You quote "Treaty ... are just beginning their operations phase of the business plan"
But the facts are: - Treaty PRs from July 2011 (11+ months ago) talk of starting the operations phase of exploration drilling in Belize. - Treaty PRs from October 2011 (8+ months ago) talk about the completion of the Texas well rework program (I am not sure myself when that started as i have only been following Treaty's progress since their Belize activity picked up. - Treaty PRs in March 2012 (3+ months ago) talk about immediately starting drilling in Texas on return of the rig from Belize
So - in my view - Treaty are not just beginning their operations phase, they have been in that phase for the last 12 months with very little to show for it - yet.
I hope they start performing for their shareholders soon.