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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 17 / 83

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

  • -

    14-

OPERATING RISKS OF NATURAL GAS OPERATI

ONS

The natural gas business involves cert

reserves

to, and the

capacity of,

natu

trucking

or terminal

facilities.

As a

a ready

market for our natural gas pr

governmental

entities

eliminate the

funds

parties

or

reduce

or

may ava

ain operating

hazards. The

oducts also

depends on t

ral gas gather

ing systems

result, subs

tantial liab

be incurred,

the paymen

availability of

he

proximity of

,

pipelines and

ilable

ilities to

third

t of which

could

for

e

xploration,

development

or

the Company's

properties

Company maint

ains insuran

acquisitions or result with customary industry

in the loss of practices, the

but not all,

of such risks and

losses.

interruption

insurance.

The

occurrence

insurance results of

The Compa of such a

effect

on

ny does not n event not the financia

could have operations

a material

adverse

of

the

Company.

.

In accordance

ce

against some,

carry

business

fully

covered

by

l

condition

and

OUR BUSINESS INVOLVES MANY HAZARDS AND OPERATIONAL BE COVERED BY INSURANCE.

RISKS, SOME OF WHICH MAY NOT

Our

operations

are

subject

to

the

many

hazards

inherent

in

compressing, residue gas,

treating and processing of raw natural

including

ruptures,

leaks

and

fires.

gas and NGL These risks

substantial

losses

and

destruction

of

due to personal injury property and equipment

and/or loss of life, and pollution or othe

damage and may result in

curtailment or

suspension of our relate

the gathering, s and storage of could result in severe damage to r environmental d operations. We

are

not

fully

insured

against

all

risks

incident

to

our

business.

If

a

significant

accident

or

event

occurs

that is not

fully

insured,

it could

adversely

affect

our

operations

and

financial

condition.

INSURANCE

Companies

may be sued accident or

engaged in the petroleum

products

for substantial damages in environmental contamination.

the Th

e

distribution

event

of

an

and storage

actual

or

business alleged

Company

maintains

$2,000,000

of

liability insurance.

There can be no assurance that we will be able to continue

to

maintain

liability

insurance

at

a

reasonable

cost

in

the

future,

or

that

a

potential assurance any claim

s

liability will not that the amount of for which it might

exceed the insurance

coverage limits. carried by us will

Nor can there be any enable it to satisfy

be

held

liable

resulting

from

the

conduct

of

its

business operations.

Item

1B.

UNRESOLVED

STAFF

COMMENTS

-----------------------------------

Not Applicable to Non-Accelerated Filers.

ITEM 2.

DESCRIPTION

OF

PROPERTIES

-----------------------------------

Reef Ventures, L.P. owns and operates the international natural gas pipeline and

related Tidelands

facilities owns a 97%

located in limited

Maverick

County,

Texas and

partnership

interest

and

a

Coahuila,

Mexico.

1% general

partner

interest interests

(thru

from

Arrecefe

Management

Impact

International,

in this

entity.

Impact

financed

LLC) LLC.

We acquired

our

purchase

of

these

this

system

and

we

owe

Impact

$

4,496,768.

Rio Bravo Energy,

LLC owns and operates the Chittim Gas Processing

Plant which

is located in Maverick, County, Texas. The

plant is currently shut down. The gas

plant has the capability propane and butane. In the

to fractionate near future, we

natural

gas into

commercial

expect to

sell

these

assets.

grade

Sonora Pipeline, LLC owns the Sonora Pipeline network consisting

of

17

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