SAN ANTONIO, Oct. 21 /PRNewswire-FirstCall/ -- Tidelands Oil & Gas Corporation (OTC 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.
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SOURCE Tidelands Oil & Gas Corporation