NEW ORLEANS, Nov 22, 2011 /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, 2011.
Revenue for the nine months ended September 30, 2011 increased to $215,912 from $1,570 revenues in the same period a year earlier. Revenues for the three months ended September 30, 2011 increased to $104,877 from $1,570 for the same period a year earlier. These revenues are from oil production and well drilling for independent oil companies.
Net loss for the third quarter of 2011 was $420,925, or nil per diluted share, a decrease from the Net loss of $482,871, or nil per diluted share, for the third quarter of 2010. Net loss for the first nine months of 2011 was $4,614,482, or $(0.01) per diluted share, an increase of $4,173,395, from a net loss of $441,087, or nil per diluted share, for the comparable period in 2010.
Shareholders' Equity made an impressive reversal to the upside, from a negative of $1,231,368 at December 31, 2010, to a positive Shareholders' Equity of 174% to $888,947 at September 30, 2011.Other Financial Highlights:
- Total Assets increased to $2.372 million, an increase of 834% at September 30, 2011, from $254 thousand at December 31, 2010.
- Additional Paid In Capital rose to $7.51 million, an increase of 1,325% at September 30, 2011, from $527 thousand at December 31, 2010.
- Total Stockholders' Equity increased to a positive $888,947 at September 30, 2011, an improvement of $2,120,315 from the Company's negative net worth of $1,231,368 at December 31, 2010.
- Proved Producing Oil Reserves increased to $1.15 million at September 30, 2011 from none at December 31, 2010.
- In Texas the Company has secured a funding commitment of $700,000 to drill an additional 12 wells and has indicated that the achievable potential of its fifteen Texas leases is now believed to be in excess of 5,000 BPD.