Replies to post #42888 on Treaty Energy Corp. (fka TECO)

[kanola]

DRAZZ Saw the same post on FB. To me it was just one unhappy person with Teco, since she did not back the statement up. JMO

[againstallodds]

If their finaicials are bad,

They can't afford to do Belize by themselves I guess.

Just a guess...

By the way, how is their financials ?

[tdbowieknife]

Treaty sold on July 15, 2010, a 10% interest in the concession and on September 2, 2011, Treaty sold a 25% working interest of their 50% interest in the first two wells.


From the 10-K

Belize Concession and Joint Venture with Princess Petroleum Ltd.

On April 20, 2010, we entered into a 50/50 Joint Venture agreement with Princess Petroleum Limited, a company organized under the laws of Belize to explore for oil and gas on approximately 2 million acres in Belize. The country of Belize is located in Central America, in the south of the Yucatan Island to the southeast of Mexico. It is surrounded by Mexico in the north, by Guatemala in the west and south and by the Caribbean Sea in the east. Prior to becoming an independent country in 1981, Belize was known as British Honduras.


A major shareholder of the Company paid $100,000 cash as required under the agreement. We have recorded our basis in the $100,000 property and the corresponding debt to our shareholder.


On July 15, 2010, we sold a 10% interest (5% total) working interest in our Belize concession for $250,000 in cash.


On September 2, 2011, we sold a 25% working interest (50% of Treaty’s working interest) in Belize well numbers 1 and 2 to an investor for $156,925 in cash.


http://www.sec.gov/Archives/edgar/data/1075773/000135448812003207/teco_10k.htm