SAN ANTONIO, July 12 /PRNewswire/ -- Tidelands Oil & Gas Corporation (OTCBulletinBoard:TIDE), a midstream natural gas project development, natural gas pipeline, and NGL distribution company, today announced that its wholly owned subsidiary, Sonora Pipeline LLC has received from the Federal Energy Regulatory Commission (FERC) the following authorizations:
A Presidential Permit and authorization to site, construct, operate and maintain two bi-directional border crossing natural gas facilities at the international boundary between the United States and Mexico, and
A Certificate of public convenience and necessity to site, construct, operate and maintain the United States portion of a pipeline system consisting of approximately 29 miles of 30-inch diameter pipeline and appurtenant facilities that will extend into Mexico via two border crossings, all to be located in Hidalgo County, Texas.
These natural gas pipelines in the United States will interconnect with the pipeline system being developed by another wholly owned subsidiary of Tidelands Oil & Gas Corporation, Terranova Energia, S. de R.L. de C.V. (Terranova). Terranova previously received approval from the Comision Reguladora de Energia (CRE) for the interconnecting pipeline segments in Mexico on May 23, 2006.
The pipeline systems in the United States and Mexico are known as the Burgos Hub Export/Import Project which is being developed to serve the demand for importation of natural gas into Mexico which is expected to increase dramatically beginning in the year 2010. The pipelines will also be interconnected with a proposed underground natural gas storage facility being developed by Terranova to serve Mexican power generation and industrial customer needs for management of swings in demand and seasonal spread in natural gas prices. Terranova has previously applied for a permit to construct and operate the storage facility with the CRE and is expecting a decision on the application in the third quarter of 2007.
James B. Smith, President and CEO, said "We are pleased to report progress on this very important infrastructure project which will serve to further integrate and strengthen the cross-border energy security and economic development of Texas and the Mexican states of Tamaulipas and Nuevo Leon. We continue to work on the commercial components of the project as well and anticipate further announcements concerning this aspect of the project in the near future."
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 email@example.com.
Cautionary Statement to Investors: Statements made in this release with respect to Tidelands' current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward-looking statements about the future performance of Tidelands. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," "prospects," "forecast," "estimate," "project," "anticipate," "aim," "may" or "might" and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Tidelands cautions you that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore you should not place undue reliance on them. Those cautionary risks are outlined in the Company's filings with the U.S. Securities and Exchange Commission. You also should not rely on any obligation of Tidelands to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Tidelands disclaims any such obligation. Furthermore, this news release is not an offer or a solicitation of an offer to buy or sell securities. Please be aware that decisions regarding investing are the responsibility of users themselves.
Source: Tidelands Oil & Gas Corporation