Treaty Energy Corp. (fka TECO)

[Belize Oilwatch]

2013 - Not a good year for Treaty by any measure.

And I expect Treaty will pay the CEO another $240,000 for his year's work as they did in 2012.

Looking through the 2012 Annual Report, to confirm the above number, I discovered that CEOs name appeared approximately 44 times.
Not in the normal way that you would expect a CEO would feature in an annual report - telling people what he achieved in the year and his great plans for the future.
But instead, the search of his name in he 2012 annual report, showed the many packages of shares issued by Treaty issued to him to extinguish debts to him or his affiliated companies (all were issued at a loss to Treaty sometimes at huge losses) and then they issued even more shares to him for services (including helping to arrange financing - which should be part of his CEO job in any case).
Then in other parts of the report, the CEO is shown selling back packages of shares to Treaty.

Looks to me like a nice little cash generating scheme - in my opinion. With most of the activity in share sales and transfers and no underlying oil company operating cash or profit being generated - to make sure that Treaty survives as a going concern.

Reminds me of Custer's last stand. Not long now until the end I suspect.

I'm not watching Treaty in Belize any more. There is no equipment at San Juan 3 wellsite and they have no presence here.
Whatever happened of Treaty Belize Energy, the drilling at San Juan and its promises to the community?

Maranco on the other hand are getting on with it in North west Belize. In less than the time that Treaty took to drill the San Juan 3 well (which hasn't even reached target depth), Maranco have: Drilled an exploration well (South Canal Bank 1); Shot additional seismic; Drilled an appraisal well, and communicated all the results to their shareholders (while seeking new investors).
LATEST NEWS FROM MARANCO ENERGY BELIZE LIMITED

What a contrast - make your own mind up - which is acting more like a real oil company?

Cheers
Belize Oilwatch