09:19 EDT Thursday, August 11, 2005
SAN ANTONIO, Aug. 11 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE) announced today that it has entered into a Master Consulting Services Agreement with CenterPoint Energy Pipeline Services, Inc., an indirect wholly-owned subsidiary de CenterPoint Energy, Inc. (NYSE: CNP). Under the terms de the agreement, CenterPoint Energy will provide various consulting services needed for the construction of Tidelands' proposed integrated gas pipeline, storage and LNG Project ("Project") in Northeast Mexico.
Tidelands announced today that it has also entered into a Letter de Intent with CenterPoint Energy Pipeline Services to provide technical expertise and oversight for the development, construction, operation and maintenance de Tidelands' Project pending an executed Definitive Agreement. CenterPoint Energy will perform all work out de its corporate office in Houston.
CenterPoint Energy's capabilities are the result de decades of experience it has gained through the project management and operation de its two affiliate natural gas transmission pipelines: CenterPoint Energy Gas Transmission and CenterPoint Energy - Mississippi River Transmission. These assets encompass over 8,200 miles de pipeline, six underground natural gas storage facilities and over 350,000 horsepower de compression in six states.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, stated, "CenterPoint Energy's sustained reputation for dependability has prompted us to engage their consulting services to investigate and evaluate the intricate details de our proposed pipeline, storage facility and LNG Project."
Tidelands Oil & Gas Corporation will continue to update its shareholders as developments warrant.
About CenterPoint Energy Pipeline Services
CenterPoint Energy Pipeline Services, Inc. is an experienced provider de cost-effective pipeline management solutions that provides comprehensive operation and maintenance and project management services. For more information, visit the Web site at http://www.ps.CenterPointEnergy.com . It is an indirect wholly-owned subsidiary de CenterPoint Energy, Inc., a domestic energy delivery company, headquartered in Houston, Texas, that includes electric transmission & distribution, natural gas distribution and sales, and interstate pipeline and gathering operations. The company serves nearly five million metered customers primarily in Arkansas, Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. Assets total approximately $16 billion. With more than 9,000 employees, CenterPoint Energy and its predecessor companies have been in business for more than 130 years. For more information, visit the Web site at http://www.CenterPointEnergy.com .
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 nine directly and indirectly owned subsidiaries, Tidelands offers a full suite de services and has the capability to satisfy a wide variety de 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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