You and me both TD. Our suspicions about Treaty were proved to be true. Here are details of the complaint I filed with the SEC against Treaty:.
"TCR (Tips, Complaints and Referrals) Submitted Successfully (to the Securities and Exchange Commission) - Reference Number: TCR1360760685293
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Here are details of 3 complaints:
Complaint 1 Press Release: November 2nd 2010 - Treaty advised that their contractor RSS had studied BNE Spanish Lookout field. "Early indications have shown two areas on the Princess concession that have many characteristics similar to the Spanish Lookout field. The first prospect is referenced as Orchard 1 and the zone being studied is at 3300 ft. This is the first of the two zones that we will study extensively and we are optimistic that we will locate commercially viable hydrocarbons in this field." Fact: A presentation by the Director of the Government of Belize Director of Geology and Petroleum, Andre Cho, to University of Belize in Belize City in or before June 2010 clearly shows that the Spanish Lookout field is in the Corozal Basin and The Princess onshore acreage - in which Treaty is exploring - is in a different geologic environment, the Belize Basin, on the other side of the Maya mountain.
Complaint 2 Press Release: July 6th 2011 press release quotes "Mr. York stated....we are projecting monthly oil production for August to be about 1000 BBLS and for September to be about 1250 BBLS" Press Release: Sept 8th 2011 "Mr. York added....we expect to exceed 1,000 barrels per day by the end of June 2012." Fact: The actual average production reported for 2012 up to 3Q (their last reported production so far) in their 10-Q was 2948 barrels for the 9 months to end September 2012(an average of less than 11 barrels per day)
Complaint 3 Press Release: January 30 2012 "Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding." Press Release: January 31 2012 "we have already established this oil field as having recoverable oil reserves of approximately 5 to 6 million barrels in a prior release" Press Release: February 2nd 2012 "Company has Further Reviewed its Finding and Confirms its Discovery of Oil on the Stann Creek Field in Southern Belize" Fact: February 2nd 2012 Belize’s Director of Geology and Petroleum, Andre Cho, indicated to Amandala [newspaper] that the statements by Treaty Energy Corporation, proclaiming an oil find associated with a 6-million-barrel reserve in Stann Creek are “misleading” and "there was no evidence of live oil".
