NEW ORLEANS, June 13, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (www.treatyenergy.com), an international energy company, today reported fiscal results for the year ended December 31, 2011.
Revenue for the twelve months ended December 31, 2011 increased to $116,241 from $448 in the same period a year earlier. These revenues are from nominal oil production from certain of the company's leases in Texas.
Net loss for the twelve months of 2011 was $7,209,970, or $(0.01) per diluted share, an increase of $6,440,291, from a net loss of $769,679, or nil per diluted share, for the comparable period in 2010.
Stockholders' Deficit made an improvement of $767,583 to a negative $463,785, from a negative of $1,231,368 at December 31, 2010.
Other 2011 Financial Highlights:
- Total Assets increased to $1.84 million at December 31, 2011, an increase of 625% from $254 thousand a year earlier.
- Additional Paid In Capital increased to $8.73 million at December 31, 2011, an increase of 1,556% from $527 thousand a year earlier.
- Net Oil & Gas Properties increased to $1.17 million at December 31, 2011, an increase of 363% from $252 thousand a year earlier.
- The Company secured a funding commitment of $700,000 in December 2011 for a 12-Well Drilling Program (500 – 600 ft wells) on the Wooldridge leases in Texas, and recently increased the funding commitment by $1,450,000 to a total of $2,150,000 to now include an additional 9-Well Drilling Program (2,300 – 3,000 ft wells).
Operational and Other 2011 Highlights:
- On April 1, 2011 Treaty Energy announced it has purchased C&C Petroleum Management LLC, an Indiana company, with oil and gas properties in the Fertile Texas 7B Oil District. This was the beginning of the building of the Company's Texas oil field operations that now includes fifteen leases over 2,200 acres.
- On April 12, 2011 Treaty Energy announced the purchase of additional producing oil and gas leases in the Shackelford County Regular Field, in the Texas 7B Oil District.
- On Aril 20, 2011 Treaty Energy announced it has acquired two additional leases in Texas, the Shotwell W. F. and the Shotwell "C" leases.
- On May 3, 2011 Treaty Energy announced the formation of Treaty Belize Energy, Ltd, a Belizean corporation, to handle all of Treaty's business activities in Belize.
- On May 11, 2011 Treaty Energy announced that it has established Treaty Energy Drilling, LLC, a Texas company, as a wholly-owned subsidiary. Treaty Energy Drilling, LLC will be drilling wells for independent operators and begin drilling wells for Treaty's newly acquired oil leases in Texas and Belize.
- On May 23, 2011 Treaty Energy announced that it acquired eight oil & gas leases in Texas, referred to as the "Great-8 Leases", adding another 1,347 acres to Texas lease holdings. With these new leases, Treaty had 1,787 acres under lease in Texas that are spread over 13 leases.
- On August 31, 2011 Treaty Energy announced it has purchased the Mach H. Wooldridge and Eula E. Wooldridge oil & gas leases located in Shackelford County, Texas. The addition of these two leases brings our Texas holdings to 15 leases on 2,067 acres, and many new drilling opportunities.
- On November 15, 2011 Treaty Energy announced the appointment of Bruce Gwyn, a Director, to Co-CEO of the Company and Lee C. Schlesinger to Director, Executive Vice President and Chief Investment Officer.
- On September 14, 2011 representatives of the Board of Directors of the Treaty Charitable Trust, the philanthropic division of Treaty Energy Corporation, officially announced at a press conference at the Matalon Business Center in Belize City the establishment of the BELIZEAN NATIONAL LEADERSHIP FUND (BNLF).
Andrew V. Reid, Chairman & Co-CEO of Treaty Energy Corporation, stated, "2011 was our year of investment in the future that has positioned Treaty for growth. As an emerging oil and gas company, we have made great progress that will assure 2012 becomes the revenues and earnings breakout year for our shareholders."
Mr. Reid added, "Treaty is moving ahead as an international oil and gas company with active drilling programs in the start up process in Texas and Belize. We anticipate exciting progress from these programs as we move toward the end of Q2 of 2012. We see Treaty becoming a strong, profitable revenue producing company during the last two quarters of this year and beyond."
The complete Form 10-K filing for the period ended December 31, 2011 can be viewed at the following link: http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8671230
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