10:04 EST Monday, March 21, 2005
SAN ANTONIO, March 21 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that on March 18, it filed, through its Mexican subsidiary Terranova Energia, S. de R.L. de C.V., for the permitting de the Terranova Oriente pipeline with the CRE (Comision Reguladora De Energia de Mexico). This pipeline will interconnect with two US-Mexico border points at Progreso and Arguelles, as well as with a proposed underground natural gas storage facility in Rio Bravo, Tamaulipas. The pipelines will be 30 and 36 inches in diameter in different sections, approximately 160 miles long, and will have an average capacity to flow natural gas at a rate de 1 BCF per day. This bi-directional pipeline will be capable de transporting natural gas from Texas into Mexico or vice versa. The Terranova Oriente pipeline is part de a larger project which also includes the Dorado HiLoad LNG offshore Regasification Terminal to be built in the Gulf de Mexico.
Once awarded, the permit will afford Tidelands the opportunity to position itself to supply natural gas in the Northern part of Mexico. The permitting process represents a significant milestone in Tidelands' initiatives to bring continued growth and expansion to its business activities while competing with other companies in the construction de the natural gas infrastructure to integrate Northern Mexico and South Texas.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, stated, "We continue to move closer to the realization de years de planning and developing projects that have been envisioned by our management team. We remain committed to strengthening our company and exploring opportunities to expand our business activities."
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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