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Replies to post #81974 on Treaty Energy Corp. (fka TECO)
09/24/14 8:58 AM
CX approval is for field work to be conducted at existing well Lloyd Pollard #2 only in Edwards County, IL. No additional field work at any other wells is approved.
The Hyperscratcher is a proven technology which has a 100% successful track record at significantly increasing oil and gas production in over a 145 wells.
09/24/14 9:12 AM
09/24/14 9:38 AM
In the lawsuit, New Orleans resident George Demmas claims that Gwyn -- a childhood friend -- convinced him in May 2012 to invest $65,000 in a "fictional undivided interest in an oil well" on promises that he would earn $700,000 over 10 years in return.
That sale agreement was made through Rampant Leon Financial Corp. and signed by Reid, according to the lawsuit.
At Gwyn's urging, Demmas also decided to buy more than 810,000 shares in Treaty Energy for a total of $15,000 with an agreement that Demmas had to hold onto the shares for one year before selling them on the market, according to the lawsuit.
The lawsuit claims Gwyn "knowingly misrepresented material facts to and omitted material facts from" Demmas in both investments.
"In addition, Gwyn made continuing misrepresentations about the investments to induce plaintiff to hold the investments for a longer period of time than he otherwise would have and to delay plaintiff's actions in recovering or mitigating his losses," the lawsuit says.
Rather than the promised $3,000 or $4,000 per month, the lawsuit says, Demmas has received only a total of $700 on the oil well investment.
At one point, when Demmas complained about a lack of payments, Gwyn told him "that a supposed unnamed Russian investor had invested about $20 million in the investment and that Rampant needed to pay him back first before any of the other investors," the lawsuit says.
Meanwhile, Demmas' shares in Treaty Energy did not increase as Gwyn had promised, the lawsuit says, and Demmas couldn't find a brokerage firm willing to sell the shares after the one-year holding period.
Treaty Energy was trading Thursday at .0036 cents per share with a 52-week high of 4 cents per share.
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day). At current production levels, the Company anticipates that this acquisition will generate estimated revenues of $800,000 per year, with revenues expected to increase as the ten (10) leases are more fully developed. TSR also holds a number of additional lease opportunities that if completed, will be included in this purchase. The purchase price was $1,250,000.
Andrew V. Reid, Chairman and Chief Executive Officer of Treaty Energy Corporation, is pleased to announce the acquisition of the assets of Texas Sands Resources, LLC of Abilene, Texas (TSR). TSRs assets currently include ten (10) leases in the Texas 7B Oil District. These leases have a current, consistent and provable production of 25 BOPD (Barrels of Oil per Day).
A Metairie-based futures fund manager was suspended and his two companies permanently banned from the U.S. futures industry after allegations he misled investors, the regulatory National Futures Association said Friday.
Bruce A. Gwyn, of Metairie, the two firms' former principal, agreed to a seven-year withdrawal from membership in the National Futures Association, authorities said. His companies, Level III Management LLC and Level III Trading LLC, were barred.
The action came after the National Futures Association alleged that Gwyn willfully misled investors, including New Orleans area residents, by exaggerating the fund's value by the millions and using fund profits for personal expenses. Investors put their money in Level III Trading Partners LP, the commodity pool that the management firm operated.
The National Futures Association is a Chicago-based regulatory agency for the U.S. futures industry. Membership is necessary to conduct business on U.S. futures exchanges.
Gwyn could not immediately be reached for comment Friday. The NFA's decision says that Gwyn and his companies agreed to withdraw without admitting or denying any of the allegations.
According to the complaint, Gwyn told investors that the fund was valued at $1.7 million in December 2011 and $3.7 million in February 2012. The NFA said that in fact, the fund was invested in over-the-counter penny stocks worth at most $200,000 and stock in private companies that was worthless.
Gwyn used more than $200,000 from the fund on personal expenses including food, gas and spa services, according to the complaint.
National Futures Association also noted transfers to Gwyn's personal account that occurred soon after deposits came into the fund. For example, on Dec. 21, 2011, the fund received a wire for $44,000 from Alpine Securities Corp., a firm that held some of the fund's investments, the complaint alleges.
The next day, the fund transferred $44,000 to Gwyn's personal bank account, according to the complaint.
The remaining assets were in stock in privately held companies that "supposedly included oil and energy companies, a management company for businesses that own and operate specialty retail meat stores, and an entertainment production company that booked magic shows," the complaint says.
The report continues: "L3M and Gwyn failed to provide NFA with any current bank statements or other supporting documents from independent sources to demonstrate that the fund was actually invested in the above companies in 2011, and, if so, what the value of these investments were." The National Futures Association decided that those interests had no market value, despite the fund reporting the value at $650,000.
Gwyn would be required to pay a $50,000 fine before applying for membership after the seven-year disbarment.
Gwyn is listed as president, chief operating officer and director of New Orleans-based Treaty Energy Corp on the company's website. A message left at the company's office late Friday was not immediately returned.
He was also listed as a director of Axiom Global Properties, the New Orleans-based company that once operated under the name Orpheum Property Inc. and owned the shuttered Orpheum Theater. Disgruntled investors in that venture wrested control of the property in court last year and put it up for sale. A phone number listed on Axiom's website was disconnected Friday.
GRETNA – An Illinois-based financial services law firm is suing a Metairie man it claims did not pay him for services his business provided in representing him in a business complaint.
Peter J. Berman Ltd. filed suit against Bruce A. Gwyn in the 24th Judicial District Court on Feb. 26.
Peter J. Berman Ltd. alleges it was contracted by Gwyn to represent him in a complaint that was filed against him by the Business Conduct Committee of the National Futures Association. The plaintiff clams he provided a letter to the defendant explaining the fee and cost structure of their agreement and that the defendant never complained about the services that were provided to him. Despite providing legal representation to Gwyn that eventually resulted in a settlement that resolved the business complaint, Peter J. Berman Ltd. claims it was never paid the contracted fees owed.
The defendant is accused of failing to fulfill all his obligations, breaching the representation agreement and violating state law.
Damages in the amount of $179,828.79 is sought by the plaintiff.
Peter J. Berman Ltd. is represented by Thomas A. Roberts of New Olreans-based Barrasso, Usdin, Kupperman, Freeman & Sarver LLC.
The case has been assigned to Division E Judge John J. Molaison Jr.
Case no. 735-908.
NOTICE OF MEMBER RESPONSIBILITY ACTION AND ASSOCIATE RESPONSIBILITY ACTION:
On June 12, 2012, NFA issued a Member Responsibility Action ("MRA") against Level III Management LLC ("L3M") and Level III Trading LLC ("L3T")and an Associate Responsibility Action ("ARA") against Bruce A. Gwyn ("Gwyn") whereby:
1. L3M, L3T and Gwyn are suspended from NFA membership and associate membership, respectively, effective immediately and until further notice;
2. L3M, L3T and Gwyn, and any person acting on behalf of L3M and L3T, are prohibited from soliciting or accepting any funds from customers, pool participants or investors, soliciting investments for any managed accounts, pools or other investment vehicles, including the Level III Trading Partners LP ("L3LP" or "the Fund"); or placing any trades, except liquidation trades in L3LP or any other customer account or fund over which L3M, L3T and Gwyn exercise control;
3. L3M, L3T and Gwyn, and any person acting on behalf of L3M and L3T, are prohibited from disbursing or transferring any funds over which they or any person acting on their behalf exercises control (including bank, trading and other types of accounts), without prior approval from NFA; and
4. L3M, L3T and Gwyn are required to provide copies of this MRA/ARA by overnight courier or e-mail to all: a) customers; b) participants in L3LP; c) other investors; and d) banks, brokerage firms, and other financial institutions with which money, securities or other property is on deposit in the name of L3M, L3T, L3LP, or Gwyn or over which L3M, L3T, L3LP or Gwyn exercise control.
This action is effective immediately and deemed necessary to protect customers of L3M and L3T since L3M and Gwyn have misappropriated L3LP's funds and misled customers regarding the value of their investments in L3LP by providing customers with false and misleading performance information about those investments. Moreover, L3M and Gwyn appear to have acted in a manner that placed Gwyn's interests above the interests of his customers by knowingly investing the pool participants' assets in several investment ventures without adequately disclosing the investments' risky nature and Gwyn's relationship to them. In addition, L3M and Gwyn have not provided certain L3M customers with a current disclosure document ("DD") approved by NFA that adequately discusses the true nature of the Fund's investments. Lastly, L3M and Gwyn have failed to cooperate with NFA's investigation because they have refused to make Gwyn available in person to answer NFA's questions about L3M's and L3T's activities, and Gwyn and L3M have failed to produce requested records regarding the Fund's riskiest investments (i.e., all supporting documents for the Fund's asset balances).
The MRA and ARA will remain in effect until such time as L3M, L3T and Gwyn have demonstrated to the satisfaction of NFA that they are in complete compliance with all NFA Requirements.
9. As a person in a position of ownership or control of respondent at the time respondent violated Commission rules related to safety and the control of pollution, Bruce A. Gwyn, and any other organization in which he may hold a position of ownership or control, shall be subject to the restrictions of Texas Natural Resource Code Section 91.114(a)(2) for a period of no more than seven years from the date the order entered in this matter becomes final, or until the conditions that constituted the violations herein are corrected or are being corrected in accordance with a schedule to which the Commission and the organization have agreed; and all administrative, civil, and criminal penalties and all cleanup and plugging costs incurred by the State relating to those conditions are paid or are being paid in accordance with a schedule to which the Commission and the organization have agreed,
whichever is earlier.
10. As a person in a position of ownership or control of respondent at the time respondent violated Commission rules related to safety and the control of pollution, Lee C. Schlesinger, II, and any other organization in which he may hold a position of ownership or control, shall be subject to the restrictions of Texas Natural Resource Code Section 91.114(a)(2) for a period of no more than seven years from the date the order entered in this matter becomes final, or until the conditions that constituted the violations herein are corrected or are being
corrected in accordance with a schedule to which the Commission and the organization have agreed; and all administrative, civil, and criminal penalties and all cleanup and plugging costs incurred by the State relating to those conditions are paid or are being paid in accordance with a schedule to which the Commission and the organization have agreed, whichever is earlier.
Oil & Gas Division
General Information about Enforcement Orders and Natural Resources Code §91.114
Texas Natural Resources Code §91.114 contains provisions that apply to operators who have violated a statute or commission rule related to safety or the prevention/control of pollution. For purposes of this statute, a “violation” means that a commission order or court ruling has been issued in a matter following notice and opportunity for hearing, and that order or ruling has become final and all appeals have been exhausted. An order in such a matter is commonly referred to as an “Enforcement Order”.
In simplified terms, the statute applies when an Enforcement Order has been issued and the operator has not complied with that order. In that event, the statute prohibits the commission from accepting Organization Report renewals (Form P-5), certain permit applications (including Drilling Permits among others) and requests for Certifications of Compliance and Transportation Authority (Form P-4) for any wells it may operate. The statute also applies to the individuals in control of the company: any other companies controlled by a tagged person are similarly barred from filing with the Commission. Because an “Active” organization report is required for a company to conduct operations subject to the commission’s jurisdiction, the restrictions imposed by §91.114 effectively bar that company (and those who control it) from continuing those activities beyond the current P-5 year.
On Monday, reports from legitimate international news sources went viral with information that Treaty Energy had struck black gold or Texas tea in Beverly Hillbilly proportions. But like the defunct sitcom from the eighties, it seems that it was all just a badly written script. The news articles quoted Andrew Reid, co-chief executive chairman of Treaty Energy who claimed that the they have found about six million barrels of untapped oil near Independence Village in the Stann Creek District. Today the Prime Minister said that it’s simply not true. And as a matter of fact, the Chief Geologist couldn’t find a wet rock.
Dean Barrow
Our internal analysis indicates that the Stann Creek Field covers an area of around 350 acres, and with 4-acre spacing we would expect to drill up to 90 wells in this oil field. Based on our initial findings, we estimate there are about 5,000,000-6,000,000 Barrels of recoverable oil in place in this first finding."
Treaty Energy Corporation (“Treaty” or the “Company”) today reported drilling success on its first oil well, San Juan #2, in Belize, Central America. Treaty reached the initial pay zone of 1235 to 1290 feet and found hydrocarbons at this depth.
09/24/14 4:10 PM
AI
