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

Common

Common

Total

140,000

0.178%

2,450,000

3.12%

10,596,588

13.49%

Robert W. Dowies

1862 W. Bitters Rd. San Antonio, TX 78248

Carl Hessel (2) c/o Margaux Investment Management Group, S.A. 9 Rue de Commerce CH 1211 Geneva 11 Switzerland

Notes:

(1) Includes

Smith

has

a

500,000

shares in the

partnership

interest

name and

of Aigle 494,382

Partners, Ltd. in which Mr. shares in the name of du Midi

Trust, in which Mr. (2) Mr. Hessel is a

Smith has a beneficial interest.

partner

in

Margaux

Investment

Management

such

beneficial

ownership

reflects

2,000,000

common stock

Group,

S.A.

and

warrants

owned

as by

Margaux

and

450,000

shares

owned

personally

by

Mr.

Hessel.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS -------------------------------------------------------

On January 2, 2006, we issued

Michael Ward,

the Company's

President,

CEO and

member of the board of directors, 500,000 stock grant under his employment contract. $0.91 per share.

common shares

The

shares

were

representing a partial

valued

at

$455,000

or

On January 3, 2006, we issued James B. Smith,

the Company's Sr. Vice President,

CFO and annual

member of the board of

stock

grant

under

his

directors, 500,000 common shares representing the

employment

contract.

The

shares

were

valued

at

$445,000 or $0.89 per share.

On December

20, 2005,

and

40,000

shares

of

the Company

valued

at

issued 10,000 common shares

$33,400,to

Robert

Dowies,

valued at $8,350

a

company

vice

president under

the terms of his employment agreement.

On September 14 amended promis annually and pa originally exe common stock op remained subjec above individu the original pr

, 2005,

Michael Ward,

James B. Smith

sory

notes to the

Company

bearing

yable

in full on, or

before

September

and Ahmed interest

14,

2005.

Karim,

executed

at

a

rate

of

5%

The

notes

were

cuted on September

14, 2004 in

connection

with the

tions. The shares of stock issued previously to t to security agreements. Prior to December 31,

these 2005,

exercise of individuals each of the

als

paid $5,500 in interest

accrued and owing to

the

Company

on

omissory

note

maturity

date

of

September

14,

2005.

On July 1, 2005

,

the

company

issued

1,000,000

shares

of

its

restricted

common

stock Ward,

valued at $1,230,000 Company President and

pursuant CEO.

to

the

employment

contract

with Michael

On July 1, 2005, the Company issued 50,000 shares of its

valued at $61,500

pursuant to an

company

vice

president

under

the

employment

terms

of

his

contract employment

restricted common stock with Robert Dowies, a agreement.

On July 1, 2005, the Company issued 10,000 shares of its valued at $12,150 Jason Jones, a Sonterra employee.

restricted common stock

On June 27, 2005,

the Company

authorized the issuance of 150,000 shares

restricted

common stock valued at $199,500 to each of the three

members

of

its

of

the

Board

of

Directors,

Michael

R.

Ward,

Ahmed

Karim

and

Carl

Hessel.

  • -

    36-

43

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