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Treaty Energy Corporation Newsletter for the Week of January 21, 2014
This newsletter is for the week of January 21, 2014 and contains current information on Company operations as of January 17, 2014. Information contained in this newsletter may be outdated at the time of release. Prior issues of the newsletter may be found on the Company’s website located at http://www.treatyenergy.com/investors/news .
Corporate Filings (Treaty Energy Corporation):
The Company expects to file the 10-Q for Q3 2013 sometime this week, assuming no delays or further last minute comments. The 10-Q is moving into EDGAR processing. The Company does not have a concrete filing date at this time; however the audit has passed through partner reviews and is progressing through the filing channels that would indicate an imminent release.
Motion for Damages (Treaty Energy Corporation):
The majority of the last week was spent in the preparation of the Motion for Damages in the matter of 2:13-BK-11238.
On Friday, January 17, 2014, Treaty Energy Corporation filed a motion for order awarding costs, attorney’s fees, compensatory damages, and punitive damages in favor of Treaty Energy Corporation and against petitioning alleged creditors and their counsel to the U.S. Bankruptcy Court in the Eastern District of Louisiana.
The motion is available for download by clicking this link.
Treaty Energy Corporation is asserting $41,733.75 in attorney’s fees, $453,750.46 in lost investment capital, $50,000.00 in increased costs of public and investor relations, and a minimum of $200,000.00 in punitive damages. In total, Treaty Energy is seeking $745,484.21 in damages associated with the filing.
Treaty Energy Corporation has records and evidence from as far back as 2008, when the Company was first founded, that demonstrates with reasonable belief that the individuals involved in this filing led a coordinated effort to dismantle the Company’s operations and reputation based on personal vendettas. Several of the petitioners filed this petition in an attempt to collect on losses made on their investment at the cost of our current shareholders.
Unbeknownst to many shareholders, this petition and the actions taken by several of the petitioners has spurned more legal action and has caused further damage to the Company. On November 6, 2013, Mack Maxcey was sued by Treaty Energy in Coleman County for deliberately interfering with operations in Tuscola, Texas.
These actions taken by Mr. Maxcey resulted in significant setbacks to Company operations. Mr. Maxcey went online and distributed untrue information, which was then disseminated by additional parties that Treaty Energy has warned investors about which spurned undue investor concern regarding operations on the Mitchell and Stockton leases.
As of January 17, 2014, Mr. Maxcey has not yet responded to our suit, despite claiming to have retained legal counsel.
Treaty Energy is now looking at pursuing further legal action against the parties that continue to assert untrue statements against the Company. On a daily basis Treaty Energy receives between 25-30 phone calls/emails a day from investors concerned about opinions that were disseminated by these parties.
Treaty Energy has prevailed in each case these petitioners have filed, independent of what these parties may say. The Company has evidence that these parties have asserted on numerous occasions that Treaty Energy is (or was) in bankruptcy as a result of this filing. This statement is unequivocally false. Treaty Energy Corporation has never been in bankruptcy.
Treaty Energy does not take these statements and/or actions lightly and will be evaluating its options against these parties as more information becomes available through internal investigations and public inquiries.
West Texas (C&C Petroleum Management, LLC):
Stockton #2 & #3
As noted in the six month prospectus, the Stockton #2 is currently producing. Water is still being removed from the well after performing the necessary repairs to the down hole pump unit. This is a normal process and part of regular repair and maintenance.
The Stockton #3 will be completed soon after the cut stabilizes and the Company can determine if further infrastructure is needed to be developed on the lease. It appears that the infrastructure set up on the lease will be sufficient which will allow us to move forward on the Stockton #3 well in the near future.
Stockton #1
The Company is still evaluating the production potential of the Stockton #1 in comparison to the production potential of converting it to an injection well for the Stockton #2 and #3.
Mitchell #1
The Company still maintains its ownership interest on the Mitchell #1 despite it not being mentioned in the six month prospectus. This well is currently in production and is producing between 3-5 BBL/day as previously announced.
Kubacak Lease
The Company is continuing to secure financing to drill up to 10-20 wells on the Kubacak lease to prevent any further slowdowns in operations. The Company intends to prevent any further delays between projects going forward by front loading future financing on projects.
Corporate Filings (Treaty Energy Corporation):
The Company expects to file the 10-Q for Q3 2013 sometime this week, assuming no delays or further last minute comments. The 10-Q is moving into EDGAR processing. The Company does not have a concrete filing date at this time; however the audit has passed through partner reviews and is progressing through the filing channels that would indicate an imminent release.
Motion for Damages (Treaty Energy Corporation):
The majority of the last week was spent in the preparation of the Motion for Damages in the matter of 2:13-BK-11238.
On Friday, January 17, 2014, Treaty Energy Corporation filed a motion for order awarding costs, attorney’s fees, compensatory damages, and punitive damages in favor of Treaty Energy Corporation and against petitioning alleged creditors and their counsel to the U.S. Bankruptcy Court in the Eastern District of Louisiana.
The motion is available for download by clicking this link.
Treaty Energy Corporation is asserting $41,733.75 in attorney’s fees, $453,750.46 in lost investment capital, $50,000.00 in increased costs of public and investor relations, and a minimum of $200,000.00 in punitive damages. In total, Treaty Energy is seeking $745,484.21 in damages associated with the filing.
Treaty Energy Corporation has records and evidence from as far back as 2008, when the Company was first founded, that demonstrates with reasonable belief that the individuals involved in this filing led a coordinated effort to dismantle the Company’s operations and reputation based on personal vendettas. Several of the petitioners filed this petition in an attempt to collect on losses made on their investment at the cost of our current shareholders.
Unbeknownst to many shareholders, this petition and the actions taken by several of the petitioners has spurned more legal action and has caused further damage to the Company. On November 6, 2013, Mack Maxcey was sued by Treaty Energy in Coleman County for deliberately interfering with operations in Tuscola, Texas.
These actions taken by Mr. Maxcey resulted in significant setbacks to Company operations. Mr. Maxcey went online and distributed untrue information, which was then disseminated by additional parties that Treaty Energy has warned investors about which spurned undue investor concern regarding operations on the Mitchell and Stockton leases.
As of January 17, 2014, Mr. Maxcey has not yet responded to our suit, despite claiming to have retained legal counsel.
Treaty Energy is now looking at pursuing further legal action against the parties that continue to assert untrue statements against the Company. On a daily basis Treaty Energy receives between 25-30 phone calls/emails a day from investors concerned about opinions that were disseminated by these parties.
Treaty Energy has prevailed in each case these petitioners have filed, independent of what these parties may say. The Company has evidence that these parties have asserted on numerous occasions that Treaty Energy is (or was) in bankruptcy as a result of this filing. This statement is unequivocally false. Treaty Energy Corporation has never been in bankruptcy.
Treaty Energy does not take these statements and/or actions lightly and will be evaluating its options against these parties as more information becomes available through internal investigations and public inquiries.
West Texas (C&C Petroleum Management, LLC):
Stockton #2 & #3
As noted in the six month prospectus, the Stockton #2 is currently producing. Water is still being removed from the well after performing the necessary repairs to the down hole pump unit. This is a normal process and part of regular repair and maintenance.
The Stockton #3 will be completed soon after the cut stabilizes and the Company can determine if further infrastructure is needed to be developed on the lease. It appears that the infrastructure set up on the lease will be sufficient which will allow us to move forward on the Stockton #3 well in the near future.
Stockton #1
The Company is still evaluating the production potential of the Stockton #1 in comparison to the production potential of converting it to an injection well for the Stockton #2 and #3.
Mitchell #1
The Company still maintains its ownership interest on the Mitchell #1 despite it not being mentioned in the six month prospectus. This well is currently in production and is producing between 3-5 BBL/day as previously announced.
Kubacak Lease
The Company is continuing to secure financing to drill up to 10-20 wells on the Kubacak lease to prevent any further slowdowns in operations. The Company intends to prevent any further delays between projects going forward by front loading future financing on projects.
Treaty Energy Corporation (TECO) Stock Research Links
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