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

All

references

Form

10-K refer

to "we," "our," to Tidelands Oil

"us" and the "Company" in & Gas Corporation and its

this Annual Report subsidiaries.

on

ITEM 1.

BUSINESS.

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

February 25,

1997. C2 Technologies,

Inc.

changed

its

name

to Tidelands

Oil & Gas

Corporation

on

November

19,

1998.

The

Company

has

ten

subsidiaries

which it

Tidelands

Oil

Technologies,

directly and indirectly owns as follows: (1) Rio Bravo Energy LLC, Management LLC, (3) Marea Associates, L.P. , (4) Terranova Energia,

  • (2)

    Arrecefe

    • S.

      de R.L. de

&

Gas

Inc., was

Corporation

(the

"Company"),

formerly

known

as

C2

incorporated

under the laws of

the State of

Nevada on

  • -

    3-

C.V., (5) Esperanza a 97% limited partne LLC owns a 1% genera LLC owns 100% of the L.P. owns 100% of t Marketing LLC(10).

Energy LLC and rship interest

(6) Sonterra Energy Corporation.

in

Reef

Ventures,

L.P.(7)

Arrecefe

We also own

Management

l

partner

interest

in

Reef

Ventures,

L.P.

Rio

Bravo

Energy,

member

interest in

he member

interest

Sonora Pipeline LLC.

(8) Reef Ventures,

in

Reef

International

LLC(9)

and

Reef

The Company's produ operation of transpo natural gas and na (Chihuahua, Coahuila

cts and s rtation, tural ga , Nuevo L

ervices are pr

imarily focuse

processing,

distribution an

s liquids in

the northeast

eon and Tamaul

ipas) and the S

d

on development

and

d

storage projects

for

ern tate

states of of Texas.

Mexico

Reef Ventures Intern

ational P

ipeline

The assets

of this b

usiness

consist of two

different pip

twelve in

ch diamet

er natur

al gas pipel

ine with mete

facilities

and (2)

a two mil

e segment of s

ix inch diamete

in a futur

e LPG proj

ect. The

twelve inch p

ipeline connect

gas from a

third par

ty pipeli

ne for transmi

ssion to the bo

Coahuila,

Mexico.

The pipel

ine is buried

underneath the

its termi

nation at

CONAGAS (

the local

revenues

from tran

gas. The L

PG project

facilities

in Texas,

r

pipeline to

be used

s

and receives

natural

sportation

fees

charged

to

CONAGAS

f

or

delivery

of

natural

the future

construction

of

installation

of additio

nal

elines:

(1) an 8 mile

ring and

dehydration

receiving

terminal

six inch

diameter

the delivery distribution

will require boring and

Negra

s,

Ventur

es,

rder Rio

between Texas and Grande River with

point in Piedras

company).

Reef

Coahuila

owned by

L.P.

derives

its

pipeline

under

the

Rio

Grande

River

and

approximately

  • o

    ne

mile

of

additional

pipeline in Mexico with an termination point.

unloading

terminal

and storage

facilities

at its

Tidelands Oil & Gas Storage Enterprise

In Decemb to design vicinity at other of the pr and from

er 2003, we entered into a Memorandum of Understanding (MOU) with PEMEX

, of

build and operate an Reynosa, Tamaulipas,

regions

in

Mexico.

The

underground natural gas storage facility in the Mexico, in the Burgos Basin area and eventually MOU provides for exclusivity in the development

ojects and the related transportation and interconnecting the storage facilities.

pipelines to

We have c permits interconn regulator

ompleted the initial study of the Burgos facility and expect to receive

to construct,

own

and

operate

ecting pipelines

from

the

Comision

the storage facility and the Reguladora de Energia (the Mexican

y branch of the Secretary of Energy).

The capital budget for these two

projects

exceeds $700

issuance

of additional

Million

equity

of

Dollars and is

the

Company,

expected to be funded

the

addition

of

joint

through venture

partners and/or debt financing. majority interest in Terranova which will conduct all business

Marea

Energia, dealings

Associates,

L.P. was formed to own the

S. de R.L. de C.V., a in Mexico on behalf of

Mexican company Tidelands Oil &

4

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