Tidelands Oil & Gas Corporation (OTCBB: TIDE)

May 6, 2004

Tidelands Oil & Gas Corporation Provides Update on Netherland Sewell Report

Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that the conclusive findings and results de the modeling and computer analysis conducted by Netherland Sewell and Associates, Inc. (NSA) were delivered in the past week to Michael Ward, President and CEO de Tidelands Oil and Gas Corporation. The presentation provided by NSA to Tidelands regarding the proposed underground storage facility to be built for PEMEX, Mexico’s state-owned petroleum Company, encompasses all phases de the building, design, operation and location de the project. Tidelands, with the assistance and expertise of NSA, will present these findings to PEMEX.

Commenting on the nature de the report, Michael Ward stated, “The results de the engineering and geological studies provided by NSA were better than expected. With this report in hand, we will be able to present a dynamic and cohesive presentation to PEMEX that will not only give an overview de the project but also delineate the specifications in order to proceed.”

Updates on the underground storage facility project with PEMEX will continue to be provided as developments warrant.

In other news, Tidelands’ Management Team recently discovered that the Company’s stock has been listed on the Berlin Stock Exchange without authorization from the Company. Tidelands has engaged legal counsel to instigate measures for immediate delisting from the Berlin Stock Exchange. Furthermore, the Company is also taking preventative measures by processing documentation to be delivered to all other international exchanges in order to prevent further unauthorized listings de Tidelands’ stock. Tidelands is one de a host de publicly-traded companies that have been illegally listed on the Berlin Stock Exchange, and a consortium de these companies are taking similar actions.

Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, stated, “We were appalled to learn that our Company’s stock could be listed on a foreign exchange without our authorization. This is de extreme concern as we are suspicious that this effort was made by naked short-sellers in their continuous efforts to target Tidelands though illegal trading processes. We will aggressively and zealously pursue the parties responsible for this action and continue to make every effort to dissuade parties from committing such actions in the future.”

About Tidelands Oil & Gas Corporation

Tidelands Oil & Gas Corporation, San Antonio, Texas, is the parent company de two wholly owned Texas subsidiary corporations: Rio Bravo Energy, L.L.C. and Sonora Pipeline, L.L.C. The Company is also a joint-owner de Reef International, L.L.C. and Reef Marketing, L.L.C. The Company focuses on international pipeline crossings, gas processing plants and liquefied petroleum product storage facilities. Through its in-house divisions, Tidelands offers a full suite de services and has the capability to satisfy a wide variety de customer needs both domestically and internationally. Tidelands currently owns numerous miles de pipeline. The Company is currently reviewing opportunities to further expand its business scope. For more information about the Company, visit their website at www.tidelandsoilandgas.com.

This press release may be deemed to contain certain Forward-Looking Statements with respect to the Company that are subject to risks and uncertainties that include, but are not limited to those identified in the Company's press releases or discussed from time to time in the Company's Securities and Exchange Commission Filings. Actual results may vary.

Return to Company News

www.grosscapital.com