Treaty Energy Corporation Reports Results for Second Quarter and First Six Months of 2012
Revenue for the second quarter of 2012 was $13,087, a decrease from $69,530 a year earlier; Total Assets at June 30, 2012 were $2.18 million, an increase of 18.4% over Total Assets at December 31, 2011; Additional Paid In Capital increased 64% to $9.73 million at June 30, 2012, from $5.937 million a year earlier.
NEW ORLEANS, Aug. 15, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), a rapidly growing international energy company, today reported financial results for the second quarter and six months ended June 30, 2012.
Revenue from continuing operations for the second quarter of 2012 was $13,087 as compared to $69,530 in the second quarter of 2011, and for the first six months of 2012 revenue was $70,103 as compared to $69,530 for the first six months of 2011.
Total Comprehensive Loss for the second quarter of 2012 was $0.993 million, or $0.00 per diluted share, as compared to a loss of $3.947 million, or $(0.01) per diluted share for the second quarter of 2011. Total Comprehensive Loss for the first six months of 2012 was $1.793 million, or $(0.00) per diluted share, as compared to a loss of $4.193 million, or $(0.01) per diluted share, for the comparable period in 2010.
The following link will take you to Treaty Energy Corporation's Q2-2012 filing:
Other Financial Highlights:
- Total Assets increased to $2.18 million, an increase of 18.4% at June 30, 2012, from $1.84 million at December 31, 2011.
- Additional Paid In Capital rose to $9.73 million, an increase of 64% at June 30, 2012, from $5.937 million a year earlier.
- Treaty Energy Corporation completed the funding for their 9-well drilling program on existing leaseholds. The total amount of this project, which has now been fully funded, is $1,450,000. The first 5 of the 9-well program had previously been secured and the same investor group came back to complete the funding for the entire program. These 9-wells will be drilled to depths of 2,600 ft. to 3,000 ft. with expected oil production flow rates of up to 100 BOPD per well. Now both the 9-well and 12-well programs are completely funded.
- On June 21st Treaty announced that it received final approval from the Railroad Commission of Texas (RRC) of its drilling permit regarding a proposed new well to be drilled to a depth of about 1,900 ft on the McComas -A- Lease in Taylor County, Texas. This project is near completion.
Operational and Other Highlights:
- On July 9th Treaty announced the acquisition of four leases in Shelby County, TX: the CHUMLEY LEASE; the ISAIAH HILL, MADELEY, and ELLORA LEASES. Total acreage of the four Leases is 580 Acres.
- On July 10th Treaty announced that it met with the GOB Geology Department regarding San Juan #2 well to present and discuss the well logs, and then reported that the GOB is in agreement that the log shows three zones of interest, one each at 500 ft, 850 ft and 1200 ft. Based on these findings the GOB gave Treaty permission to perforate, acidize, and test the well for production.
- On July 12th George W. Warren, Jr, a Director of Tanjung Offshore, a Malaysia based company offering comprehensive services to the International Oil, Gas & Energy Industries, accepted appointment to the Board of Treaty Energy Corporation.
- On July 13th Treaty announced that the Madeley F 1H well was "certified" at 192 BOPD and 822 MCF of natural gas per day.
- On July 20th Treaty announced initial production results for the newly re-worked Lakeshore #1 well in Shelby County, Texas, with initial oil production of 37 BOPD
Andrew V. Reid, Chairman of Treaty Energy Corporation, stated, "We are in a very exciting time for all stakeholders in Treaty Energy. We see Q3-2012 as the 'breakout' quarter for our company. This is the quarter that Treaty makes the move from being a 'development stage' company to becoming an international oil & gas production company."
About Treaty Energy Corporation
Treaty, an international energy company, 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 and gas companies. This strategy allows Treaty to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
Treaty Energy Corporation (TECO) trades on the OTCQB, the marketplace for companies that are current in their SEC reporting requirements. Investors can find Real-Time quotes and market information for Treaty Energy at http://www.otcmarkets.com/stock/TECO/quote
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.
SOURCE Treaty Energy Corporation
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