I don't mean to bash in the following message but the following is why we don't have buyers and why so many longs have been getting more nervous than previously IMO. 2012's 10K might look better year over year compared to 2011's. I don't think Q4 will be much better than Q3. TECO PR'd very exaggerated claims of what 2012 would bring in the PR I post below. IMO they are over one year behind schedule. On the other hand it won't take much to catch up in the oil business. One or two good well hits or another type of business catalyst and the PPS could turn around in a heartbeat. They have lost 60% of their credibility with me so I question why they continue to predict BPD but they seem confident that they can get it done. I'm a 2.5 year old shareholder and I hope for the best. I am starting to question the following: If Treaty can PR 250 BPD or 400 BPD from any given drilling program; then why can't they PR how long they expect that flow rate to last? I assume they have concrete analysis that would hold up in an SEC court of law discerning the fact that they can achieve these publically made goals but also have the data as to how they didn't achieve their PR'd goals. Shareholders should be able to read the good with the bad! The same analysis that shows the potential for 250 BPD, 1000 BPD by June, 2012 should also include the risks of these publically made goals which should also be made public. They seem to PR in one direction without any discern for failure which seems to be the ongoing issue for lack of credibility and shareholders nervousness. 95% of their past PR's are nothing but hype with currently 8.5 BPD based on recent facts. How long can TECO get away with this before..........? They really need to start adding if's, and's & but's to their PR's or better yet; do what they set out to do in their PR's so they can increase lost credibility and gain some mom and pop shareholders; not to mention institutional investors. The oil drilling business is far from 100% accurate yet TECO's PR's imply otherwise. STOP PREDICTING SPECIFIC BPD would be a start! Time for change and that change has been spoken of but yet to be proven. They still PR'd that 400 BPD in the recent PR so time will tell.
Below is a "Shareholder Update" PR from 12/09/2011 which projected what 2012 would bring. It's entertaining to read in hindsight. Quote from PR below:
http://ih.advfn.com/p.php?pid=nmona&article=50373298
Our technical team is in the process of reworking, through a process of Gel Fracking, 5 wells on the Wooldridge leases in addition to drilling the 12 new wells. As of December 8, 2011 our working leases in Texas are producing 40-50 bpd, and upon completion of the 12 new wells we expect Texas production to exceed 250 bpd. Our investment banking team, headed by Bruce Gwyn and Lee Schlesinger , is currently working on a $1,450,000 9-Well funding that if successful should put us at our goal of 1000 BOPD by Mid-Year 2012.
