SAN ANTONIO, Feb. 1 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC Bulletin Board:TIDE), a mid-stream oil and gas project development company, today announced that it has filed applications with the Federal Energy Regulatory Commission (FERC) for construction of the U.S. portion of its Northeast Hub Pipeline Project in South Texas. The Northeast Hub Pipeline will provide an interconnect between the North American pipeline grid and natural gas supplies and markets in northern Mexico. Tidelands' wholly-owned subsidiary, Sonora Pipeline, LLC, will own and operate the U.S. portion of the system, while Terranova Energia, S. de R.L. de C.V, Tidelands' wholly-owned Mexican subsidiary, will own and operate the system in Mexico.
The Northeast Hub Pipeline Project will consist of two lines. The Mission Line, a 172-mile, 30-inch diameter pipeline, will extend from the Gilmore Plant in Hidalgo County, Texas to markets in the city of Monterrey, Mexico. The second line, the Progreso Line, will consist of approximately 65 miles of 30-inch diameter line extending from the Donna Station in Hidalgo County to the Campo Brazil Storage Facility in the Burgos Hub Area in northern Mexico. Combined capacity of the two lines will be approximately 1 billion cubic feet (Bcf) of natural gas per day. A potential third phase is planned to connect the proposed Dorado LNG Regasification Terminal in the Gulf of Mexico to the Campo Brazil Storage Facility, thereby providing pipeline access for LNG imports into the U.S.
James B. Smith, Tidelands' President and Chief Executive Officer said, "We have completed much of the groundwork, including the environmental surveys required to further this important infrastructure project. Building additional transportation capacity between the U.S. and Mexico will streamline the North American natural gas market benefiting both suppliers and consumers. This opportunity is a great fit for our growth strategy and should generate significant value for our shareholders when the first phase of the project is completed in 2009."
About Tidelands Oil & Gas Corporation
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses on development of mid-stream oil and gas projects including natural gas pipeline infrastructure, retail NGL sales, and natural gas receiving and storage facilities. Through its 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 contact Jim Smith at firstname.lastname@example.org.
Source: Tidelands Oil & Gas Corporation