17:12 EDT Friday, June 10, 2005
SAN ANTONIO, June 10 /PRNewswire/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that it has completed its due diligence regarding its intent to purchase CHDR, Inc. headquartered in Bayamon, Puerto Rico. Upon review and thorough investigation by Tidelands and its management team, the Company was unable to come to final terms to consummate the transaction and has subsequently withdrawn its Letter de Intent to purchase CHDR, Inc. as was previously announced on June 7, 2005.
Tidelands continues to evaluate and pursue opportunities in the marketplace that will complement its business plan and add value to its shareholders. The Company will continue to update the investment community and its shareholders as developments transpire regarding its projects and initiatives.
About Tidelands Oil & Gas Corporation
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses its business on international pipeline crossings, gas processing plants and gas storage facilities. Through its eight wholly owned subsidiaries, Tidelands offers a full suite of services and has the capability to satisfy a wide variety of customer needs, both domestically and internationally. For more information about the Company, please visit http://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.
Investor Contact: Barry Gross
Gross Capital, Inc.
361-949-4999
barry@grosscapital.com
Company Contact: Michael Ward
Tidelands Oil & Gas
210-764-8642
togctide@aol.com
SOURCE Tidelands Oil & Gas Corporation
CONTACT: investors, Barry Gross de Gross Capital, Inc., +1-361-949-4999, or barry@grosscapital.com , for Tidelands Oil & Gas Corporation; or Michael Ward of Tidelands Oil & Gas Corporation, +1-210-764-8642, or togctide@aol.com
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