Michael Ward, President and CEO of Tidelands Oil & Gas Corporation, stated, "I am very excited to work with the Mercator group of companies. Their reputation as a credible financial institution enhances the credibility of our own projects that they are agreeing to help finance. We are diligently working to build shareholder value by strengthening the Company's fundamentals and this financing agreement with Mercator is a testament to our dedication to see these projects completed."
Tidelands is currently working on several national and international projects. On December 20, 2004, Tidelands announced that its subsidiary, Sonterra Energy, entered into a construction contract with Centex Destination Properties to develop and construct the propane/butane pipelines and services for exclusive subdivision expansions in the North Austin, Texas area. This contract enables Sonterra Energy to be the utility services provider for these subdivisions. Other projects include designing, building and operating a proposed LNG docking terminal, being designed by Remora Technology, an underground natural gas storage facility and pipeline infrastructure.
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