Tidelands Oil & Gas Corporation (TIDE) Announces Sale of Its 20% Membership Interest in Frontera Pipeline LLC
21 Octubre 2008 - 6:42AM
PR Newswire (US)
SAN ANTONIO, Oct. 21 /PRNewswire-FirstCall/ -- Tidelands Oil &
Gas Corporation (OTC:TIDE) (BULLETIN BOARD: TIDE) today announced
the sale on October 14, 2008 of its remaining 20% interest in
Frontera Pipeline LLC ("Frontera") to Grand Cheniere Pipeline LLC
for $250,000. Grand Cheniere Pipeline LLC is a subsidiary of
Cheniere Energy, Inc. and, prior to this sale, was the 80% owner of
Frontera, which owns the U.S. and Mexico subsidiaries engaged in
the development of the Burgos Hub project. James B. Smith,
President of the Company, stated, "We will use the proceeds from
the sale for working capital purposes." The Company is also
pursuing the funding of Company operations via the partial sale or
financing of its interest in the Port Esperanza project. About
Tidelands Oil & Gas Corporation Tidelands Oil & Gas
Corporation through its subsidiaries, has engaged in the
development and operation of transportation, processing,
distribution, and storage projects for natural gas and natural gas
liquids. Tidelands Oil & Gas Corporation is currently pursuing
the development of an LNG receiving and regasification terminal in
the offshore waters near Long Beach, California in the United
States. Tidelands Oil & Gas is based in San Antonio, Texas.
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended
and such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may", "future", "plan" or "planned", "will" or "should",
"expected", "anticipates", "draft", "eventually" or "projected".
You are cautioned that such statements are subject to a multitude
of risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a companies' annual report on Form 10-K or 10-KSB and
other filings made by the Company with the SEC. Contact: For more
information about the Company, please contact . DATASOURCE:
Tidelands Oil & Gas Corporation CONTACT: Tidelands Oil &
Gas Corporation, +1-210-764-8642, Web site:
http://www.tidelandsoilandgas.com/
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