Open Letter to TREATY Mgt. -
I would like to start by saying that your corporation seems promising. But I feel very sorry for your shareholders. I am not sure how you continue to treat shareholders as you do, what did they do to deserve empty promises, unkept start dates, failed completion dates, futile attempts in meeting filing deadlines (10-Q, 8-K, etc.), etc.? You recently sold your interests in some leases (Mitchell #3 & #4) which could potentially push the company toward cash flow positive and is good news, but shareholders are left in complete darkness about the transaction, Treat! I mean you could throw some bones (I mean hope) to your long-suffering shareholders. You are at 52-week low you know.
Now, I know what you may be thinking – a disgruntled observer, shareholder or shorter, but no, my friend, I am simply puzzled and do not understand for the sake of human decency, why anyone would keep setting dates and making promises that are not kept. This is insane! Your company affects many lives. A shareholder (if I understood it correctly) even moved to Tuscola, Texas to lend a helping hand. I’m not this individual, but I can only imagine how he feels.
Your last news letter indicated there would be no other until January 13, 2014 (I assume) – I said I assume because your Facebook page continues to show the date as January 13, 2013. And mind you this was after you corrected the initial date of January 16. This sort of inattention to details makes one wonder.
Anyway, you left the impression that there would be no official communication to shareholders until the above date – does that mean that Treaty is taking one month off? Many businesses would not survive such luxury. There must be some explanation for all these, because people in management do not get to such position without strong observational, computing and strategic intuitions.
Sometimes reading your write-ups, leaves one with the impression that they are intentionally made to be vague as if to trick – like twisting in the wind. P.H. Barnes and McComas Lease, C&C Petroleum Management, LLC, and Texas RRC issues, just to mention a few, should be addressed in manner that convey confidence and competence. Most investors already understand that dealing with government bureaucracy (TRRC, SEC, etc.) is not always very easy. But for goodness sake stop setting deadline, projections and dates if there is an atom of inclination that it would not be met. Or if you must set a date, set a date way in advance that it must be met. Treaty WORD should be ironclad.
It is my impression - reading between the lines - that Belize is gone. The sooner this is made clear to investors the better – but if I’m wrong, then I’m wrong, which would be further good news to your various stakeholders. Nonetheless, I believe most shareholders understand that a company simply cannot afford to keep throwing money at Belize. It would, in fact, be wise to wind down operations in Belize until the Company can afford to comfortably pursue such interests.
In sum, I believe some of your ardent shareholders would appreciate some official filings (even just one would help) during this period.
I greatly wish you and the Treaty family Merry Christmas, happy holidays and a prosperous upcoming new year.
Regards.
