NEW ORLEANS, June 26, 2012 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) ( www.treatyenergy.com), an international energy company, today reported results for its first quarter ended March 31, 2012.
Revenue for the three months ended March 31, 2012 increased to $57,016 from $nil revenues in the same period a year earlier. These revenues are from oil production from its Texas leases.
Net loss for the first quarter of 2012 was $769,302 or nil per diluted share, an increase from the Net loss of $245,725, or nil per diluted share, for the first quarter of 2011.
Other Financial Highlights:
- Total Assets increased to $2.037 million, an increase of 398% at March 31, 2012 from $408 thousand a year earlier.
- Additional Paid In Capital rose to $9.7 million, an increase of 675% at March 31, 2012 from $1.25 million a year earlier.
- Total Stockholders' Equity improved to a negative $290 thousand at March 31, 2012, an improvement of $591 thousand from the Company's negative net worth of $881 thousand a year earlier.
- The Company secured a funding commitment of $1,450,000 in Q1-2012 for a 9-Well Drilling Program (2,300 – 3,000 ft wells) on its Texas leases, an increase from a $700,000 funding commitment announced in December 2011 for a 12-Well Drilling Program (500 – 600 ft wells) bringing the funding commitment to $2,150,000.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV