OTC Bulletin Board S & P Company Insight for TIDELANDS OIL & GAS
Profile
	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   Signature Stock Transfer, Inc. Employees:  6 Founded:  1997 Domicile:  Nevada
Background
	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: 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   Year   Amount   2007   1,987   2006   2,815   2005   1,837
Management
	Management Officers Position  James B. Smith President, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer  Ahmmed  Karim Secretary Directors  Carl  Hessel  Ahmmed  Karim  James B. Smith
Annual Report
	Annual Report   Income Statement   2007 2006 Revenues: Gas Sales and Pipeline Fees $- $- Total Revenues - - Costs and Expenses: 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): 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 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 Shares Outstanding, Basic and Diluted 99,745,829 80,475,359 See Accompanying Notes to Consolidated Financial Statements Operating Income As Calculated Depr. and Amort. Fixed Charges Coverage: Available for Fixed Charges Gross Fixed Charges Fixed Charges Times Earnings Fixed Charges Coverages and Preferred Dividends Times Earnings Capital Expenditures Research & Development Expenditures   Balance Sheet   2007 2006 Current Assets: 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, 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: 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) Current Liabilities: 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): Common Stock, $.001 Par Value per Share, 250,000,000 Shares Authorized, 108,226,836 and 86,457,922 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 $15,186,639 See Accompanying Notes to Consolidated Financial Statements Net Working Capital Equity per Share Depr. and Amort. Reserve Preferred Shares Issued Common Shares Issued Treasury Shares - Preferred Treasury Shares - Common
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ 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$ 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$ 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)
Stock Data
	Capitalization as of 03/31/2008:     Authorized Shares Outstanding Shares 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 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   DIVIDENDS: Common $0.001 par: None.