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Tidelands Receives Permits from Mexican Authorities

The San Antonio Business Journal reports that Tidelands Oil & Gas Corp. earlier this month secured permits from Mexican federal regulatory authorities for its three-phase natural gas project, which includes an LNG terminal, underground storage facility,
July 2, 2006

The San Antonio Business Journal reports that Tidelands Oil & Gas Corp. earlier this month secured permits from Mexican federal regulatory authorities for its three-phase natural gas project, which includes an LNG terminal, underground storage facility, and accompanying pipelines in northeastern Mexico. The company hopes to obtain the remaining permits from FERC for the U.S. portion of the proposed bi-directional pipeline in the next 90 days, according to Tidelands president and CEO Michael Ward. The proposed pipeline, which is estimated to cost $430 million, initially will be used to import natural gas to Mexico, but later will allow Tidelands to transport Mexican natural gas exports to the United States once Mexico develops its natural gas reserves, Ward said. The estimated cost of the three-phase project is approximately $1.5 billion, which the company intends to finance through a combination of debt and equity. The company’s press release is here.

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