PR Newswire
NEW ORLEANS, Nov. 20, 2012
NEW ORLEANS, Nov. 20, 2012 /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, 2012.
Revenue for the nine months ended September 30, 2012 increased to $145,770 versus $102,555 in the same period a year earlier. Revenues for the three months ended September 30, 2012 increased to $75,667 from $48,693 for the same period a year earlier.
Net loss for the third quarter of 2012 was $6,222,618 or ($0.01) per diluted share versus a loss of ($420,925) or ($0.00) for the third quarter of 2011. Net loss for the first nine months of 2012 was $8,019,633 or ($0.01) per diluted share, versus a net loss of $4,614,482 or ($0.01) per diluted share for the comparable period in 2011. Losses were mainly attributed to the difference in trading value booked on stock based compensation issued at a discount.
Shareholders' Equity made an impressive 300% reversal to the upside, from a negative of ($463,785) at December 31, 2011, to a positive Shareholders' Equity of $$928,075 at September 30, 2012.
Other Financial Highlights:
Operational and Other Highlights:
The third quarter of 2012 was very challenging for the company and we had many hurdles to overcome before we were able to refocus on development and redevelopment of our existing properties. Our efforts are beginning to pay off as we are starting to see a steady sustainable growth rate in our work over projects. We acknowledge that Treaty has fallen behind in our projections from a year ago, but believe we have taken the necessary steps that will enable us to meet those original goals for 2013.
A complete copy of the Form 10Q can be viewed at the following link:
Forward-Looking Statements:
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.
Contact:
Investor Relations
Lee Schlesinger
Tel: 504-599-5665
Fax: 504-324-0844
SOURCE Treaty Energy Corporation
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