On two consecutive days, Treaty Energy Corporation (PINK:TECO) has issued two press releases, each of them giving the price more than a 20% boost.
To be more accurate, yesterday TECO gained 27.79% and closed at $0.0607 with a volume of 6.3 million shares.
This happened after the company announced the completion of the acquisition of C&C Petroleum Management.[BANNER]
Andrew V. Reid, Chairman and CEO of TECO, revealed the acquisition had been paid in full as of June 25. The payment was done in a combination of cash and stock. The PR didn’t say why the company had put off the announcement until yesterday.
The previous PR said TECO had started selling oil through C&C Petroleum, and Stephen York, President and COO of TECO, stated “…we are projecting monthly oil production for August to be about 1000 BBLS…”
If those projections turn out to be true, TECO shareholders could be in for a treat. For now, however, these are just projections. Nevertheless, traders seem to be very excited about the possibility, as the market shows.
