Kanola, in my opinion it depends on the documentation SJ #2 has on it. I assume the Max M. claim of oil was documented at that time which in turn would allow TECO the ability to file that 8K they filed. If there is zero documentation and all it amounts to is "hearsay" then Max M. could recant his position on the matter and/or mislead his original findings of oil to something other than. I hope there is documentation backing the claim or wire line records or similar. Maybe someone has labeled jars with dried up samples, LOL!
If the SEC can be shown via hard evidence that oil is there and in the end it is proven that TECO simply didn't have the drilling expertise or funding to access that oil then maybe the SEC boils it down to management incompetence versus fraud. The final outcome for the entire mess will definitely be interesting.