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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 7 / 83

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7 / 83

Revenue

$

438,611

$

1,400,227

$

--

$

1,838,838

Depreciation

$

20,158

$

178,099

$

46,632

$

244,889

Interest

$

300

$

--

$

300,266

$

300,566

Operating Income (Loss)

$

98,229

$

(141,502)

$(29,699,024)

$(29,742,297)

Total Assets

$

2,775,281

$

5,881,774

$ 13,765,611

$ 22,422,666

Total

and Related

Transportation

All Other

Services

Fees

and Corporate

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

Note: Reef Ventures and Sonterra commenced operations in 2004.

Competition -----------

Reef

Ventures,

L.P.

Eagle

Pass

Pipeline

Crossing

Our Eagle Pass international pipeline crossing competes with a pipeline owned by

West Texas Gas, Inc. pipeline crossing which is located two

Pass.

We

believe

that

the

West

Texas

Gas

crossing

will

be

miles north of Eagle able to compete with

us only marginally beginning capability and marketing efforts

in 2006 currently

due to a very limited transmission being undertaken by Management.

Sonterra

Energy Corporation Propane Distribution

Our prop residenti residenti the exclu compete i residenti additiona

al

subdivisions

al

subdivisions

ane

distribution

business

is

not

subject

to

competition

within the

served because are subject to

we are the sole propane supplier.

a

propane

supply

covenant

granting

The

us

propane

for each

process

for new

are

developed

sive

supply of

n the

bidding

al

subdivisions

.

subdivision.

In the future,

we will

propane We may

distribution

systems as new

also

be

able

to

acquire

l existing propane distribution systems from competitors.

Employees

Tidelands Sonterra company,

has ten full time

Energy subsidiary, has eleven full-time

employees

including our

which operates employees.

the

Austin

corporate

propane

officers.

Our

gas

distribution

Item 1A.

RISK FACTORS

---------

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

In addition to the other

information

presented in this report,

the

following

should of our

be considered

common

stock.

carefully in evaluating our business or purchasing

shares

Investing

in

our

common

stock

involves

a

high

degree

of

  • -

    6-

risk. This rep and uncertain discussed in difference inc in this report

ort contains various forward looking

ties.

Our

actual

results

may

differ

statements materially

that involve risk from the results

the forward

looking

statements.

Factors that might cause such a

lude, .

but

are

not

limited

to,

those

discussed

below

and

elsewhere

OPERATING LOSS

ES

We have had s continue losi losses. For t year ended De primarily by:

ignificant

losses ever since

starting

business and

ng

money for

he

year ended

some time.

December

To date,

31,

2005,

we have

incurred

we

lost

$7,662,904

we expect to significant and for the

cember 31,

2004,

we lost

$14,302,037.

These losses were caused

7

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