are “plentiful” in Belize."
"As to the partnership between Princess and Treaty, Cho said that although Treaty wants a stake in the Princess Petroleum production sharing agreement, the Government of Belize would need to approve it. However, Treaty can still continue works for Princess under the existing “farm in” agreement, of which he says the Government has received a copy."