Quarterly / Earnings Reports
Treaty Details Q1 Restructuring, Asset Evaluation; Ups Revenue
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Treaty Energy Corporation has reported results for its first quarter ended March 31, 2013.
Revenue for the three months ended March 31, 2013 increased 58.9% to $138,617 from $57,016 revenues in the same period a year earlier. These revenues are from oil production from the Company's Texas leases and fulfilled drilling contracts from the Company's Texas-based drilling subsidiary, Treaty Energy Drilling, LLC.
Despite revenue increases, the net loss for the first quarter of 2013 was $3,897,839 or nil per diluted share, an increase from the net loss of $799,689, or nil per diluted share, for the first quarter of 2012. Increased losses were attributed to increased well operations and increased consulting costs on asset evaluations. Furthermore, depreciation on existing assets resulted in…
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