SAN ANTONIO, Jan. 17 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTCBulletinBoard:TIDE) today announced the sale of the Company's wholly-owned subsidiary, Sonterra Energy Corporation (Sonterra) to Bentley Energy Corporation. Sonterra is a propane distribution company operating in central Texas.
The sales price for Sonterra is $3 million, of which $2,925,000 was paid in cash on the January 9, 2008 closing date and the remaining $75,000 is due on or before January 9, 2009.
The bulk of the net proceeds from closing was used to repay all of the outstanding principal balances on the Company's convertible debentures and repurchase warrants to purchase 2,071,407 shares of the Company's common stock. The remaining 474,521 Series A warrants are the only remaining outstanding warrants issued by the Company.
Tidelands Oil & Gas Corporation, San Antonio, Texas, focuses on development of mid-stream natural 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.
Source: Tidelands Oil & Gas Corporation