Yesterday Treaty Energy Corporation (PINK:TECO) officially confirmed it had struck oil on its San Juan #2 well in Belize. The press release sent the price of TECO flying.
About 15 minutes after the open TECO was up 100%. It topped out at $0.13 and by the end of the session the price had pulled back to $0.0825, closing up 79.35%. The average volume for TECO is 1.12 million; the volume for yesterday reached 46.3 million shares.
There were rumors going around since Friday, but they were not confirmed until yesterday’s press release.[BANNER]
Striking oil is definitely an exciting milestone for TECO and its shareholders, but there is still a long way to go to the 1,000 barrels per day by June.
Traders and shareholders may have to wait a while before they see what the San Juan #2 does for the financial state of TECO, and yesterday’s pullback clearly shows that.
At any rate, the news is huge, and it’s just the beginning. Whichever way the story goes from here, it will be an interesting one to follow.
