15:04 EST Monday, November 15, 2004
SAN ANTONIO, Nov. 15 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announces the acquisition de the construction assets from BNC Engineering L.L.C., an engineering firm based in Austin, Texas, in the interest of Tidelands' new subsidiary, Sonterra Energy. This acquisition enables Sonterra Energy to be self-sufficient regarding future construction activities in the Austin residential subdivisions located around the Lake Travis/North Austin area.
As announced on November 2, 2004, Tidelands acquired the propane/butane assets from Oneok Propane Distribution Company, which encompasses 15 subdivisions and provides the distribution of propane/butane gas to residential and commercial customers in North Austin. This acquisition provides Tidelands a current revenue stream with opportunity for rapid expansion. Inclusive of the construction assets, Sonterra Energy has retained a portion BNC's personnel to provide engineering expertise and maintenance for the Sonterra Energy project.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, said, "With the acquisition de BNC's construction assets, Tidelands is now capable de implementing the design development and construction de new propane/butane systems. These systems are comprised de gas main pipe, meters, and storage tanks and the construction assets will allow us to fully integrate and maintain a smooth operation as we take over the delivery de gas to these subdivisions located around the Lake Travis area, north de Austin. It's an important step as Sonterra Energy seeks to expand the opportunities to provide propane/butane gas as an alternative energy source for new developments around Central Texas."
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
info@tidelandsoilandgas.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, info@tidelandsoilandgas.com
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