Posted On: 03/21/2013 9:16:47 AM
Post# of 39368
Check this guy out on i hub
Quote:
| Belize Oilwatch | | | Thursday, March 21, 2013 8:08:10 AM | |
| Re: SmackDown post# 53045 | | Post # of 53070 |
Treaty Energy Corp (TECO) holdings in Belize are through Treaty Belize Energy Ltd .
The Option Agreement with Princess Petroleum (April 20th 2010) requires TECO to fund the first 5 wells 100% in exchange for this they get a 50% interest in areas of the Princess concession that they have explored. [This agreement used to be available from Projects page on TECO website - but I can't seem to access it any more]
TECO formed Treaty Belize Energy (TBE) on May 29th 2011. TECO Holding 80%. TBE was incorporated in Belize on May 29th 2011. [See link. http://www.treatyenergy.com/files/Articles.pdf ]
TECO sold 4% in TBE to All Energy Corp (AFSE) on September 12th 2013. An additional 6% option for AFSE had to be called in 180 days - as far as I am aware it wasn't.
TECO end September 2012 10-Q indicates that TECO holding in TBE was 76% - in line with the above two items.
THIS HOLDING WOULD GIVE TECO 38% OF REVENUES FROM ANY OIL PRODUCTION IN BELIZE.
In addition to the above, TECO sold a 50% interest in the revenues of the first two wells to an investor for cash on September 2nd 2011.
THIS WOULD HAVE GIVEN TECO 19% OF REVENUES FROM ANY OIL PRODUCTION FROM THE FIRST TWO WELLS IN BELIZE.
I am unaware of further dilutions or sales of rights concerning the San Juan #3 and #4 or other TECO activities in Belize, pending TECO issue of 10-Q for last quarter 2012 and 10-K for 2012.
The Option Agreement with Princess Petroleum (April 20th 2010) requires TECO to fund the first 5 wells 100% in exchange for this they get a 50% interest in areas of the Princess concession that they have explored. [This agreement used to be available from Projects page on TECO website - but I can't seem to access it any more]
TECO formed Treaty Belize Energy (TBE) on May 29th 2011. TECO Holding 80%. TBE was incorporated in Belize on May 29th 2011. [See link. http://www.treatyenergy.com/files/Articles.pdf ]
TECO sold 4% in TBE to All Energy Corp (AFSE) on September 12th 2013. An additional 6% option for AFSE had to be called in 180 days - as far as I am aware it wasn't.
TECO end September 2012 10-Q indicates that TECO holding in TBE was 76% - in line with the above two items.
THIS HOLDING WOULD GIVE TECO 38% OF REVENUES FROM ANY OIL PRODUCTION IN BELIZE.
In addition to the above, TECO sold a 50% interest in the revenues of the first two wells to an investor for cash on September 2nd 2011.
THIS WOULD HAVE GIVEN TECO 19% OF REVENUES FROM ANY OIL PRODUCTION FROM THE FIRST TWO WELLS IN BELIZE.
I am unaware of further dilutions or sales of rights concerning the San Juan #3 and #4 or other TECO activities in Belize, pending TECO issue of 10-Q for last quarter 2012 and 10-K for 2012.
It sounds exciting and the other guys have made no comebacks yet. Thought you should see this before they take it down.
Dead Cat Bouncer
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