Well you can bet that investor is not very happy if he spent $156,925.00 in cash and didn't get anything out of wells 1 and 2. You would hope this person had a provision in his/her loan agreement that he/she would get a working interest in subsequent wells if the first 2 did not strike.
"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." From TECO 10K, page 29, submitted 6-13-2012.
Does anyone see a pattern here that it is not just the investors in the stock that are losing money here after they buy in? Lots of private money agreements are out there in every TECO financial disclosure, but very few facts are disclosed to the public to properly determine what benefit, if anything, there is to stockholders for any of these projects. IMO all of these things are catching up right now. SmackDown
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