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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 5 / 83

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

Gas

Corporation

("Tidelands").

Rio

Bravo

Energy

LLC,

an

existing

wholly

owned

subsidiary owns the general

partner

interest in Marea

Associates,

L.P. and a

minority

interest

in

Terranova

Energia,

S.

de

R.L.

de

C.V.

Rio Bravo Energy, LLC

Rio Bravo Processin primarily oilfield operation and natur were bein with for October 2 associate

Energy, LLC

was

g

Plant which

was

from

Conoco

Oil's

formed on August

purchased

in

19

Sacatosa

Field.

which produced high s would yield valuable

al gasolines.

As the

g delivered by

Conoco,

BTU casinghe hydrocarbon field deplet

and other ga

processing of additional

replaceme

002, the plant was

d

with

low

volume

temporarily operation

shut of th

fourth volumes

quarter of 2005 management planned of gas from third party producers was

The

Sacatosa

Field was p

ad

gas from

which gas

10, 1998 to

operate the

99 and was

processing

components

such

as

propa

ed

lower

volumes

of

cas

s producers

could not be

nt

volumes

of

gas.

The

down due e plant.

to the declinin

During

2002

to reopen the plant whe obtained to make plant

Chittim Gas natural gas rimarily an processing ne, butane inghead gas contracted refore, in g economics through the n adequate operations

economically

attractive.

However,

we

locally

available

and

adequate

supply

have been unsuccessful in locating a of high BTU natural gas and have elected

to

dispose

of

the

gas

plant

assets.

Accordingly,

our

financial

statements

  • -

    4-

reflect an impairment Rio Bravo Energy LLC Pipeline LLC, as the o owns a less than one p de C.V.

charge with respect to the carrying value of these assets.

ne

continues

percent

to serve as the

general

partner

of

parent Marea

company for Associates,

Sonora L.P. and

ercent

minority

interest

in

Terranova

Energia,

S.

de

R.L.

Sonora Pipeline, LLC

Sonora Pipeline, LLC network which has the for economic operation consists of approxima acquired in conjunctio when operational, cou to third party gas pro Bravo Energy LLC. As n these assets and has r with respect to pipeli

also be sold at a pipeline project

late ment

was formed in Januar capability of deliver of the Chittim Gas P

tely

80

miles

of

gas

n

with

the

Chittim

Ga

ld

generate

revenue

f

ducers

shipping

natu

oted

above,

managemen

ecorded

an

impairment

ne

network in

additio

r

date.

In

connect

ioned

above,

Sonora

y 1998 to operate the Sonora pipeline

ing

adequate

volumes

of

natural

gas

rocessing

Plant.

The

pipeline

network

pipeline. This pipeline network was s Processing Plant acquisition and, rom transportation fees to be charged ral gas to the gas plant owned by Rio t has evaluated the carrying value of

charge in our financial

statements

n to ion

the gas plant. These assets

with

the

Mexican

storage

will and

Pipeline LLC is the applicant before

the

Federal

Energy

transport

gas bidire

different

internation

Texas. The Progreso p will commence at the e existing FERC permitte the City of Progreso,

Commissio

n

to/from t

he

Regulatory

for two

ctionally

United

U.S.

pipelines

that will

States

to

Mexico

at

two

al

crossing

points

ipeline

segment will

xisting

Alamo station

along the Rio Grande

be

approximately

8.7

and

extend

southward

River miles

in South long and

and

parallel

an

d pipeline route Hidalgo County,

to the international crossing point Texas. The Mission pipeline segment

near will

and will

commence

extend

southward

24.

3

sout

h

be

approximately

Gilmore

plant

in

miles long Texas and

at in

the existing HPL Valero

parallel

to

existing

pipelines

County,

to

the

Texas.

inter

Both

p

national crossing point near the ipeline segments are expected to

City of Mission, Hidalgo be 30 inches in diameter.

Draft environmental completion of these

r a

eports are in the process of ctivities we expect to file

submittal and review and upon applications for Certificates

of Public

Convenience

and Necessity and

seek Orders

allowing the

construction

and operation of Pipeline project.

the

se

U.S.

pipeline

segments

of

our

Burgos

Hub

Storage

and

Sonterra Energy Corpor

ation Business

5

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