##### 



Exhibit
99.5
 Financial Statements   Years ended December 31, 2005 and 2004




---



##### 



Contents
 Report of Independent Auditors
    
    
    1Audited Financial StatementsBalance Sheets
    
    
    2Statements of Income
    
    
    3Statements of Shareholders Equity
    
    
    4Statements of Cash Flows
    
    
    5Notes to Financial Statements
    
    
    6




---



##### 



Ernst
& Young LLP
 
 1




---



##### 



December 312005
    
    2004AssetsCurrent assets:Cash and cash equivalents
    
    $
    457,933
    
    
    $
    394,973Restricted cash and cash equivalents
    
    
    19,440,078
    
    
    
    16,817,751Accounts receivable:Trade  PDVSA Petroleo, S.A.
    
    
    26,585,922
    
    
    
    28,453,193Affiliates
    
    
    79,206
    
    
    
    168,182Other
    
    
    109,962
    
    
    
    102,015Prepaid expenses
    
    
    6,001,915
    
    
    
    3,720,736Total current assets
    
    
    52,675,016
    
    
    
    49,656,850Restricted cash and cash equivalents
    
    
    10,922,884
    
    
    
    11,363,261Property, plant and equipment, net
    
    
    139,175,067
    
    
    
    150,233,124Deferred financing costs, net
    
    
    3,896,015
    
    
    
    4,389,425Other assets
    
    
    78,270
    
    
    
    67,271Total assets
    
    $
    206,747,252
    
    
    $
    215,709,931Liabilities and Shareholders EquityCurrent liabilities:Accounts payable:Trade
    
    $
    956,880
    
    
    $
    619,050Affiliates
    
    
    459,973
    
    
    
    418,241Accrued liabilities
    
    
    6,534,053
    
    
    
    7,362,154Value-added tax payable
    
    
    3,040,060
    
    
    
    2,991,210Foreign taxes payable
    
    
    6,859,804
    
    
    
    884,000Interest payable
    
    
    1,115,244
    
    
    
    1,251,786Current portion of notes payable
    
    
    11,868,132
    
    
    
    11,868,132Total current liabilities
    
    
    30,834,146
    
    
    
    25,394,573Notes payable
    
    
    83,076,923
    
    
    
    94,945,055Deferred foreign income tax
    
    
    22,472,000
    
    
    
    19,626,000Shareholders equity:Common stock, class A, $1 par value, 25,000 shares
authorized, issued and outstanding
    
    
    25,000
    
    
    
    25,000Common stock, class B, $1 par value, 12,500 shares
authorized, issued and outstanding
    
    
    12,500
    
    
    
    12,500Additional paid-in capital
    
    
    60,516,037
    
    
    
    60,516,037Retained earnings
    
    
    9,810,646
    
    
    
    15,190,766Total shareholders equity
    
    
    70,364,183
    
    
    
    75,744,303Total liabilities and shareholders equity
    
    $
    206,747,252
    
    
    $
    215,709,931
 See accompanying notes.
 2




---



##### 



Year ended December 312005
    
    2004Revenues
    
    $
    61,814,039
    
    
    $
    63,231,208Operating expenses
    
    
    12,590,226
    
    
    
    14,150,862Depreciation
    
    
    12,129,857
    
    
    
    12,212,632General and administrative expenses
    
    
    2,481,862
    
    
    
    2,492,277Total costs and expenses
    
    
    27,201,945
    
    
    
    28,855,771Operating income
    
    
    34,612,094
    
    
    
    34,375,437Other (income) expense:Interest expense
    
    
    9,504,171
    
    
    
    11,118,652Foreign currency transaction loss
    
    
    565,288
    
    
    
    738,236Other income, net
    
    
    (254,245
    )
    
    
    (278,634
    )9,815,214
    
    
    
    11,578,254Income before foreign income tax
    
    
    24,796,880
    
    
    
    22,797,183Provision for foreign income tax
    
    
    9,677,000
    
    
    
    4,089,000Net income
    
    $
    15,119,880
    
    
    $
    18,708,183
 See accompanying notes.
 3




---



##### 



AdditionalCommon Stock
    
    Paid-In
    
    RetainedClass A
    
    Class B
    
    Capital
    
    Earnings
    
    TotalBalance, December 31, 2003
    
    $
    25,000
    
    
    $
    12,500
    
    
    $
    60,516,037
    
    
    $
    12,482,583
    
    
    $
    73,036,120Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,708,183
    
    
    
    18,708,183Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16,000,000
    )
    
    
    (16,000,000
    )Balance, December 31, 2004
    
    
    25,000
    
    
    
    12,500
    
    
    
    60,516,037
    
    
    
    15,190,766
    
    
    
    75,744,303Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    15,119,880
    
    
    
    15,119,880Dividends paid
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (20,500,000
    )
    
    
    (20,500,000
    )Balance, December 31, 2005
    
    $
    25,000
    
    
    $
    12,500
    
    
    $
    60,516,037
    
    
    $
    9,810,646
    
    
    $
    70,364,183
 See accompanying notes.
 4




---



##### 



Year ended December 312005
    
    2004Operating ActivitiesNet income
    
    $
    15,119,880
    
    
    $
    18,708,183Adjustments to reconcile net income to net cash
provided by operating activities:Depreciation
    
    
    12,129,857
    
    
    
    12,212,632Amortization of deferred costs
    
    
    493,410
    
    
    
    493,410Deferred foreign income taxes
    
    
    2,846,000
    
    
    
    3,205,000Changes in operating assets and liabilities:Accounts receivable  trade and other
    
    
    1,859,324
    
    
    
    (7,122,428
    )Value-added tax payable
    
    
    48,850
    
    
    
    1,608,348Foreign taxes payable
    
    
    5,975,804
    
    
    
    (430,134
    )Prepaid expenses
    
    
    (2,281,179
    )
    
    
    (419,543
    )Other assets
    
    
    (10,999
    )
    
    
    1,088Trade accounts payable
    
    
    337,830
    
    
    
    339,213Receivables/payables with affiliates
    
    
    130,708
    
    
    
    4,491,508Accrued liabilities
    
    
    (828,101
    )
    
    
    (1,646,294
    )Interest payable
    
    
    (136,542
    )
    
    
    (141,641
    )Net cash provided by operating activities
    
    
    35,684,842
    
    
    
    31,299,342Investing ActivitiesPurchases of property, plant and equipment
    
    
    (1,071,800
    )
    
    
    (199,974
    )Net cash used by investing activities
    
    
    (1,071,800
    )
    
    
    (199,974
    )Financing ActivitiesPayments of notes payable
    
    
    (11,868,132
    )
    
    
    (11,868,132
    )Dividends paid
    
    
    (20,500,000
    )
    
    
    (16,000,000
    )Changes in restricted cash
    
    
    (2,181,950
    )
    
    
    (3,268,488
    )Net cash used by financing activities
    
    
    (34,550,082
    )
    
    
    (31,136,620
    )Net increase (decrease) in cash and cash equivalents
    
    
    62,960
    
    
    
    (37,252
    )Cash and cash equivalents, beginning of year
    
    
    394,973
    
    
    
    432,225Cash and cash equivalents, end of year
    
    $
    457,933
    
    
    $
    394,973Supplemental Disclosures of Cash Flow InformationForeign income taxes paid
    
    $
    3,171,761
    
    
    $
    1,137,527Interest paid
    
    $
    9,640,713
    
    
    $
    10,766,882
 See accompanying notes.
 5




---



##### 



1. Organization and Description of Business
   2. Summary of Significant Accounting Policies
 Use of Estimates
  6




---



##### 



2. Summary of Significant Accounting Policies (continued)
 Cash and Cash Equivalents
  Restricted Cash and Cash Equivalents
  Accounts Receivable
  7




---



##### 



2. Summary of Significant Accounting Policies (continued)
 Property, Plant and Equipment
  Accounting for Asset Retirement
Obligations,
 Revenue Recognition Policy
  Impairment of Long-lived Assets
  8




---



##### 



2. Summary of Significant Accounting Policies (continued)
  Provision for Severance Benefits
  Foreign Currency
  Income Taxes
  3. Risks and Uncertainties
  9




---



##### 



3. Risks and Uncertainties (continued)
     10




---



##### 



3. Risks and Uncertainties (continued)
   4. Related Party Transactions




---



##### 



4. Related Party Transactions (continued)
  2005
    
    2004Accounts receivable:WilPro Energy Services (PIGAP II) Limited
    
    $
    79,206
    
    
    $
    168,182$
    79,206
    
    
    $
    168,182Accounts payable:Williams International Services Company
    
    $
    108,803
    
    
    $
    298,187Williams International Venezuela Limited
    
    
    351,170
    
    
    
    120,054$
    459,973
    
    
    $
    418,241
 5. Property, Plant and Equipment
  2005
    
    2004Natural gas compression plant facilities
    
    $
    221,634,078
    
    
    $
    221,364,248Spare parts
    
    
    681,380
    
    
    
    443,300Vehicles
    
    
    629,112
    
    
    
    539,416Leasehold improvements
    
    
    842,838
    
    
    
    510,411Computer software and equipment
    
    
    531,824
    
    
    
    505,586Other
    
    
    666,740
    
    
    
    660,230224,985,972
    
    
    
    224,023,191Accumulated depreciation
    
    
    (85,810,905
    )
    
    
    (73,790,067
    )$
    139,175,067
    
    
    $
    150,233,124




---



##### 



6. Notes Payable
  2005
    
    2004Overseas Private Investment Corporation:9.45% note payable, due in equal
quarterly principal payments of
$2,678,571 plus interest, maturing
November 15, 2013
    
    $
    85,714,286
    
    
    $
    96,428,5729.17% note payable, due in equal
quarterly principal payments of
$288,462 plus interest, maturing
November 15, 2013
    
    
    9,230,769
    
    
    
    10,384,61594,945,055
    
    
    
    106,813,187Current portion
    
    
    11,868,132
    
    
    
    11,868,132$
    83,076,923
    
    
    $
    94,945,055




---



##### 



7. Income Taxes
   2005
    
    2004Deferred tax liabilities:Property, plant and equipment
    
    $
    21,146,000
    
    
    $
    17,965,000Debt financing costs
    
    
    1,326,000
    
    
    
    1,661,000Total deferred tax liability
    
    $
    22,472,000
    
    
    $
    19,626,000




---



##### 



8. Financial Instruments
  Cash and cash equivalents and restricted cash and cash equivalents:
 Notes payable:
 2005
    
    2004Carrying
    
    
    
    
    
    CarryingAsset (liability)
    
    amount
    
    Fair value
    
    amount
    
    Fair valueCash and cash
equivalents
    
    $
    457,933
    
    
    $
    457,933
    
    
    $
    394,973
    
    
    $
    394,973Restricted cash and
cash equivalents
    
    
    30,362,962
    
    
    
    30,362,962
    
    
    
    28,181,012
    
    
    
    28,181,012Notes payable
    
    
    (94,945,055
    )
    
    
    (102,370,424
    )
    
    
    (106,813,187
    )
    
    
    (134,285,092
    )
 15