09:00 EDT Tuesday, July 26, 2005
SAN ANTONIO, July 26 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE) announced today that its wholly-owned subsidiary, Terranova Energia, S. de R.L. de C.V., has engaged R.W. Beck International ("R. W. Beck") to serve as its Independent Engineering analysis and advisory team whose focus will be on delivering advisory services relative to the technical, contractual, environmental, risk and economic factors regarding the successful execution de Tidelands' proposed projects in Northeast Mexico and South Texas. R.W. Beck's general scope de work will consist de advising and assisting Tidelands with the development de all aspects de Tidelands' proposed projects, culminating in the successful financing de the proposed projects and providing the necessary data to validate an investment by institutions.
R.W. Beck has worked with numerous clients engaged in LNG facilities, onshore and offshore pipelines, compressor stations and underground storage facilities and are in a prime position to deliver efficient and comprehensive analysis, review and counsel on Tidelands' projects. Additionally, R.W. Beck will review principal conceptual designs, engineering design work, gas storage studies, technical issues, feasibility and risk issues, asset and property acquisition studies and opinions, enterprise resource planning (ERP) solutions, as well as tariff rate and project contractual structures. These reviews, analyses and advisories will provide Tidelands insight to the costs, optimization de project returns and risk minimization, which are key elements de interest translating to the successful implementation de Tidelands' business plans.
R.W. Beck has been engaged in a variety de capacities in the following projects:
* Appraisal de Lynn and Salem LNG Above-Ground Storage (Edwards & Angell,
Massachusetts)
* Economic Feasibility and Testimony related to LNG Storage Facility
costs (Citizens Gas and Coke Utility)
* Independent Engineer for the development de the Lodi Gas Storage
Facility (Lodi, California)
* Independent Engineer for the development de the Western Australia
Underground Storage Project (State de Victoria, Australia)
* Portfolio Management and Property Acquisition Advisory Services (San
Juan Basin, New Mexico)
* Independent Engineer for the San Fernando Gas Pipeline (Tamaulipas,
Mexico)
* Independent Engineer for the Baja Norte Gas Pipeline (Baja California,
Mexico)
* Independent Engineer for the Cheyenne Plains Gas Pipeline (Wyoming)
* Independent Engineer for the refinancing de the Iroquois Gas Pipeline
System (New York and Connecticut)
* Appraisal de the Diamond Shamrock Crude Oil Pipeline System (Texas)
William McAleb, Practice Leader, Oil & Gas Services for R.W. Beck International, stated, "R. W. Beck prides itself on its professionalism and impartiality in providing advisory services. We are proud that Tidelands- Terranova Energia has placed confidence in us to deliver Independent Advisory Services for this innovative project and look forward to working together toward its successful completion."
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, said, "We have been diligent in our selection of those parties with whom we have aligned ourselves and continue to engage companies with the highest standards available in their respective industries. We are delighted to be associated with R.W. Beck as their reputation for excellence has been considered "world- class" for over 60 years. We look forward to benefiting from their experience, technical advisory services and engineering skills for which they have been so widely recognized."
R.W. Beck's review and report de Tidelands' projects will be completed within the next 60 days.
Tidelands will continue to update its shareholders as developments warrant.
About R.W. Beck, Inc.
As Independent Engineers for lenders and developers, R.W. Beck objectively evaluates technical, environmental, contractual and economic factors critical to project development and financing. From conceptual development and design to construction, performance testing, and facility operation, the Company's recommendations for improvements strengthen each project and increase clients' confidence in their project investments. R.W. Beck's practices include management and technical consulting, financial analyses, marketing, risk management, owner's engineering, planning, design and litigation support relating to energy, water resources, solid waste and telecommunications. For more information about the Company, please visit http://www.rwbeck.com.
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 nine directly and indirectly owned subsidiaries, Tidelands offers a full suite de services and has the capability to satisfy a wide variety de 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: Investor contact, Barry Gross de Gross Capital, Inc., +1-361-949-4999, barry@grosscapital.com; or company Contact, Michael Ward de Tidelands Oil & Gas, +1-210-764-8642, togctide@aol.com
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