This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Treaty Energy Corporation Reports Results For Third Quarter Of 2013

Stocks in this article: TECO

NEW ORLEANS, Jan. 22, 2014 /PRNewswire/ -- Treaty Energy Corporation (OTCQB: TECO) (, an international energy company, today reported results for its third quarter ended September 30, 2013. The third quarter highlights the first quarter gains from new oil and gas field development operations.

(Logo: )

The third quarter is marked as the first quarter that revenues were recorded from Treaty Energy ("the Company") on the Company's Mitchell project in Tuscola, Texas.  From the two wells drilled, oil and gas revenues were at $79,322 with revenues extending into the fourth quarter. This 4.61% increase in revenues is the result of eliminating the Company's marginal well inventory (over 50 wells) and replacing the Company's inventory with two new operating wells, marking a successful revenue replacement and cost cutting move for the Company.

Total revenues for the nine months ended September 30, 2013 are up 34.33% to $221,984 and are expected to increase with further projects extending into the fourth quarter of 2013 and into the first quarter of 2014. 

In addition to replacing its marginal well inventory, the Company further reduced general and administrative costs to $435,173, down from $4,680,631, a decrease of 90.7% as compared to the three months ended September 30 a year earlier. The general and administrative costs for the nine months ended September 30, 2013 of $4,393,226 are reduced by 25.35% as compared to the same nine months of the prior year. 

Total expenses for the three months ended September 30, 2013 declined 71.68% to $1,452,851 from $5,130,780 as compared to the same three months of the prior year. Total expenses also declined 11.51% to $6,100,530 as compared to the same nine months of the prior year.

The total operating loss for the third quarter was down to $1,373,529 as compared to $5,055,113 for the same period a year earlier for a reduction of 72.83%. This is an indication that the Company is moving to a more efficient and streamlined operation. 

The Company showed a Net Income of $27,321 which was attributable to an adjustment in Derivative Liability expense.

On the subject of the third quarter financials, Chief Executive Officer of Treaty Energy, Andrew V. Reid stated, "The third quarter financials show a very clear picture for shareholders. Expenses are down across the board, revenues are equal to or slightly higher on a much smaller well inventory and new projects are underway. Treaty Energy is moving in the right direction with this new and successful transition to oil and gas field development."

Mr. Reid further explained the overall strategy for the Company, "Treaty Energy plans to keep true to its original plan to acquire and develop leases that are underutilized, but will bring in new business partners to limit liabilities and keep costs low to further move the Company quickly into a cash flow positive future."

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • 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 Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs