That is exactly the case . Treaty did drill and got hounded by at least 13 lawsuits, shorted in the market, and interfered with at every turn. The fact somebody pulled off an sec lawsuit was to be icing on cake... Hanging by a thread now but at least still hanging . How this stock is still alive is incredible...
Anybody that knows the oil business, understands it takes a lot of money to drill oil wells.
Yes it does. And Treaty failed to pay all of them in a timely manner, most not at all. The ones that did manage to get some of the money owed them had to take them to court or stopped work until paid and then didn't receive finial payments.
Nobody can say TECO did not drill lots of oil wells
I can... Treaty only drilled a total of 6 shallow wells in Texas 3 of which were NEVER completed and 2 1//2 shallow wells in Belize with only one I would considered completed.
They just never could hit that big commercial paying well. TECO's intent was to drill and find oil the records show this. To say their motives were to rip stock holders off is just not true.
They couldn't hit big commercial oil because they bought overpriced crap leases and the wells in Belize they KNEW they would not hit oil. They new if they did it would have been pure luck. Treaty didn't bother to do even basic seismic, nobody does that, and in fact seismic is required with all PSA's that I have seen. TECO relied solely on an incomplete aeromagnetic survey. Thier motives were pump the stock with misleading information and outright lies to rip off investors. That's quite clear.
TECO did run out of money but, kept drilling, then they ran out of tricks to pay the bills and lawsuits.
Yeah, TECO ran out of Money because Blackburn and pals stole it all.
The oil drilling went on all the way to the end. Just one good paying well would have saved them. "well lets just try one more oil drill" and they did. This is the story of hundreds out of business oil companies.
The oil drilling was dragged out all the way to the end with ridiculous excuses like stuck packers for months on end or this or that to keep investors on the hook... there were also the many other wells they claimed they would drill and never did.
Just one good paying well would have saved them. "well lets just try one more oil drill" and they did. This is the story of hundreds out of business oil companies. That one good oil well would have made stock holders very happy, most stock holders
It's the same story as the many other scam oil stocks out there.
That one good oil well would have made stock holders very happy, most stock holders were aware oil finds were no guarantee but, drilling in good areas of known oil finds was exciting and more and more investors including myself bought TECO stocks. TECO had a chance to really make it big "what luck"...bad luck.
No, it wouldn't have. Because Blackburn and pals would have stole that money too... TECO had zero chance to "make it big" because it was all a scam from the start...
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