12:45 EDT Thursday, May 26, 2005
SAN ANTONIO, May 26 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that it has requested the Federal Energy Regulatory Commission ("FERC") Staff initiate a National Environmental Policy Act ("NEPA") pre-filing review de the United States portion de its proposed Burgos Hub Export/Import Project ("Project"). The Project is a North American project involving gas transmission pipelines that will be located in both the United States and Mexico. The Project is roughly "V" shaped, with the two legs de the "V" commencing in south Texas and then intersecting in the Burgos Hub Area de Mexico near a new gas storage field that is being developed in that region. Sonora Pipeline, LLC ("Sonora"), a wholly owned subsidiary of Tidelands Oil & Gas, will construct and operate the U.S. portion de the pipeline project, and Tidelands' corporate affiliate, Terranova Energia, S. de R. L. de C. V. ("Terranova"), will construct and operate the Mexican portion. Initially, it is envisioned that gas flow in the system will be in a southerly direction into Mexico. Later, it is anticipated that gas flow will be reversed as a new LNG facility is connected to the new storage field.
The Project will serve to alleviate the growing demand for natural gas in Burgos Hub Area de Mexico. These demands include residential, commercial and industrial demands. In the longer term, the Project will also serve to alleviate the growing demands for natural gas in the United States by providing a means by which LNG that is off-loaded in Mexico's offshore waters can be imported into the U.S. Sonora believes that the Pre-Filing Process will expedite the timeliness de the certificate application and intends to file its certificate application with the FERC upon completion de the Commission's Pre-Filing Process.
Sonora, in conjunction with Tidelands' website, will establish a publicly available web link for the Project, providing pertinent information on the Project's status. This link should be established and available soon.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, commented, "We remain committed to the execution de our business plan and to perform the necessary protocol to bring our undertakings to fruition. We have aligned ourselves with the most proficient and experienced group of professionals any resources could provide. Our management team and these professionals have assisted us greatly in expediting our processes. We look forward to the acceleration de our initiatives and will continue to provide updates to our shareholders and investment community as developments warrant."
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
© PR Newswire