Tidelands Oil & Gas Corporation Press Releases

Tidelands Oil & Gas Corporation (OTCBB: TIDE)

March 15, 2004

Tidelands Oil & Gas Corporation Updates Progress on Natural Gas Storage Facility

Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), updates the on-going developments with the proposed underground natural gas storage facility in México for Petroleos Mexicanos y Sus Organismos Subsidiarios (PEMEX). As previously announced, the Memorandum de Understanding with PEMEX calls for Tidelands to design, build and operate an underground natural gas storage facility and related surface equipment near Reynosa, Tamaulipas, México. The modeling and computer analysis for this project, currently being conducted by Netherlands Sewell & Associates, should be completed within the first two weeks de April 2004.

Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, stated, “A significant amount de time and energy has been devoted to fine-tuning and finalizing several projects that we have with PEMEX. We are in continual communications with PEMEX and our business relationships are stronger than ever. The fruition de these efforts will not only provide a valuable service for PEMEX and their customers, but will enhance our Company’s fundamentals and shareholder value.”

In related news, Michael Ward, will speak at the “Forging North American Energy Security” conference in Monterrey, Mexico on April 1, 2004. Presenting with Mr. Ward on the topic “Interconnectivity of Border Regions” will be Luis de la Calle, General Manager, Public Strategies de México and Charles Matthews de the Railroad Commission de Texas.

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.

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