2d QTR earnings will not be of significance. Consider the timing of the report, which covers April through June. There was not much activity in those months on production or sales of oil or gas. Now, July started off with east Texas wells revealing huge opportunities for revenue. But as TECO's PR's have indicated, they are in the process of selling the oil collected, of which I have heard rumors of about 400bbls collected, and they are in the process of getting a gas line to be opened up so they can sell their gas. But this is the end of July. Expect revenues to probably begin in August and then may be sporadic until they become fully functioning on their first two wells. Fully functioning in this sense being they have the production at a level they want for both wells, they have trucks contracted on a regular basis to clear the oil holding tanks, they have contracts to sell the oil, and sell the gas, and they can funtion on a 24 hr basis continually. But the real kicker may be the setting up of the first of what has been reported to be drill pads, of which there will be four wells on each pad and of which TECO expects possibly in excess of 1000bbls per day. The first pad might be completed by the end of the third quarter or mid October. The second pad could be completed by the end of February, the third pad completed by the end of April and the fourth pad completed by the end of June. Now folks, if all goes according to management's strategy, by the end of the second quarter next year, TECO could be reporting oil production in excess of 4000 bbls per day. Then of course there is west Texas, and for sure Belize. Will discuss those later. Remember this, TECO has mentioned that they could become cashflow positive pretty quickly. My guess is that even 130bbls per day gets them there. So, do you want to own a nice oil company that is cashflow positive for a nickel?
