Tidelands Oil & Gas Corp.
Just Reinstated 10/29/2013
TIDE's core business encompasses natural gas
storage and transportation as liquefied natural gas (LNG) receipt and regasification. The company seeks to capitalize on strong natural gas demand and distribution inefficiencies in Texas, California and the northeastern states of Mexico by establishing natural gas infrastructure, storage and delivery facilities that connect the United States and Mexico pipelines as well as providing a portal on the West Coast for receipt of LNG from the Pacific Basin. The company historically derived revenues from transportation fees for natural gas deliveries through its pipelines and from gas sales to residential customers. TIDE anticipates significant new revenue opportunities resulting
from the completion of its Burgos Hub and Port Esperanza projects.
CORPORATE & FIELD OFFICE INFORMATION
1862 W. Bitters, Bldg. 1
San Antonio, TX 78248
Phone: (866) 764-8642
Fax: (210) 764-2809
250 Mil A/S, Current as of 7/13/09 with Transfer Agent.
O/S 249,972,872, near maxed out, Verified by $oldier Hard with Transfer agent 7/13/09 4:32 pm
Restricted 51,931,410 verified by $oldier Hard with Transfer agent 7/13/09, 4:32 pm
SIGNATURE STOCK TRANSFER, INC.
2632 Coachlight Court
Plano, Texas 75093
Tel 972 612 4120
Fax 972 612 4122
Email - firstname.lastname@example.org
2/11/09 Form 5 and SC13d/a filed for Impact International L.L.C.
Web Site: http://www.tidelandsoilandgas.com/
Business Strategy: http://www.tidelandsoilandgas.com/pdf/TIDE021507.pdf
On March 25, 2008, Reef Ventures, L.P. ("Reef Ventures"), a subsidiary of Tidelands Oil & Gas Corporation (the "Company"), entered into and consummated a Purchase and Sale Agreement (the "Purchase and Sale Agreement") with West Texas Gas, Inc. ("WTG") for the sale of all of the issued and outstanding membership interests of Reef International, L.L.C. ("Reef International") and Reef Marketing, L.L.C.
The total purchase price for the Assets, after adjustments required by the Purchase and Sale Agreement, was $2,484,265 (the "Purchase Price").
The Company caused Reef Ventures to deliver $2,436,825 of the Purchase Price to Impact on behalf of the Company, as partial repayment of the outstanding principal and interest of a promissory note made by the Company to Impact dated May 25, 2004, in the original principal amount of $6,523,773.30 (the "Note"). The Company repaid the remainder of the outstanding principal and interest on the Note by requiring WTG to enter into the Throughput Payment Agreement with Impact for which Impact credited the outstanding Note balance $876,231 and by issuing 39,890,180 shares (the "New Shares") of the Company's common stock valued at $0.05 per share or a total of $1,994,509 to Impact upon the closing of the Purchase and Sale Agreement. The total consideration described above of $5,307,505 liquidated the outstanding Note balance in full. The remaining $47,440 of the Purchase Price received by Reef Ventures was used to pay legal fees associated with the transaction and for working capital purposes.
On January 9, 2008 Tidelands Oil & Gas Corporation (the "Company") entered into and consummated a Stock Purchase Agreement for the sale of all the issued and outstanding stock of the Company's wholly-owned subsidiary, Sonterra Energy Corporation ("Sonterra") to Bentley Energy Corporation ("Bentley"). Bentley's primary stockholder is Michael Ward, the Company's former CEO and director, who had a right of first refusal to purchase Sonterra in the event of any sale of Sonterra by the Company.
The total purchase price for the shares of Sonterra is $3 million, with $2,925,000 paid on the January 9, 2008 closing date and the remaining $75,000 due on the earlier of 12 months following the closing, or after all existing litigation involving Sonterra is settled or otherwise resolved. Pursuant to the terms of the Stock Purchase Agreement, immediately prior to the sale, Sonterra terminated its consulting agreement with Jason Jones and paid Mr. Jones the fee owed thereunder equivalent to 2% of the purchase price of Sonterra.
The foregoing summary of the terms of the Stock Purchase Agreement is qualified in its entirety by reference to the full and complete terms of such agreement, which is attached hereto as Exhibit 10.1.
$2,374,291 of the proceeds from the sale of Sonterra was immediately used to repay all of the outstanding principal under the Company's convertible debentures, which had a maturity date of January 20, 2008. In addition, $20,714 will be used to repurchase certain Series A Warrants to purchase 2,071,407 shares of the Company's common stock. The Series A Warrants had originally been issued in connection with the convertible debentures. Series A Warrants to purchase 474,521 shares of Company common stock at $0.935 per share remain outstanding, as the holders of those Series A Warrants did not accept the Company's offer to purchase such warrants for $0.01 per share.
From 10Q dated 11/19/08 Pg 20,
The Company is also continuing to cooperate with the due diligence process initiated by two potential industry joint venture investors in the Port Esperanza project. A decision by these parties to invest or to decline to participate is not expected until 2009.
4/6/09 update for Port Esperanza project.
Esperanza Energy is a subsidiary of Tidelands Oil and Gas.
From 10Q dated 11/19/08 Pg 18
Tidelands Oil & Gas Corporation Subsidiary Sonora Pipeline LLC Receives FERC Permits
Thursday July 12, 8:00 am ET
Complete Article: http://biz.yahoo.com/prnews/070712/aqth060.html?.v=13
On January 26, 2008, the Company entered into a consulting agreement with two directors to provide business development, merger and acquisition capital raising and other services to the Company. The term of the agreement is five years. Services to be provided are compensated under the agreement at a rate of $1 million per annum which may be paid in shares of stock. During the three months ended September 30, 2008, fees of $250,000 were accrued for each of the two directors and are included in ‘Accounts Payable and Accrued Liabilities’ at September 30, 2008.