Replies to post #52472 on Treaty Energy Corp. (fka TECO)

[SmackDown]

I think one the reasons there is not a landslide of complaints to the SEC by TECO shareholders is because they just didn't want to lose their money if the company goes under. These various marketing ploys are being used to keep investors hoping they will get some of their money back.

At the same time TECO needs new money and is probably trying to move more of their personal shares of stock onto this market with these announcements. They have alot of overhead when you analyze the latest 10Q through September 30, 2012...like 8 times the year before. The (3) months prior to September 30, 2011 state there was $862,787.00 spent on administration, then the (3) months prior to September 30, 2012 the number was $4,680,631.00 for the itemization of "General and Administrative". This is just General and Administration costs, not leases, not drilling costs, taxes, not lease operating expenses... Am I reading this thing correctly? Is there an accountant on this board? I am getting the information from the 10Q at page 5 on the TECO Consolidated Statements of Operations' page.

Another observation is at the "Operating Loss" line where the 3 months prior to September 30, 2011 was $1,031,939.00 and the amount for 3 months prior to September 30, 2012 was a whopping $5,096,620.00. There was only $191,327.00 of that additional loss that was Direct Drilling Costs, actually $49,299.00 LESS in Lease Operating Costs, and no change in Land lease costs!!! Where did all of these additional administrative cost go?

Basically what you have here is a generation of stock sales and any profit, if there would be a strike, will be eaten up by a sliding scale accounting type process to benefit management. It appears that happened in 2012 without a real strike. SmackDown