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
OfficersPosition
 James B. SmithPresident, Chief Financial Officer, Chief Accounting Officer & Chief Executive Officer
 Ahmmed  KarimSecretary

Directors
 Carl  Hessel
 Ahmmed  Karim
 James B. Smith
 
  
 
 Annual Report

 
Annual Report
 
Income Statement
  20072006
Revenues:
Gas Sales and Pipeline Fees $-$-
Total Revenues--
Costs and Expenses:
Depreciation25,07225,760
Selling, General and Administrative - Related Parties3,638,000-
Selling, General and Administrative4,537,6355,856,101
Reserve for Litigation-2,250,000
Total Costs and Expenses8,200,7078,131,861
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 Income997106,198
Miscellaneous162,103(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 Diluted99,745,82980,475,359
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
  20072006
Current Assets:
Cash$5,794$257,015
Accounts and Other Receivable7,1164,692
Prepaid Expenses177,09955,546
Current Portion of Assets of Discontinued Operations -Held for Sale734,713671,519
Total Current Assets924,722988,772
Property Plant and Equipment, Net of accumulated depreciation of $81,202 and $56,129,
respectively - Continuing Operations2,953,6614,812,632
Property Plant and Equipment, Net - Discontinued Operations -Held for Sale4,118,6667,551,727
Total Property, Plant and Equipment, Net7,072,32712,364,359
Investment in Affiliate2,809,801-
Other Assets:
Deposits200,37953,800
Cash Restricted43,46726,447
Deferred Charges-565,221
Goodwill800,428800,428
Non-Current Portion of Assets of Discontinued Operations - Held for Sale386,048387,612
Total Other Assets1,430,3221,833,508
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 Expenses1,985,8291,195,334
Reserve for Litigation2,250,0002,250,000
Current Portion of Liabilities of Discontinued Operations -Held for Sale743,380429,418
Total Current Liabilities12,512,2484,099,752
Long-Term Debt-8,934,294
Total Liabilities12,512,24813,034,046
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, respectively108,22786,459
Additional Paid-in Capital55,868,09846,703,202
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$
YearQuarterRevenue
  2008   150,000
  2008   230,000
  2008   330,000
  2007   11,100,000
  2007   3390,000
  2006   1800,000
  2006   2410,000
  2006   3370,000
  2006   Full Year 2,220,000
  2005   1630,000
  2005   2340,000
  2005   3250,000
  2005   Full Year 1,860,000
  2004   1Nil
  2004   2510,000
  2004   3820,000
  2004   Full Year 1,880,000
  2003   110,000
  2003   210,000
  2003   3100,000
  2003   Full Year 180,000
 
 
Quarterly Net Income, US$
YearQuarterRevenue
  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$
YearQuarterRevenue
  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 SharesOutstanding Shares
Common $0.001 par250,000,000108,226,836
 
LONG TERM DEBT: None.
 
Common $0.001 par
 
Transfer Agent:  Signature Stock Transfer, Inc.   Plano , TX
 
OTC Bulletin Board( Primary): TIDE
 
ExchangeYearHighLow
OTC Bulletin Board20080.15000.0000
OTC Bulletin Board20070.38000.0900
OTC Bulletin Board20061.18000.3010
OTC Bulletin Board20052.59000.7600
OTC Bulletin Board20044.45000.6050
OTC Bulletin Board20032.58000.1550
OTC Bulletin Board20021.23000.1200
OTC Bulletin Board20011.81000.1550
OTC Bulletin Board20001.81000.2500
OTC Bulletin Board19994.00000.3750
 
DIVIDENDS: Common $0.001 par: None.