Treaty’s Performance vs. What They Said They Would Do?
Treaty set themselves the following performance targets for 1Q 2014 in the “Six Month Prospectus and Outlook for Investors” dated January 16th 2014:
1Q 2014 Performance Targets
Regulatory Issues
1) Complete plugging wells 1, 12CB and 13A on the Barnes lease and get the TRRC Master default Order against C&C Petroleum removed
2) Resolve the issue with Heritage Oil and Gas and plug the wells on the McComas lease
Reporting
3) File end 2013 10-K Annual Report
Production Operations
4) Full production January 15th to end Q for Stockton well #2
5) Complete Stockton well #3
6) Test Stockton #1 with gun barrel separator
Development
7) Start Drilling Kubacak Phase 1 (3 wells)
Treaty Energy Legal
8) Issue a document explaining Treaty’s position and the damages it is seeking in the involuntary bankruptcy petition that was filed against Treaty in May 2013.
1Q Operations Report Suggested
To continue the good trend in shareholder communications started by the “Six Month Prospectus and Outlook for Investors”, Treaty Energy Corporation should be able to report on progress against the above targets in a 1Q operations report later this week immediately after the end of the quarter – in a similar manner to many other oil companies – to give shareholders an idea of how the company is doing without having to wait for the full SEC quarterly financial reporting which comes much later.
Additional Information Could Be Provided in Areas with No Performance Targets
It should be noted that no performance targets were set in the following areas:
- Oil/Gas Production Rate (information which drives revenue would be well received by Shareholders)
- Oil and Gas Lease Sales (information which drives revenue would be well received by Shareholders)
- North Louisiana Drilling Contract (the number of wells drilled would be useful information to shareholders in keeping with the NDA)
- Further Reduction in Marginal Well Inventory (Where a progress report would be beneficial to sharholders)
- Belize Operations (Where an update on the actual current status of Treaty in Belize is due to shareholders)
Cheers
Belize Oilwatch
Belize City, Belize CA
Just trying to help Treaty run an oil company, as I have been doing for British, American, Egyptian, Venezuelan, Emirati Arab and Belizean management in my 35 years in the industry.
“As I grow older, I pay less attention to what men say. I just watch what they do.” Andrew Carnegie
