Treaty Energy Corp. (fka TECO)

[Belize Oilwatch]

10k Surprise Treaty Little Ownership of Belize Wells.

Prior to 10k, my understanding was that Treaty had a working interest of 43% in Princess Concession (with 5% held by an unnamed investor and 2% by All Energy Corp).

Now 10k reveals (page 29) that Treaty sold a further 25% working jnterest in the first two wells to an investor for cash.

This leaves Treaty with just 18% working interest in these wells despite Treaty paying 86-100% of the cost of drilling them under the terms of their option agreement with Princess Petroleum.

10k seems to show that having run out of shares to pay for things with, Treaty have been selling assets to fund their operation.