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Tidelands Oil & Gas Corporation (OTCBB: TIDE)
August 11, 2005
Tidelands Oil & Gas Corporation Aligns Itself with CenterPoint Energy Pipeline Services, Inc.
Tidelands Oil & Gas Corporation (OTC Bulletin Board: TIDE), announced today that it has entered into a Master Consulting Services Agreement with CenterPoint Energy Pipeline Services, Inc., an indirect wholly-owned subsidiary of CenterPoint Energy, Inc. (NYSE: CNP). Under the terms of the agreement, CenterPoint Energy will provide various consulting services needed for the construction of Tidelands’ proposed integrated gas pipeline, storage and LNG Project (“Project”) in Northeast Mexico.
Tidelands announced today that it has also entered into a Letter of Intent with CenterPoint Energy Pipeline Services to provide technical expertise and oversight for the development, construction, operation and maintenance of Tidelands’ Project pending an executed Definitive Agreement. CenterPoint Energy will perform all work out of its corporate office in Houston.
CenterPoint Energy’s capabilities are the result of decades of experience it has gained through the project management and operation of its two affiliate natural gas transmission pipelines: CenterPoint Energy Gas Transmission and CenterPoint Energy - Mississippi River Transmission. These assets encompass over 8,200 miles of pipeline, six underground natural gas storage facilities and over 350,000 horsepower of compression in six states.
Michael Ward, President and CEO of Tidelands Oil & Gas Corporation, stated, “CenterPoint Energy’s sustained reputation for dependability has prompted us to engage their consulting services to investigate and evaluate the intricate details of our proposed pipeline, storage facility and LNG Project.”
Tidelands Oil & Gas Corporation will continue to update its shareholders as developments warrant.
About CenterPoint Energy Pipeline Services
CenterPoint Energy
Pipeline Services, Inc. is an experienced provider of cost-effective pipeline
management solutions that provides comprehensive operation and maintenance
and project management services. For more information, visit the Web site at
www.ps.CenterPointEnergy.com. It is an indirect wholly-owned subsidiary of
CenterPoint Energy, Inc., a domestic energy delivery company, headquartered
in Houston, Texas, that includes electric transmission & distribution,
natural gas distribution and sales, and interstate pipeline and gathering operations.
The company serves nearly five million metered customers primarily in Arkansas,
Louisiana, Minnesota, Mississippi, Oklahoma, and Texas. Assets total approximately
$16 billion. With more than 9,000 employees, CenterPoint Energy and its predecessor
companies have been in business for more than 130 years. For more information,
visit the Web site at www.CenterPointEnergy.com.
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 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 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.