Welcome!

Microsoft Cloud Authors: Elizabeth White, Yeshim Deniz, Serafima Al, Janakiram MSV, John Katrick

News Feed Item

Treaty Energy Corporation Reports Results for Third Quarter and First Nine Months of 2012

Revenue for the Third Quarter of 2012 was $75,667 up 55% from $48,693 in the Third Quarter of 2011. Total Assets as of September 30, 2012 were $3.898 Million, up 111% Over Total Assets of $1.844 Million as of December 31, 2011;

NEW ORLEANS, Nov. 20, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a growth-oriented energy company in the oil and gas industry, today reported financial results for the third quarter and nine months ended September 30, 2012.

Revenue for the nine months ended September 30, 2012 increased to $145,770 versus $102,555 in the same period a year earlier.  Revenues for the three months ended September 30, 2012 increased to $75,667 from $48,693 for the same period a year earlier.

Net loss for the third quarter of 2012 was $6,222,618 or ($0.01) per diluted share versus a loss of ($420,925) or ($0.00) for the third quarter of 2011.  Net loss for the first nine months of 2012 was $8,019,633 or ($0.01) per diluted share, versus a net loss of $4,614,482 or ($0.01) per diluted share for the comparable period in 2011. Losses were mainly attributed to the difference in trading value booked on stock based compensation issued at a discount.

Shareholders' Equity made an impressive 300% reversal to the upside, from a negative of ($463,785) at December 31, 2011, to a positive Shareholders' Equity of $$928,075 at September 30, 2012. 

Other Financial Highlights:

  • Total Assets increased to $3.898 million, an increase of 111% at September 30, 2012, from $1.844 million at December 31, 2011.
  • Additional Paid In Capital rose to $15.997 million, an increase of 83% at September 30, 2012, from $8.731 million at December 31, 2011.
  • Total Stockholders' Equity increased 300% to a positive $928,075 at September 30, 2012, from the Company's negative net worth of $400,813 at December 31, 2011.
  • Proved Producing Oil Reserves increased 1,712% to $1.912 million at September 30, 2012 from $105,494 at December 31, 2011.

Operational and Other Highlights:

  • In Texas the Company has secured a funding commitment of $2,100,000 to drill an additional 20 wells once the McComas –A- 20 well is placed into production. We expect to be in full production, as well as have BOPD results in the next 2 weeks.  We are in the process of permitting at least 2 additional wells on the McComas lease and will begin drilling immediately once permits are approved. We estimate that we will be able to place the additional 2 wells into production during the first quarter of 2013.
  • We plan to commence the drilling of the first 2 shallow Wooldridge wells, which are already permitted, the week of December 1st, 2012.  Once the first two wells are placed into production the remaining financing will be available and we will begin the process of permitting and drilling the remaining 10 wells in the project.  We expect this project to be fully completed in early 2013, and add an estimated 100 BOPD in production.
  • We have already chosen our location on our 81 acre Elora farm out next to the Sabine river. Once the survey and permit are completed we will start (that should take about 2 weeks). This drill will be approximately 3500 feet. It will also be a horizontal drilling into the Fredricksburg zone. There was a well drilled there in 2007. That well owner only had the rights below 5000ft. They wire lined the entire well and we now have those logs in our possession and will drill where the existing pad is. This will allow us to avoid the pad setup expense. Also having 50k worth of logs should allow us to navigate into the zone with success. If we have a successful oil well (our goal) we will drill again from this pad into the Saratoga zone.
  • The San Juan #1 and #2 wells have been drilled to total depths of 2240 ft. and 1293 ft.  Completion Operations are currently underway and once finalized the wells will be flow tested and placed on production. Treaty is in the process of permitting two additional wells in the Stann Creek area, one of these wells is scheduled to be drilled in the fourth quarter with the second well to follow in the first quarter. Lessons learned on the #1 and #2 wells should allow Treaty to drill and complete these next two wells more efficiently.

The third quarter of 2012 was very challenging for the company and we had many hurdles to overcome before we were able to refocus on development and redevelopment of our existing properties.  Our efforts are beginning to pay off as we are starting to see a steady sustainable growth rate in our work over projects. We acknowledge that Treaty has fallen behind in our projections from a year ago, but believe we have taken the necessary steps that will enable us to meet those original goals for 2013.

A complete copy of the Form 10Q can be viewed at the following link:

http://www.sec.gov/cgi-bin/browse-edgar?company=treaty+ener&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

Forward-Looking Statements:
Statements herein express management's beliefs and expectations regarding future performance and are forward-looking and involve risks and uncertainties, including, but not limited to, raising working capital and securing other financing; responding to competition and rapidly changing technology; and other risks.  These risks are detailed in the Company's filings with the Securities and Exchange Commission, including Forms 10-KSB, 10-QSB and 8-K.  Actual results may differ materially from such forward-looking statements.

Contact:
Investor Relations
Lee Schlesinger
Tel: 504-599-5665
Fax: 504-324-0844

SOURCE Treaty Energy Corporation

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
BnkToTheFuture.com is the largest online investment platform for investing in FinTech, Bitcoin and Blockchain companies. We believe the future of finance looks very different from the past and we aim to invest and provide trading opportunities for qualifying investors that want to build a portfolio in the sector in compliance with international financial regulations.
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
"IBM is really all in on blockchain. We take a look at sort of the history of blockchain ledger technologies. It started out with bitcoin, Ethereum, and IBM evaluated these particular blockchain technologies and found they were anonymous and permissionless and that many companies were looking for permissioned blockchain," stated René Bostic, Technical VP of the IBM Cloud Unit in North America, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Conventi...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
We are given a desktop platform with Java 8 or Java 9 installed and seek to find a way to deploy high-performance Java applications that use Java 3D and/or Jogl without having to run an installer. We are subject to the constraint that the applications be signed and deployed so that they can be run in a trusted environment (i.e., outside of the sandbox). Further, we seek to do this in a way that does not depend on bundling a JRE with our applications, as this makes downloads and installations rat...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Digital Transformation (DX) is not a "one-size-fits all" strategy. Each organization needs to develop its own unique, long-term DX plan. It must do so by realizing that we now live in a data-driven age, and that technologies such as Cloud Computing, Big Data, the IoT, Cognitive Computing, and Blockchain are only tools. In her general session at 21st Cloud Expo, Rebecca Wanta explained how the strategy must focus on DX and include a commitment from top management to create great IT jobs, monitor ...
"Cloud Academy is an enterprise training platform for the cloud, specifically public clouds. We offer guided learning experiences on AWS, Azure, Google Cloud and all the surrounding methodologies and technologies that you need to know and your teams need to know in order to leverage the full benefits of the cloud," explained Alex Brower, VP of Marketing at Cloud Academy, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clar...
The IoT Will Grow: In what might be the most obvious prediction of the decade, the IoT will continue to expand next year, with more and more devices coming online every single day. What isn’t so obvious about this prediction: where that growth will occur. The retail, healthcare, and industrial/supply chain industries will likely see the greatest growth. Forrester Research has predicted the IoT will become “the backbone” of customer value as it continues to grow. It is no surprise that retail is ...