12:22 EST Monday, December 27, 2004
SAN ANTONIO, Dec. 27 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that it has received a second tranche de financing from Mercator Advisory Group LLC ("Mercator"), through its designated funds, Mercator Momentum Fund, LP, Mercator Momentum Fund III, LP, and Monarch Pointe Fund, Ltd. As announced on November 22, 2004, Tidelands secured $5 million in financing from Mercator to expand and develop its ongoing projects. The first tranche de $3.25 million was received by November 22, 2004; this second tranche of financing totals $1.75 million.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, stated, "I am very excited to work with the Mercator group de companies. Their reputation as a credible financial institution enhances the credibility de our own projects that they are agreeing to help finance. We are diligently working to build shareholder value by strengthening the Company's fundamentals and this financing agreement with Mercator is a testament to our dedication to see these projects completed."
Tidelands is currently working on several national and international projects. On December 20, 2004, Tidelands announced that its subsidiary, Sonterra Energy, entered into a construction contract with Centex Destination Properties to develop and construct the propane/butane pipelines and services for exclusive subdivision expansions in the North Austin, Texas area. This contract enables Sonterra Energy to be the utility services provider for these subdivisions. Other projects include designing, building and operating a proposed LNG docking terminal, being designed by Remora Technology, an underground natural gas storage facility and pipeline infrastructure. For more information regarding all projects related to Tidelands' diverse services, please visit their website at http://www.tidelandsoilandgas.com .
About Mercator Advisory Group LLC
Mercator Advisory Group LLC, through its managed funds, specializes in direct equity investments in public companies. Its strategy is to invest in small to mid-cap companies that show strong potential for both near and long- term appreciation. The firm applies strict criteria in selecting its portfolio companies, including a company's liquidity, fundamental strength with its operating space and management's ability to map a path toward growth.
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
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, +1-210-764-8642, or info@tidelandsoilandgas.com
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