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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 11 / 83

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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K or more appealing than those of our competitors. Market entry by any significant

competitor may "Competition."

have

an

adverse

effect

on our sales

and

profitability.

See

WE OPERATE IN HIGHLY DIFFERENT COMPANIES.

COMPETITIVE

MARKETS

IN

COMPETITION

WITH A NUMBER OF

We face strong competition

in

our

geographic

areas

of

operations.

Our

competitors

include major

integrated

oil companies,

pipelines.

We compete with

integrated

companies that

interstate and intrastate have greater access to raw

  • -

    9-

natural gas supply and are less

susceptible to fluctuations in price or volume,

and some of our competitors

that have greater

financial

resources may have

an

advantage

in

competing

for

acquisitions

or

other

new

business

opportunities.

GROWING OUR BUSINESS BY

CONSTRUCTING

NEW PIPELINES AND

PROCESSING

FACILITIES

SUBJECTS US TO

NOT

BE

AVAILABLE

CONSTRUCTION

RISKS

UPON

COMPLETION

OF

AND THE

RISKS THAT RAW FACILITIES.

NATURAL

GAS

SUPPLIES

WILL

One of the ways we intend to grow our

business is through the

construction

of

additions to our processing plant of gathering and

existing

gathering

systems,

modification of our existing gas

and construction of new

processing

facilities

processing facilities. The construction requires the expenditure of significant

amounts of capital, which may exceed only limited raw natural gas supplies

our expectations.

Generally,

we

committed

to

these

facilities

may have prior to

their

construction.

Moreover,

we

may

construct

facilities

to

capture

anticipated

future growth in production in a region in which

does

not

materialize.

As

a

result,

there

is

the

anticipated

risk

that

new

production growth facilities may not

be able to attract

enough raw natural gas to achieve

our

expected

investment

return, which condition.

could

adversely

affect

our

results

of

operations

and

financial

A SIGNIFICANT NOT BE ABLE TO

COMPONENT OF OUR GROWTH STRATEGY WILL BE ACQUISITIONS COMPLETE FUTURE ACQUISITIONS SUCCESSFULLY.

AND WE MAY

Our business strategy will emphasize growth

through strategic acquisitions,

but

we

cannot

assure

you

that

we

will

be

able

to

identify

attractive

or

willing

acquisition economically

candidates acceptable

or that we will be terms. Competition

able to acquire for acquisition

these

candidates on

opportunities

in

our

industry

exists and may increase.

Any increase in the level of competition for

acquisitions acquisitions.

may increase the cost of, or cause us to refrain from,

completing

Our strategy of acquisitions is dependent upon, among other things,

our ability

to obtain debt and equity

financing

and

possible

regulatory

approvals.

Our

ability to pursue

our growth

strategy

may be

hindered

if we are

obtain

state

financing or

antitrust

laws.

regulatory Our ability

approvals,

including

those under

to

grow

through

acquisitions

and

not able to federal and manage such

growth

will

information

require

systems

and

us to invest

to

attract,

in operational, retain, motivate

financial and

management

and effectively

manage our

employees. could have operations

The inability to manage the integration of acquisitions

effectively

a material

adverse

effect

on our

financial

condition,

results of

and

business.

Pursuit

of

our

acquisition

strategy

may

cause

our

financial period to

position period.

and

results

of

operations to fluctuate

significantly

from

IF

WE

ARE

ACCEPTABLE

UNABLE TO MAKE TERMS, OUR FUTURE

ACQUISITIONS ON ECONOMICALLY AND FINANCIAL PERFORMANCE MAY BE LIMITED.

OPERATIONALLY

There can be no assurance that:

o

we

will

identify

attractive

acquisition

candidates

in the

11

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