Treaty Energy Corporation reports results for third quarter and first nine months of 2012
Wednesday, Nov 21, 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.
SOURCE Treaty Energy Corporation
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