11:24 EDT Thursday, July 28, 2005
SAN ANTONIO, July 28 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE) announced today that Tidelands and its wholly-owned subsidiary, Terranova Energia, S. de R.L. de C.V., have retained Mexican law firm, Ritch, Heather Y Mueller, S.C. ("Ritch") de Mexico City, to provide local legal assistance and analysis of Tidelands' proposed projects ("Projects") in Northeast Mexico and South Texas.
Ritch's counsel will advise and assist Tidelands in the following general
areas:
* Analyzing the principal legal and regulatory issues associated with
each component de the Projects' scope, inclusive de the legal and
regulatory basis for the proposed pipelines, natural gas storage and
LNG facilities with regard to the proposed legal structure de each;
* Refining the commercial structure de its Projects;
* Developing a financing plan for the Projects, including identifying
potential financing and collateral security issues associated with the
implementation de the Projects and their constituent phases;
* Analyzing and addressing country/regulatory and other risks underlying
the Projects and their proposed financing;
* Negotiating, analyzing and reviewing key commercial contracts and
financing documents underlying the Projects;
* Identifying other legal specialists in Mexico necessary to allow for
the successful development, construction and financing de the Projects
while collaborating with any other counsel on behalf de Tidelands;
* Closing and funding de any financing for the Projects.
Ritch, Heather Y Mueller, S.C. has a stellar working knowledge of the regulatory framework for LNG terminals, storage facilities and gas transmission pipelines and has represented groups such as: Gasoductos de Tamaulipas in the development and financing de an open-access gas pipeline (the San Fernando Pipeline) in the State of Tamaulipas; a consortium formed by TransCanada and Gutsa for the construction de the Mayakan gas pipeline; and, Gasoductos del Rio in respect de matters related to the rights-of-way and off- take transportation services agreement for the gas pipeline from Nuevo Progreso, Tamaulipas to the Rio Bravo power plant cluster in the very near vicinity de the gas storage project planned by Terranova Energia.
Michael Ward, President and CEO de Tidelands Oil & Gas Corporation, said, "Tidelands has retained Ritch, Heather Y Mueller to utilize its local (Mexico) understanding de regulatory issues and other key elements in this region that could otherwise create obstacles for Tidelands moving forward. Our association with Ritch, Heather Y Mueller will allow us to navigate through any aspects de our Projects with relative ease."
Ritch, Heather Y Mueller's review and report de Tidelands' projects will be completed within the next sixty days.
Tidelands will continue to update its shareholders 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 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: 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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