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| | Business Summary: Tidelands Oil & Gas Corporation engages in the development and operation of transportation and storage infrastructure for natural gas in South Texas and the Northern Mexican states of Tamaulipas and Nuevo Leon. | | | Address
1862 West Bitters Road
San Antonio
, TX 78248-1809
Phone: 210-764-8642
Website: http://www.tidelandsoilandgas.com
| | | Transfer Agent |
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Signature Stock Transfer, Inc.
| Employees: 6
| Founded: 1997
Domicile: Nevada | | | |
| | Tidelands Oil & Gas Corporation engages in the development and operation of transportation and storage infrastructure for natural gas in South Texas and the Northern Mexican states of Tamaulipas and Nuevo Leon. It also engages in the receipt and regasification of liquefied natural gas in the offshore waters of Southern California. The company, formerly C2 Technologies, Inc., was founded in 1997 and is based in San Antonio, Texas. | | History: INCORPORATED in Nevada Feb. 25, 1997 as C2 Technologies, Inc. Name changed to Tidelands Oil & Gas Corp. Nov. 19, 1998.
November 1, 2004, through a subsidiary, entered into an asset purchase and sale agreement with Oneok Propane Distribution Company, a division of ONEOK Propane Company. The company purchased the assets of this division for $2.0 million with an effective date of Oct. 1, 2004. The assets consisted of propane distribution systems, including gas mains, yard lines, meters and storage tanks, serving various residential subdivisions in the Austin, TX area. | | | | Subsidiaries: |
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Arrecefe Management LLC
Marea Associates, L.P
Rio Bravo Energy LLC
Sonora Pipeline LLC
Terranova Energia, S.de R.L. de C.V.
Tidelands Exploration and Production Corporation
| | | | | | Capital Expenditures, thousand. US Dollars |
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| Year | Amount | | 2007 | 1,987 |
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Management
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| Officers | Position |
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| James B. Smith | President, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer | | Ahmmed Karim | Secretary |
| | Directors |
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| Carl Hessel | | Ahmmed Karim | | James B. Smith | | | |
| | | | Capitalization as of 03/31/2008: | | | | | Authorized Shares | Outstanding Shares |
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| Common $0.001 par | 250,000,000 | 108,226,836 |
| | | | LONG TERM DEBT: None. | | | | Common $0.001 par | | | | |
Transfer Agent: Signature Stock Transfer, Inc.
Plano
, TX | | | | OTC Bulletin Board( Primary): TIDE | | | | Exchange | Year | High | Low |
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| OTC Bulletin Board | 2008 | 0.1500 | 0.0000 | | OTC Bulletin Board | 2007 | 0.3800 | 0.0900 | | OTC Bulletin Board | 2006 | 1.1800 | 0.3010 | | OTC Bulletin Board | 2005 | 2.5900 | 0.7600 | | OTC Bulletin Board | 2004 | 4.4500 | 0.6050 | | OTC Bulletin Board | 2003 | 2.5800 | 0.1550 | | OTC Bulletin Board | 2002 | 1.2300 | 0.1200 | | OTC Bulletin Board | 2001 | 1.8100 | 0.1550 | | OTC Bulletin Board | 2000 | 1.8100 | 0.2500 | | OTC Bulletin Board | 1999 | 4.0000 | 0.3750 |
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| | | | DIVIDENDS: Common $0.001 par: None. | | | | | |
| | Annual Report |
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| | | Income Statement | |
| 2007 | 2006 |
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| Revenues: |
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| | Gas Sales and Pipeline Fees | $- | $- | | Total Revenues | - | - | | Costs and Expenses: |
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| | Depreciation | 25,072 | 25,760 | | Selling, General and Administrative - Related Parties | 3,638,000 | - | | Selling, General and Administrative | 4,537,635 | 5,856,101 | | Reserve for Litigation | - | 2,250,000 | | Total Costs and Expenses | 8,200,707 | 8,131,861 | | Loss From Operations | (8,200,707) | (8,131,861) | | Other Income (Expense): |
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| | Loss on Sale of Assets | - | (1,407) | | Interest Expense | (1,064,510) | (3,404,149) | | Interest and Dividend Income | 997 | 106,198 | | Miscellaneous | 162,103 | (6,863) | | Other Income (Expenses) | (901,410) | (3,306,221) | | Net Loss from Continuing Operations | (9,102,117) | (11,438,082) | | Net Loss from Discontinued Operations | (2,732,216) | (398,843) | | Net Loss | $(11,834,333) | $(11,836,925) | | Net Loss Per Common Share: Basic and Diluted |
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| | Net Loss from Continuing Operations | $(0.09) | $(0.14) | | Net Loss from Discontinued Operations | (0.03) | (0.01) | | Total | $(0.12) | $(0.15) | | Weighted Average Number of Common |
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| | Shares Outstanding, Basic and Diluted | 99,745,829 | 80,475,359 | | See Accompanying Notes to Consolidated Financial Statements |
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| | Operating Income As Calculated |
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| | Depr. and Amort. |
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| | Fixed Charges Coverage: |
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| | Available for Fixed Charges |
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| | Gross Fixed Charges |
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| | Fixed Charges Times Earnings |
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| | Fixed Charges Coverages and Preferred Dividends Times Earnings |
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| | Capital Expenditures |
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| | Research & Development Expenditures |
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| | | | Balance Sheet | |
| 2007 | 2006 |
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| Current Assets: |
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| | Cash | $5,794 | $257,015 | | Accounts and Other Receivable | 7,116 | 4,692 | | Prepaid Expenses | 177,099 | 55,546 | | Current Portion of Assets of Discontinued Operations -Held for Sale | 734,713 | 671,519 | | Total Current Assets | 924,722 | 988,772 | | Property Plant and Equipment, Net of accumulated depreciation of $81,202 and $56,129, |
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| | respectively - Continuing Operations | 2,953,661 | 4,812,632 | | Property Plant and Equipment, Net - Discontinued Operations -Held for Sale | 4,118,666 | 7,551,727 | | Total Property, Plant and Equipment, Net | 7,072,327 | 12,364,359 | | Investment in Affiliate | 2,809,801 | - | | Other Assets: |
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| | Deposits | 200,379 | 53,800 | | Cash Restricted | 43,467 | 26,447 | | Deferred Charges | - | 565,221 | | Goodwill | 800,428 | 800,428 | | Non-Current Portion of Assets of Discontinued Operations - Held for Sale | 386,048 | 387,612 | | Total Other Assets | 1,430,322 | 1,833,508 | | Total Assets | $12,237,172 | $15,186,639 | | LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) |
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| | Current Liabilities: |
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| | Current Maturities - Note Payable | $7,533,039 | $225,000 | | Accounts Payable and Accrued Expenses | 1,985,829 | 1,195,334 | | Reserve for Litigation | 2,250,000 | 2,250,000 | | Current Portion of Liabilities of Discontinued Operations -Held for Sale | 743,380 | 429,418 | | Total Current Liabilities | 12,512,248 | 4,099,752 | | Long-Term Debt | - | 8,934,294 | | Total Liabilities | 12,512,248 | 13,034,046 | | Commitments and Contingencies | - | - | | Stockholders' Equity (Deficit): |
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| | Common Stock, $.001 Par Value per Share, |
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| | 250,000,000 Shares Authorized, 108,226,836 and 86,457,922 |
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| | Shares Issued and Outstanding at 2007 and 2006, respectively | 108,227 | 86,459 | | Additional Paid-in Capital | 55,868,098 | 46,703,202 | | Subscriptions Receivable | - | (220,000) | | Accumulated Deficit | (56,251,401) | (44,417,068) | | Total Stockholders' Equity (Deficit) | (275,076) | 2,152,593 | | Total Liabilities and Stockholders' Equity (Deficit) | $12,237,172 | $15,186,639 | | See Accompanying Notes to Consolidated Financial Statements |
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| | Net Working Capital |
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| | Equity per Share |
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| | Depr. and Amort. Reserve |
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| | Preferred Shares Issued |
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| | Common Shares Issued |
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| | Treasury Shares - Preferred |
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| | Treasury Shares - Common |
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| | Interim Report
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| | | Data Not Available | | | | | | | | | |
| | Pro Forma Report
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| | | Data Not Available | | | | | | | | | |
| | Quarterly Report Information
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| | | Quarterly Revenue, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | 50,000 | | 2008 |
2 | 30,000 | | 2008 |
3 | 30,000 | | 2007 |
1 | 1,100,000 | | 2007 |
3 | 390,000 | | 2006 |
1 | 800,000 | | 2006 |
2 | 410,000 | | 2006 |
3 | 370,000 | | 2006 |
Full Year
| 2,220,000 | | 2005 |
1 | 630,000 | | 2005 |
2 | 340,000 | | 2005 |
3 | 250,000 | | 2005 |
Full Year
| 1,860,000 | | 2004 |
1 | Nil | | 2004 |
2 | 510,000 | | 2004 |
3 | 820,000 | | 2004 |
Full Year
| 1,880,000 | | 2003 |
1 | 10,000 | | 2003 |
2 | 10,000 | | 2003 |
3 | 100,000 | | 2003 |
Full Year
| 180,000 |
| | | | | | Quarterly Net Income, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (2,860,000) | | 2008 |
2 | (1,140,000) | | 2008 |
3 | (1,620,000) | | 2007 |
1 | (2,450,000) | | 2007 |
3 | (880,000) | | 2006 |
1 | (1,700,000) | | 2006 |
2 | (1,960,000) | | 2006 |
3 | (3,780,000) | | 2006 |
Full Year
| (11,836,900) | | 2005 |
1 | (1,240,000) | | 2005 |
2 | (2,000,000) | | 2005 |
3 | (1,080,000) | | 2005 |
Full Year
| (7,662,900) | | 2004 |
1 | (1,530,000) | | 2004 |
2 | (2,250,000) | | 2004 |
3 | (1,310,000) | | 2004 |
Full Year
| (6,517,200) | | 2003 |
1 | (310,000) | | 2003 |
2 | (270,000) | | 2003 |
3 | (280,000) | | 2003 |
Full Year
| (2,882,200) |
| | | | | | Quarterly EPS, US$ |
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| Year | Quarter | Revenue | | 2008 |
1 | (.02) | | 2008 |
2 | (.01) | | 2008 |
3 | (.01) | | 2007 |
1 | (.03) | | 2007 |
3 | (.01) | | 2007 |
Full Year
| (.09) | | 2006 |
1 | (.02) | | 2006 |
2 | (.03) | | 2006 |
3 | (.05) | | 2006 |
Full Year
| (.15) | | 2005 |
1 | (.02) | | 2005 |
2 | (.03) | | 2005 |
3 | (.01) | | 2005 |
Full Year
| (.11) | | 2004 |
1 | (.03) | | 2004 |
2 | (.03) | | 2004 |
3 | (.02) | | 2004 |
Full Year
| (.12) | | 2003 |
1 | (.01) | | 2003 |
2 | (.01) | | 2003 |
3 | (.01) | | 2003 |
Full Year
| (.07) |
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