TECO Treaty Energy Corporation featured news, full reports, and detailed charts
Treaty Energy Corporation (TECO/TECO.OB) Wrap Up:
Treaty Energy Corporation engages in the acquisition and production of oil and gas properties in the United States. It offers natural gas, natural gas liquids, and crude oil or condensate. The company holds a 100% working interest in two oil leases in Crockett County, Texas, consisting four oil wells and a water disposal well. Treaty Energy Corporation primarily focuses on operating, developing, and enhancing the production of its oil wells on those leases and acquiring working interests in oil and gas properties. The company is based in Houston, Texas.www.treatyenergy.com
Treaty Energy Corporation (TECO:OTC Bulletin Board Market)
LAST $0.01 USD
CHANGE TODAY -0.0013 -8.67%
VOLUME 443.0K
As of 3:59 PM 11/20/09 All times are local (Market data by Reuters is delayed by at least 15 minutes).
Snapshot of Treaty Energy Corporation (TECO)
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OPEN
$0.02
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PREVIOUS CLOSE
$0.02
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DAY HIGH
$0.02
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DAY LOW
$0.01
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52 WEEK HIGH
02/3/09 - $0.23
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52 WEEK LOW
08/17/09 - $0.0066
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MARKET CAP
6.8M
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AVERAGE VOLUME 3 mo
831.9K
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DILUTED EPS TTM
--
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SHARES OUTSTANDING
493.6M
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TECO Does Not Pay Dividends
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P/E TTM
NM
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TECO Top Compensated Officers
Mr. Gary E. Dunham
Chief Financial Officer and Principal Account...
Total Annual Compensation: --
Mr. David Hallin
Vice President
Total Annual Compensation: --
Executives, Board Directors
Compensation as of Fiscal Year 2008.
Key developments for Treaty Energy Corporation (TECO)
Treaty Energy Corporation Enters into a LoI to Purchase 56 Wells Near Converse, Louisiana
10/29/2009
Treaty Energy Corporation has entered into a letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana. This purchase will include all pumps and equipment to operate the wells. There are currently 13 wells in production on this property producing 22 BBLS of oil per day, and a program is in place to rework the balance of the wells with estimated production to then exceed 95 BBLS per day. With estimated reserves of one million BBLS at a discounted price of $60 per BBL, this project represents a significant addition to Treaty Energy. The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000. Additionally, Treaty Energy will repurchase a 6% royalty for $20,000 which will allow the company an 81% net of royalty interest. The company, by agreement, will have a short period for due diligence and to prepare an updated Reserve Report. Assuming satisfactory due diligence, the closing is to occur on or about November 15, 2009.
Treaty Energy Appoints Dan Olson as Independent Director
10/22/2009
Treaty Energy Corporation announced that Dan Olson, 54, has been appointed an Independent Director of the company effective immediately. Dan Olson has over 30 years of experience in both public and private business, and was a co-founder of Small Cap Consulting, LLC in 2004. Mr. Olson's focus over the years has been on start-up and developmental companies. His ability to guide companies on achievable goals and then see those goals completed has taken him into various business sectors. The implementation of his management strategies has led many companies from concept to reality.
Treaty Energy Corporation Appoints Joe Grace as President, Chief Operating Officer and Director
10/21/2009
Treaty Energy Corporation announced that Joe Grace has been elected President, Chief Operating Officer, and a Director of the company effective immediately. Joe Grace brings over 40 years of business experience to Treaty Energy and its Board, beginning with six years at Gulf Oil. After Gulf, Mr. Grace worked for 15 years in banking beginning with Texas Commerce Bancshares (now Chase), followed by ten years of private company ownership, and three years of public company leadership.
TECO Competitors
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Industry Analysis
| Valuation | TECO | Industry Range |
| Price/Earnings | NM | Not Meaningful |
| Price/Sales | 366.1x |
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| Price/Book | NM | Not Meaningful |
| Price/Cash Flow | NM | Not Meaningful |
| TEV/Sales | 379.6x |
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TECO |
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TECO transactions
| Type Date |
Target |
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Merger/Acquisition
November 13, 2009 |
Oil And Gas Lease In Morgan County, Tennessee |
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Merger/Acquisition
October 29, 2009 |
56 Wells on 600 Acres Near Converse, Louisiana |
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Merger/Acquisition
October 8, 2009 |
54 Oil and Gas Leases in Kansas |
More Recent News About Treaty Energy Corporation
More news for TECO
TREATY ENERGY CORP Files SEC form 10-Q, Quarterly Report
ITEM 2 - MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS You should read the following discussion in conjunction with management's discussion and analysis contained in our 2008 Annual Report on Form 10-K, as well as the financial statements and notes hereto included in this quarterly report on Form 10-Q. The following discussion contains forward-looking statements that involve risks, uncertainties, and assumptions, such as statements of our plans, objectives, expectations, and intentions. Our actual results may differ materially from those discussed in these forward-looking statements because of the risks and uncertainties inherent in future events. Results of Operations Nine Months Ended September 30, 2009, compared with Nine Months Ended September 30, 2008 Our revenues were significantly reduced for the nine months ended September 30, 2009 compared with the same period in 2008. Our oil wells had a small amount of production during January, 2009, but then went off-line and did not produce during February through June of 2009. We subsequently received notification that the leases were reclaimed by the landowners (see Note 5). Our lease operating expenses, transportation expenses and production-based taxes are considerably reduced for the nine months ended September 30, 2009 compared with the same period in 2008, because of the lack of production on the Crockett County leases and our subsequent loss of this lease. General and administrative expenses have increased dramatically. They increased from $175,042 for the nine months ended September 30, 2008 to $284,100, a 62% increase, for the same period in 2009. Most of this increase is a result of an increase in hiring Mr. Newton as our Board Chairman and Chief Executive Officer, from the hiring of a consultant, and from costs associated with statutory compliance and reporting. We did not incur these compliance costs in 2008 because we were not a publicly reporting ent...Click here to read the whole Article (external link)
Treaty Energy to Close on Two Oil and Gas Acquisitions
HOUSTON, TX--(Marketwire - 11/13/09) - Treaty Energy Corporation (OTC.BB:TECO - News), a growth-oriented energy company in the oil and gas industry, announced today that it is acquiring a 70% net working interest in an oil and gas lease in Morgan County, Tennessee. This lease interest is being acquired at a purchase price of $260,000 from Green Light Energy LLC with whom the company has several other projects moving toward completion. This new lease has four (4) wells that are currently being re-entered after several months of being shut in. Production is projected to be 8 to 10 bbl per day per well. The seller is guaranteeing Treaty Energy a minimum of 4 bbl per day per well net for 12 months from the time the wells are fully reworked.The lender for this acquisition and the planned Converse, Louisiana acquisition that was announced on October 29, 2009, is Midwest Capital Investments LLC. The financial arrangements are essentially the same for both transactions and were arranged by Dan Olson, Treaty Energy's newest board member.Both of these acquisitions are in legal for the finalization of documents and will close together at Treaty Energy headquarters in Houston during the week of November 16, 2009.In other news, all due diligence has been satisfactorily completed on the Kansas-based oil and gas acquisition that was announced on October 8, 2009. The closing is currently on schedule and expected to occur in mid to late December 2009.About Treaty Energy CorporationTreaty Energy (TECO) is engaged...Click here to read the whole Article (external link)
Treaty Energy Targets $12 Billion in Oil & Gas Opportunities
HOUSTON, TX--(Marketwire - 11/11/09) - Treaty Energy Corporation (OTC.BB:TECO - News), a growth-oriented energy company in the oil and gas industry, released today a letter from its President, Joe Grace, to update its shareholders and the investment community on the progress of the company. To our Shareholders and other interested parties:I want to take this opportunity to extend a Texas "howdy" to everyone. Since my arrival at Treaty Energy a few weeks ago, we have developed a comprehensive business plan that we believe will enhance shareholder value and, just as important, will retain the interest of our shareholders for several years.In our previous press release of October 29th, I mentioned that more announcements would soon be forthcoming, and I'd now like to clarify that comment. Presently, we have initiated preliminary due diligence for eight programs that include locations in Kansas, Louisiana, Tennessee, Oklahoma, Texas, California, Illinois and Indiana, as well as one international opportunity located in Central America.At first blush, all of these opportunities appear to be exceptionally good for Treaty Energy. However, as with any new business opportunity, we must first complete preliminary due diligence.Keeping this in mind, and as part of our policy of corporate transparency, we have determined that if all of the above programs could be completed, the collective reserves would include approximately $7 - $9 billion in oil reserves and over 1 trillion cubic feet of natural gas reserves that ...Click here to read the whole Article (external link)
Treaty Energy Corporation Announces LOI to Acquire Oil & Gas Lease in Louisiana
HOUSTON, TX--(Marketwire - 10/29/09) - Treaty Energy Corporation (OTC.BB:TECO - News) today announced that it has entered into a letter of intent to purchase 56 wells on 600 acres near Converse, Louisiana. This purchase will include all pumps and equipment to operate the wells. There are currently 13 wells in production on this property producing 22 BBLS of oil per day, and a program is in place to rework the balance of the wells with estimated production to then exceed 95 BBLS per day. With estimated reserves of one million BBLS at a discounted price of $60 per BBL, this project represents a significant addition to Treaty Energy.The terms of the purchase are $350,000 cash at closing and one year owner financing for $650,000.Additionally, Treaty Energy will repurchase a 6% royalty for $20,000 which will allow the company an 81% net of royalty interest. The company, by agreement, will have a short period for due diligence and to prepare an updated Reserve Report. Assuming satisfactory due diligence, the closing is to occur on or about November 15, 2009.Randall Newton, CEO and Chairman of Treaty Energy Corporation, stated, "We are pleased to be adding this 56 well property to our oil producing assets."Mr. Newton stated further, "Based on actual production from the currently producing wells of approximately 1.7 BBLS per day on this Louisiana property, and assuming $60 oil and the cost of reworking 8 wells per month until all wells are functional, we estimate payback on this acquisition at about 14 mont...Click here to read the whole Article (external link)
Treaty Energy Corporation Adds to Its Board of Directors
HOUSTON, TX--(Marketwire - 10/22/09) - Treaty Energy Corporation (OTC.BB:TECO - News), a growth-oriented energy company in the oil and gas industry, today announced that Dan Olson, 54, has been appointed an Independent Director of the Company effective immediately. Dan Olson has over 30 years of experience in both public and private business, and was a co-founder of Small Cap Consulting, LLC in 2004.Mr. Olson's focus over the years has been on start-up and developmental companies. His ability to guide companies on achievable goals and then see those goals completed has taken him into various business sectors. The implementation of his management strategies has led many companies from concept to reality.Mr. Olson has managed, owned, and served as a director in both private and public companies. He has also spent a portion of his career in mentoring Chief Executive Officers. He holds a post graduate degree in Economics from North Dakota State University.Randall Newton, Chairman and CEO of Treaty Energy Corporation, stated, "I find Dan Olson to be a fine man with a set of business experience and credentials that will make him a strong addition to our board as our first independent director."About Treaty Energy CorporationTreaty is engaged in the acquisition, development and production of oil and natural gas. Treaty acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil...Click here to read the whole Article (external link)
Treaty Energy Corporation Announces New President, COO and Director
HOUSTON, TX, Oct. 21 /PRNewswire-FirstCall/ - Treaty Energy Corporation (OTCBB: TECO - News), a growth-oriented energy company in the oil and gas industry, today announced that Joe Grace has been elected President, Chief Operating Officer, and a Director of the Company effective immediately. Joe Grace brings over 40 years of business experience to Treaty Energy and its Board, beginning with six years at Gulf Oil. After Gulf, Mr. Grace worked for 15 years in banking beginning with Texas Commerce Bancshares (now Chase), followed by ten years of private company ownership, and three years of public company leadership.Mr. Grace has been a bank president, CEO of two personally owned companies, CEO and Chairman of one public company and CEO of a second public company. His business interests range from oil and gas, banking and finance, corporate data centers, integrated security centers, digital imaging, specialty engineered products, and wireless broadband services.In addition, Mr. Grace has assisted companies with business strategies, capital formation, investor relations, marketing concepts, contract development, business development, and personnel evaluations through consulting agreements with several private and public companies for the last ten years. He has also served on the Board of Directors of several companies.Randall Newton, Chairman and CEO of Treaty Energy Corporation, stated, "I am distinctly pleased to have Joe Grace join our management team as President, COO and Director. Joe, a well respected pr...Click here to read the whole Article (external link)
Treaty Energy Corporation Provides Additional Information on Kansas-based Oil and Gas Asset Purchase
HOUSTON, Oct. 13 /PRNewswire-FirstCall/ - Treaty Energy Corporation (OTCBB: TECO - News) responds to inquiries related to its announcing on October 8, 2009 the signing of an agreement to acquire 54 oil and gas leases in Kansas. Treaty Energy has received inquiries regarding the structure of the Kansas oil and gas asset acquisition, specifically as to whether any part of the acquisition transaction employed the use of stock.Randall Newton, Treaty Energy's CEO, stated, "There will be no company stock used to close this acquisition. The acquisition is structured as 50% cash for which Treaty is using bank financing. The balance of the purchase will be paid as a percentage of gross oil sales, not to exceed 5%, similar to a royalty payment. The overall purchase price is in the upper 7 figures."The company estimates that completion of the payoff to the second position will likely occur over 4 to 5 years, but could be sooner if secondary recovery efforts hit the numbers projected by the petroleum engineer hired by Treaty Energy.Approximately one-third of the purchase price is hard assets, based on liquidated values.Treaty has received the reserve report from the petroleum engineer. This report was imperative to completing the bank financing. All information received in the reserve report was equal to or superior to the numbers supplied by the seller prior to execution of the purchase agreement.Mr. Newton stated further, "As a binder of the purchase agreement a $300,000 non-refundable earnest deposit ...Click here to read the whole Article (external link)
Treaty Energy Corporation Announces Agreement to Acquire Assets of Kansas-Based Oil and Gas Company
HOUSTON, TX--(Marketwire - 10/08/09) - Treaty Energy Corporation (OTC.BB:TECO - News) today announced the signing of an agreement to acquire 54 oil and gas leases in Kansas. The acquisition will include all production equipment now in place on the leases. These leases comprise 6,700+ acres over a 50 square mile area, and currently include 662 "stripper wells." A stripper well is an oil well that produces ten barrels per day or less for a twelve-month period. Additionally, a number of new wells have been drilled and will be in production in the near term. Of the 662 wells, 450 are currently producing, with the balance of the wells requiring different amounts of rework prior to being returned to production. Current production is about 115 BBLS per day. With the new wells coming into production and the ongoing rework by the current owners, Treaty estimates that production will be 135 to 155 BBLS per day at closing. In addition, the acquisition agreement obligates Treaty to drill a minimum of 75 new wells per year on the existing 54 leases.According to the Independent Petroleum Association of America (IPAA), stripper wells comprise about 84 percent of domestic oil wells and produce over 20 percent of all domestic oil. Such stripper wells in Kansas average about 900 feet in depth, and thus are quite economical to drill when compared to much deeper wells in other parts of the country.Treaty's CEO Randall Newton commented, "We have hired a highly credentialed petroleum engineer to produce the 'production and reserve r...Click here to read the whole Article (external link)
TREATY ENERGY CORP Financials
Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Quotes delayed, except where indicated otherwise.Delay times are 15 mins for NASDAQ, 20 mins for NYSE and Amex. See also delay times for other exchanges.Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. Real-...Click here to read the whole Article (external link)
Treaty Energy Corporation Announces Corporate Headquarters Moved to Houston, Texas
HOUSTON, TX--(Marketwire - 08/17/09) - Treaty Energy Corporation (OTC.BB:TECO - News), a growth-oriented energy company in the oil and gas industry, today announced it has relocated its Corporate Headquarters to Houston from Abilene Texas effective August 15, 2009. Treaty Energy's Chairman and CEO Randall Newton stated, "Treaty is in the process of acquiring oil wells in proven fields in Texas, Pennsylvania, Louisiana, West Virginia, Arkansas, and Tennessee. Because of our anticipated rapid growth, the Company made the decision to establish its main corporate office in Houston, which is the must-be location for any emerging oil and gas company."The new offices are located in the Lyric Center in Downtown Houston's Theater District, sharing common space with a well known law firm, part of which deals in the oil and gas business.About Treaty Energy CorporationTreaty is engaged in the acquisition, development and production of oil and natural gas, primarily in the West Texas Permian Basin, but may expand this scope if suitable opportunities come to Treaty's attention. Treaty acquires and develops petroleum productive properties, many of which have "proven but undeveloped reserves" at the time of acquisition, that are economically beneficial and fit well into Treaty's program, but not strategic to large exploration-oriented oil and gas companies. This strategy provides Treaty with the proven assets to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional...Click here to read the whole Article (external link)
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