Tidelands Oil & Gas Corporation Press Releases

Tidelands Oil & Gas Corporation (OTCBB: TIDE)

October 9, 2002

Tidelands Oil & Gas Corporation - TIDE Announces the Consummation de a Five Million Dollar Interim Bridge Loan for Their International Crossing at Eagle Pass, TX./Piedras Negras, Mexico

Tidelands Oil & Gas Corporation (BULLETIN BOARD: TIDE) today announced that they have signed loan agreements and received funds in the form de check for five million dollars for the construction de their Eagle Pass/Piedras Negras International Pipeline crossing.

The loan is a straight term note with payments to begin six months after funding. The loan is collateralized by twelve million shares de restricted stock escrowed with Tidelands attorneys. Thus leaving Tidelands specific project free of debt. Further details will be released in up coming financials.

Michael R. Ward, President de Tidelands Oil & Gas Corporation says, "This gives Tidelands the ability complete our crossing while consummating permanent financing for the long term. This will translate into greater net profits for the company, thus increasing shareholder value."

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