Treaty Energy Corp. (fka TECO)

[jimmyv]

I'm pretty sure I understand the acquisition part of the business plan. That would be acquiring properties/leases with proven oil and gas reserves. What I don't understand is the production part of the business plan. Since the company went public in January, not one drop of oil has been produced or even attempted to be pumped. There are no active drilling sites nor have there been since TECO went public. So, if the plan is to acquire, that would mean all money going out and none coming in. If the plan is to produce in addition to acquiring, it would seem logical to me that you have to at least demonstrate that you're capable and active in getting oil to the surface in order to get the financing. If they are waiting on financing, shouldn't they be holding up on acquisitions and stop the bleeding until such time as they can actually fire up one, just one well and get it operational? I can't see why anyone would lend them money under what their demonstrated business plan is (not their proposed plan). That's just my opinion.