A quick summary to refresh your memories of the pa
Post# of 39368
Posted On: 06/21/2013 11:28:44 PM
A quick summary to refresh your memories of the past 18 months.
- January 27, 2012, Treaty announced striking oil in Belize on their first attempt at drilling in Belize on their 3.4 million acre concession. Unfortunately they neglected to get approval from the Government of Belize before making the announcement and the GOB reacted by denying everything Treaty had announced. Upon making the announcement the stock shot up from around $.035 to $.13 on over 50,000,000 shares trading. After the denial, the share price immediately fell to around $.08.
- As it turned out, it was a near fatal blow to Treaty, as literally everything Treaty did to recover and regroup for the past 18 months until now has failed even though Treaty spent several million dollars in Belize, East Texas and West Texas on projects that all promised spectacular results, that failed to materialize.
- Over the past 18 months, the share price continued to gradually drop in lockstep with each new Treaty failure until it bottomed at $.008, (yes, that's 8 tenths of a cent per share) a few weeks ago. Some panicked and sold out at any price, because they lost confidence that Treaty would ever turn it around. Some with great big ones, continued to buy more, as they say, "buy on the dips and average down." Some of you I know personally bought more at $.03, $.02, $.015, $.01 and a few who now are very smart ones even bought below a penny per share. Eight thousand dollars bought 1,000,000 shares which as of close today at $.034 is now worth $34,000, not bad for a few weeks.
- You've read the reports about the Mitchell #3 and #4 wells that have just recently been put into production now pumping out over 70 BPD, and Ladies and Gentleman, for Treaty, this is HUGE. I am told they can put up to 90 wells on this Mitchell Lease. This information and these announcements have been solely responsible for the price going from $.008 to $.034. Does that say anything about the future and what the estimated 8,000 Treaty shareholders might be thinking? Treaty has been for months the #1 or #2 talked about Penny Stock on several of the Investor Forum Boards. Treaty is getting well known and has lots of people just waiting for the right good news to turn them into buyers.
- Now, lets go back to Belize for the potentially blockbuster news. After having egg all over their faces for the premature announcement, Treaty decided they had to hurry and put that well into production to prove to the GOB and the world that they really had oil. They also decided to drill a second well. Treaty drilled San Juan #1 and #2, ordered two pumpjacks and all the necessary completion supplies and equipment.
- Only one problem, while pouring casing cement into the holes to case the wells, the incompetent completion crew plugged up the holes and ruined both wells. So Treaty moved over to a new site and drilled San Juan #3 more than twice as deep as the first two. Apparently they believe they have oil, but can't make any announcements until they put it into production, and then the GOB approves the content of the announcement before releasing it. Why do they think they have oil....because they are spending big bucks already cased this well successfully, now ready to swab and acidize the well before installing the pumpjack. They also have ordered a much bigger pumpjack than the two previously purchased and sent down...I wonder why?
- To add more drama to this story, earlier this year an environmental group sued the GOB claiming that the concessions given to Treaty and several other oil companies operating in Belize had all been given under the table, no bid favorable treatment on awarding the leases and claimed they were all invalid. The judge ruled for the Plaintiffs, which had devastating implications for Treaty and the other oil companies. Coincidentally the judge promptly resigned after making the ruling.
- The Gob appealed and the new judge hearing the appeal apparently has ruled as of today. The ruling has not made the press, nor been announced by the GOB or Treaty. However, an interested party that lives in Belize that posts often on the message boards by the username Belize Oil\watch claims to have been in the courtroom and heard the new judge make his ruling and I am simply forwarding on to you what has been reported. If it turns out to be true...it could have massive positive implications for Treaty.
- This all happened after the close of trading today, so it's anyone's guess what could happen to the stock price come Monday morning when trading opens. Just thought I'd let you know what's happening around here.
(0)
(0)Treaty Energy Corporation (TECO) Stock Research Links
Scroll down for more posts ▼