Tidelands Oil & Gas Corporation Press Releases

Tidelands Oil & Gas Corporation (TIDE) Subsidiary Company Reef International L.L.C. Announces They Have Received Their Presidential Permit for Their Propane/Butane Line From the United States State Department

CORPUS CHRISTI, Texas -- Tidelands Oil & Gas Corporation (BULLETIN BOARD: TIDE) today announced that Reef International LLC. has received their Presidential Permit from the United States State Department and the effective date is July 23, 2002.

The Presidential Permit issued by the United States State Department for the propane/butane line and the Presidential Permit issued by the Federal Energy Regulatory Commission for the natural gas line completes the permitting process for Reef's international pipeline crossing from Texas into Mexico.

Tidelands has finalized several agreements for the transporting and delivery de natural gas and propane/butane via its international pipeline crossing to Mexico. Upon completion de construction the pipeline will afford the most efficient means de transporting these products into Mexico. Construction on the international bilateral pipeline crossing is expected to commence around August 1, 2002 with a completion date in the first part de November 2002. Once construction de the pipeline is completed it will position Tidelands Oil & Gas Corporation as a major transporter and processor de natural gas into Mexico. The new pipeline will generate substantial revenues and coupled with a very low cost de operation will result in significant per share earnings which will be reflected in the operating results in the fourth quarter de 2002.

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.