If the paragraph below is true, then TECO shareholders are knee deep in it! Anyone care to refute that TECO overpaid for those leases? Please, instead of Ad Hominem, concentrate on the topic so that an intelligent discussion can take place...Go TECO???
'Rampant Leon' (again, a private company primarily owned by TECO's CEO, Andrew Reid) also sold TECO their East Texas Lease including Madeley & Chumley for $7,000,000.00 (well over $10,000.00 per acre, or about 5 times higher than current leases are going for in the hottest plays in North America)... What are the odds of TECO ever reaching payout on these leases??? ZERO... But why should TECO Management Care? I speculate that they likely made well over 1,000% on this deal alone, and shifted 100% of the risk from their hands to yours (the shareholders)... All they have to do now is sell 150,000,000 TECO shares to lock their profits in...
