Another advantage to TIDE is that all gas produced by the wells will be dedicated to its 50% owned Sonora Gas Pipeline LLC, & Rio Bravo Energy LLC processing plant.

Management

Michael R. Ward is CEO. He has more than 25 years of diversified experience as an oil & gas professional. He was associated with Century Energy Corp. At Omega Minerals, where he was VP & part owner, he operated more than 100 wells in 3 states. He also owned Major Petroleum Company & is operating manager & VP of Tidelands Gas Corp.

Royis Ward founded Tidelands Oil Corporation in 1985 & is its president & CEO. He is also co-founder, president & CEO of Tidelands Gas Corpora-tion. He was production superintendent for Coffield & Guthrie, a large independent oil & gas operator overseeing the drilling & completion of over 600 wells. He developed oil & gas properties as an independent oil & gas operator in TX, LA & OK. He was founder, president, & CEO of Bay-Tex Development Corp., a large real estate developer; & founder, president, & CEO of Omego Minerals, Inc., successfully developing oil & gas properties in TX, LA, OK, IL, & KS.

Ahmmed Karim is VP. He has several years experience in banking & international trade, bringing a wide variety of business contacts across North America & abroad.

Financial Status (12/31/98)*

Current Assets: $161,253
Total Assets: $8,633,031
Current Liabilities: $1,015,692
Shareholders' Equity: $7,336,255

* An audit is being completed & new finan- cials are expected to be filed during January 2000. When they are published, I'll include them in an update.

Recommendation

I recommend TIDE for both midterm & long-term appreciation. The pipeline/processing joint venture appears to be a win-win situation for TIDE, with the potential to generate an estimated $1 million a month in revenues with little or no cost to TIDE.

TIDE recently strengthened its board of directors. I feel it is emerging into a solid situation with quite secure long-term revenue streams. Here are some other things I like:

• A turnaround -- I like turnarounds
• Experienced management team
• Lease site is well proven with no dry holes
• TIDE holds options to more land for exploration
• TIDE has worked the site for 17 years
• Pipeline can handle 30 million cubic feet of gas per day
• Property is adjacent to high production CONOCO site with 3,000 operating wells, the production of which is handled by the pipeline & processing plant in which TIDE has a 50% interest
• Downside is modest, upside is high

Contact

Call CEO Michael R. Ward @ 361-241-7748, fax 361-241-5292, or call Jonathan Leibensperger (IR) @ 888-212-7413, or write 9309 North Star, Corpus Christi, TX 87409.

Industry Commentary

By Tony Velocci

It's ironic that the financial markets are awash in capital, due in no small measure to the bull market of the 1990s. Yet many development-stage & emerging growth companies are hard-pressed to obtain adequate funding.

This is not a new problem by any means; some of today's greatest companies had to find alternative sources of funding because commercial lenders weren't willing to provide them with the capital they needed, notes Richard A. Andolshek, chairman of Waterford Financial, Inc., in Minneapolis, Minn.

Recognizing this need, Andolshek launched Waterford Financial several years ago to help support companies that are fundamentally sound but face funding shortfalls in the range of $500,000 to $5 million.

The firm's specialty is lining up underwriting & perhaps some debt financing; strengthening client-companies's management teams where necessary; performing due diligence, & otherwise helping companies prepare to take their investment story to Wall Street. In helping businesses implement an exit strategy for their investors, whether it's an initial public offering (IPO) or an acquisition, Andolshek works with accredited investors plus some institutions.

...continued on next page, click here

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