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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 6 / 83

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

The assets of our Sonterra Energy Corporation ("Sonterra") subsidiary consist of

propane

distribution

systems,

including

gas mains,

yard

lines,

storage tanks, Texas area. The

serving the following subdivisions include:

residential

subdivisions

in

meters and the Austin,

  • o

    Arbolago*

    • o

      Austin's Colony Phase II

    • o

      Costa Bella

    • o

      Hills of Lakeway

    • o

      Jacarandas

    • o

      Lake Pointe

    • o

      La Ventana

    • o

      Lakewinds Estates

    • o

      The Hollows at Northshore

    • o

      Riverbend

    • o

      Rob Roy Rim

    • o

      Senna Hills

    • o

      Sterling Acres

    • o

      The Point

    • o

      The Preserve at Barton Creek

These sub of these lots with new homes additiona propane between currently in Units Cordiller 300 more propane Texas Hil

divisions con lots are mete in the above

are constr l component distribution Sonterra and

installing a

a

201-204 Ranch

of will

homes. Sont distribution l Country are

Cordiller

a Ranch

tank sit

e and gas

that sub

division.

result i

n propane

erra is i

n active

ucted on

of futur

e

systems i

n

Developmen mains to s Future p service be negotiatio

growth will come other developments

tain appr

oximately

red for u

se. There

1,700 lots

subdivis

these

lots

our

cu

ions

are

appro

where

propane

systems with

other develope

a between San

Antonio and Aus

. At December 31, 2 ximately 633 unmete

service stomer

can be conn

base

will

t

from the establi such as the recent Corp. in which S

upply

approximately

hases of lot

devel

ing

extended

to app

ns

for the

instal

rs of residential tin, Texas.

l

005, 1,067 red future

ected.

As

grow.

An

shment

of

agreement onterra is 200 homes opment at roximately lation of ots in the

  • -

    5-

Sonterra is the

exclusive

seller of propane in these

subdivisions

and is not

considered aspects of

a regulated

utility.

The Texas

the

production,

transportation

Railroad

Commission

regulates all

and

processing

of

petroleum

products,

including

propane,

in the State of Texas.

Sonterra

purchases

propane

products

from

a

number

of

distributors

in

Austin,

Texas.

Segment Reporting for Reef Ventures, LP and

Sonterra Energy Corporation:

The following table is a summary of the financial information by major segment:

results of operations and

other

Revenue

$

1,630,246

$

231,077

$

--

$

1,861,323

Depreciation

$

116,853

$

305,313

$

63,315

$

485,481

Propane Sales

Pipeline

and Related

Transportation

All Other

Services

Fees

and Corporate

Interest

$

2,514

Operating (Loss)

$

(380,900)

Total Assets

$

2,997,001

2005

Total

$

--

$

(164,523)

$

608,849

$(12,765,170) $ 4,870,312

$

611,363

$(13,310,593) $ 13,488,849

$

5,621,536

2004

Propane Sales

Natural Gas Sales and Pipeline

6

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