Past year: ▲ 6109900%(0.00c – 8.35 USD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Apr 2015business combination● Neutral
This amendment to the April 27 notice changes only one thing: the liability described under Legal Proceedings is corrected to approximately $1,800,000 after a typo. The board additions, the increase in authorized shares to 2,250,000,000 and the expected May 7, 2015 effective date are unchanged. The excerpt doesn't say who the liability is owed to.
27 Apr 2015business combination● NeutralMajor
This is the definitive version of the April 10 notice, with the same terms: three new directors (Glasco, Hickey, Taylor) join the two current directors after a 10-day wait, and authorized common shares rise from 1,950,000,000 to 2,250,000,000, with 1,947,554,895 shares issued. The effective date is now expected around May 7, 2015, and the filing says the Texas Sands Resources preferred certificate has been returned. The new board's stated intent is to first stabilize the company and then work to create oil and gas production and raise revenue. No shareholder vote is needed.
10 Apr 2015business combination● NeutralMajor
The company (Treaty Energy) said that on March 13, 2015 its two directors, Christopher Tesarski (CEO/President, in control since about August 1, 2014) and Andrew Kramer (Secretary/Counsel), voted to add three new directors (Oral Glasco, John J. "Sean" Hickey, David Taylor), taking the board to five once the notice has been sent and 10 days have passed. It also says holders of 53.31% of the common stock (37 shareholders) approved raising authorized common shares from 1,950,000,000 to 2,250,000,000; 1,947,554,895 are already issued, so the increase leaves room for more shares to be issued (inference: possible dilution). No shareholder vote is requested. Tesarski's $66,000 of funding since he joined the board in May 2014 produced no shares, and a 1,000-share preferred certificate issued to his LLC Texas Sands Resources over a terminated lease purchase is being returned. This is a preliminary version, with the increase expected to take effect about April 31 (as written in the filing).
5 Oct 2012material agreement● Neutral
On October 1, 2012 the company bought seven leases in Sabine Parish, Louisiana (1,152.6 acres, 50 wells available for rework) and all shares of the operator J.L. Shoalmire Operating Company, Inc. from Wiljam Resources, LLC for $379,832. It paid $51,820 in cash and the remaining $328,012 by promissory note. This is the company's first Louisiana acreage in these filings.
7 Sept 2012material agreement● NeutralMajor
On August 15, 2012 the company agreed to buy the Madeley, Lakeshore and Hill leases in Shelby County, Texas from 3K Oil Trust for $3,020,000, closed September 5, 2012, paid in cash and common stock. This is a narrower and cheaper deal than the $1.2M cash plus $6M stock package in July (the Chumley lease isn't mentioned); the filing doesn't explain the change.
17 July 2012material agreement● NeutralMajor
On July 11, 2012 Rampant Leon Financial Corporation, an entity affiliated with Treaty, assigned to Treaty, for no payment, its May 30, 2012 deal with Jimmy Jones and 3K Oil Trust to buy four leases in Shelby County, Texas (about 580 gross acres in total). The price is $1.2 million cash plus $6 million of common or convertible preferred stock, with $50,000 already paid and the rest due by August 15, 2012. Paying in stock would dilute existing holders.
7 May 2012debt financing● NeutralMajor
On April 25, 2012 the company amended the March loan to cover nine wells instead of five, raising the total to $1,450,000 (initial $290,000 still tied to two producing shallow wells). The pledged shares double to 40,000,000 from a third party; interest stays 12% and the 5% royalty now applies to nine wells. The press release says it bought a Wilson Mogul 42 S/D rig to drill them and calls both programs fully funded; actual advances depend on the lender's satisfaction with results.
3 Apr 2012debt financing● NeutralMajor
On March 27, 2012 the company agreed a second loan from the same private lender, up to $725,000, to drill five wells on the Wooldridge leases. An initial $290,000 is advanced once two shallow wells under the November twelve-well deal are completed; further amounts are at the lender's discretion. Terms mirror the earlier loan: 12% interest paid quarterly, 20,000,000 shares pledged by a third party, and a 5% overriding royalty on the five wells. The press release says it is also acquiring a deeper-capable rig and lists Bruce Gwyn as Co-CEO with Andrew Reid.
8 Mar 2012material agreement● Neutral
On March 6, 2012 the company hired RedRock Exploration, Inc. for management, geological, mud-logging and post-drilling support on its Belize Exploration Project, at $12,000 a month plus expenses. This continues the Belize effort and adds a fixed monthly cost.
6 Dec 2011material agreement● Neutral
On November 25, 2011 the company amended its deal with Search Energy for the two Wooldridge leases in Shackelford County. Price rises from $160,000 to $170,000, the company gets immediate access to begin drilling, and payments are $10,000 deposit, $40,000 paid November 25, then four $30,000 payments from December 25, 2011. The filing's month list says 2011 for January to March, which appears to be a typo (inference). This follows the August agreement.
16 Nov 2011debt financing● NeutralMajor
On November 11, 2011 the company agreed a loan of up to $700,000 from a private lender to drill twelve wells on its Wooldridge lease in Texas. Only $150,000 is advanced up front; the rest depends on two producing wells being drilled, with full funding before March 15, 2012. Notes carry 12% interest paid quarterly, the loan is secured by 20,000,000 unrestricted Treaty shares from a third-party shareholder, and the lender gets a 5% overriding royalty on the twelve wells. This is new debt for the company.
23 Sept 2011material agreement● NeutralMajor
On September 15, 2011 the company signed a definitive deal to buy all of Paradise Energy, Ltd. from its two shareholders, replacing the August letter of intent with new terms: 4,000,000 Treaty common shares plus $162,000 cash paid over three years at $4,500 a month. The sellers also get overriding royalties (11%, 6%, and now 2% above 20,000 barrels a day, up from 1%) and two board seats, versus one in the letter. Closing is set for September 30, 2011; the new shares dilute existing holders.
31 Aug 2011material agreement● Neutral
On August 4, 2011 the company agreed to buy the Mack H. Wooldridge and Eula E. Wooldridge leases in Shackelford County, Texas, plus operating rights and some equipment, from Search Energy for $160,000. The first $10,000 has been paid and closing is due by November 30, 2011. This adds to the company's growing set of Texas leases.
30 Aug 2011material agreement● NeutralMajor
On August 11, 2011 the company signed a letter of intent to buy all shares of Paradise Energy, Ltd. for $120,000 of restricted Treaty stock (at the lesser of $0.04 a share or a 40% discount to the 30-day average price), plus overriding royalties of 11%, 6% and 1% on tiers of daily production. Paradise's shareholders would get a board seat and consult on Belize operations for a year, with closing due by October 31, 2011. This links to the existing Belize project; issuing shares would dilute current holders.
27 May 2011material agreement● NeutralMajor
On May 19, 2011 the company agreed to buy eight more Texas oil and gas leases (1,347 acres) from Richard C. Houston, Jr. and Karico, LP for $700,000: $50,000 due May 31, 2011 and the rest on a one-year note with monthly payments of $55,644.86. The leases have 13 producing wells, 18 shut-in wells, 12 injection wells and 4 water supply wells. The press release says current output is about 20 barrels a day and the company holds 13 Texas leases on 1,787 acres, targets 900-1000 barrels a day by year end, and names Stephen York as President and COO; these are management projections, not results.
21 Apr 2011material agreement● Neutral
On April 20, 2011 the company agreed to buy the Shotwell W.F. and Shotwell "C" leases and equipment from Adam Earnest for $170,000: $50,000 down and $120,000 at closing on May 25, 2011. The leases have two producing wells, one flowing well and one injection well. The press release gives current production of 4.18 barrels of oil per day and says the 138 acres have 30 or more undrilled well sites. This adds to the Texas leases bought in the C&C deal.
20 Apr 2011material agreement● Neutral
On April 15, 2011 the company agreed to buy a truck-mounted drilling rig, equipment and inventory from BMR Drilling, Inc. of Fort Worth, Texas for $180,000: $60,000 at closing and $120,000 over 60 days. The press release says the company will use the rig for its own drilling on its new Texas leases and for outside jobs.
5 Apr 2011material agreement● NeutralMajor
On March 31, 2011 the company bought all the assets of C&C Petroleum Management, LLC, which owns and operates 21 oil wells on 3 West Texas leases (over 160 acres), for $600,000. The price is $350,000 in cash and $250,000 in stock: 6,000,000 common shares valued at $70,000 and 36,000 preferred shares valued at $180,000, convertible at 3, 5 and 10 cents. Cash is paid $50,000 at closing, $50,000 by April 25, then $25,000 a month from May 25, 2011. Issuing shares dilutes existing holders. The press release says C&C's owner Stephen York joins as Vice President of Acquisitions and Operations, and mentions Treaty's Belize and Kansas assets.
5 Apr 2011financial restatement▼ BadMajor
This amendment revises the March 31 non-reliance notice. The company now says the right treatment is to increase interest expense by $100,000 and liabilities by the same amount plus accrued interest, not to raise the Belize property basis. It also says the buyers of the 20,000,000 shares were other investors, not Princess Petroleum's principals as first stated. The correction will go into the 2010 annual report.
31 Mar 2011financial restatement▼ BadMajor
On March 30, 2011 the board concluded the June 30 and September 30, 2010 quarterly reports should no longer be relied upon. The company had recorded its Belize joint venture with Princess Petroleum Limited at $100,000, shown as paid by a principal shareholder. It found that shareholder sold 20,000,000 shares and the company agreed to repay $100,000, plus a further $100,000 promissory note. It said it would raise the Belize basis to $200,000 and correct this in the 2010 annual report. A later amendment changes this treatment.
12 Jan 2010material agreement● NeutralMajor
On December 31, 2009 the Town Oil purchase was amended. The price stays $6,000,000 but Town Oil keeps a 5% overriding royalty interest. Treaty stock worth $900,000 goes into escrow, returned at closing or forfeited to Town Oil on default. From February 1, 2010 Town Oilfield Services is operator, and oil proceeds go into a joint account split 50-50, which Treaty intends to use to pay for the leases. The closing is pushed from December 31, 2009 to September 30, 2010 (extendable by Treaty to December 31, 2010). This shows the deal missed its original closing date, and the filing does not say the $3,000,000 cash or bank financing was obtained.
14 Oct 2009material agreement termination● NeutralMajor
On October 7, 2009 the company agreed to buy oil and gas leases from Town Oil Company, Inc. for $6,000,000: $3,000,000 cash at closing and the rest as a seller note at 3% interest, repaid by crediting 5% of the leases' production. Closing was due before December 31, 2009, and the company expects to obtain bank financing for the cash portion. The press release describes 54 leases in Kansas. The same filing ends the Vago #1 purchase from HighGround; the press release says it was rescinded because Treaty could not get the information needed for its financial statements. This reverses the July 2009 Vago deal. The press release also says the Baker and Taylor lease deals are delayed and the SAGO lease relationship is ending.
4 Aug 2009material agreement● Neutral
On July 30, 2009 the company agreed to buy the Vago #1 oil and gas lease in Taylor County, Texas (212 acres, two productive well bores needing repairs) from HighGround of Texas, LLC for $175,000, paid in 7,000,000 new Treaty shares (implied $0.025 per share). Closing was set for August 10, 2009. Issuing the shares would dilute existing holders. The press release says the deal was first announced as a letter of intent on January 9, 2009.
23 Mar 2009listing compliance notice▼ Bad
Trimerica Energy Corp withdrew a registration statement, abandoning the offering it covered.
17 Mar 2009asset acquisition disposition● Neutral
An amended filing repeating the Treaty Petroleum reverse merger and adding a business description and risk factors. It states the company owns a 100% working interest and a 68% revenue interest in two Crockett County, Texas oil leases with four oil wells and one water disposal well. The earlier March 2009 filing said 70% royalty interest, so the percentage differs. It again gives December 12 as the agreement date (the original filing said December 24) and says Treaty agreed to assume the $500,000 of debt. It states pro forma statements are omitted because the old Alternate Energy assets were spun off before the merger. The text repeats 2008 and 2007 net losses of $241,514 and $183,350 and the need for substantial additional financing.
12 Mar 2009asset acquisition disposition● NeutralMajor
This follow-up filing, under the new name Treaty Energy Corporation (symbol changed from ARGY to TECO), completes the Treaty Petroleum reverse merger and includes the business description. The company says it holds a 100% working interest and 70% royalty interest in two oil leases in Crockett County, Texas with four oil wells, and that the old Alternate Energy assets were spun off before the merger. It reports net losses of $241,514 for 2008 and $183,350 for 2007, and says it needs substantial extra financing and is evaluating strategic alternatives. Note that this filing says Treaty agreed to assume the $500,000 of debt and gives December 12 as the agreement date, while the earlier filing gave December 24 as the date.
31 Dec 2008material agreement● NeutralMajor
On December 24, 2008 the company completed a merger in which Treaty Petroleum Inc., a Texas oil and gas company, merged with a subsidiary of the company. Treaty is to pay $500,000 of the company's debts and management forgives $449,392. The company will reverse-split its shares 8.032633:1 and then issue 414,000,000 new shares to Treaty's shareholders, which will heavily dilute existing holders. Treaty is described as owning 743 acres in an established field, 116 acres of which are proven productive. The old board (Blaine Froats, Sean Froats, Jack Wasserman) resigned and Rhonda Hyatt (president), David Hallin and Gary Dunham took over. This moves the company from the heat-to-power technology business into oil and gas.
11 Feb 2008auditor change▼ Bad
On February 7, 2008 the board dismissed Danziger Hochman Partners LLP as auditor and hired McElravy, Kinchen & Associates, PC to audit the 2007 financial statements. Danziger's reports for 2005 and 2006 both included a 'going concern' warning, and the filing reports no disagreements.
16 Sept 2005material agreement● Neutral
An amended version of the March 2005 convertible note report. The one change shown is that the Class B warrants now carry a fixed price of $0.276 per share, instead of 70% of the recent average closing bid price. The $1.5 million notes and other terms are otherwise as before.
15 Mar 2005material agreement● NeutralMajor
On March 2, 2005 the company sold $1,500,000 of 6% convertible notes to investors in a private placement. The notes convert at 70% of the recent average bid price, with a floor of $0.15 and ceiling of $0.35 per share. The deal includes Class A warrants at $0.40 and Class B warrants for up to a further $1.5 million of shares, plus warrants for the placement agent Westor Online. This brings in cash but could dilute shareholders if the notes and warrants are converted or exercised.
