Well, remember that there's more to financing than just the publicly traded equity. Wooldridge, Madley, Belize, etc., were financed by private lenders. I doubt that those projects were paid for by checks cut by the retail TECO investor, so I'm thinking that the institutional money opted for investing via a senior claim.

When I comb through the filings of other penny stock oil companies they often have a litany of leases with unfunded projects just sitting there for years without so much as a shovel paid for. If there is one thing that I really have to credit Treaty management with, it's their ability to get financing.

You could have the best idea in the world but if you can't raise any money to develop it and take it to market it will probably not go anywhere.