NEW YORK, Feb 17, 2010 (GlobeNewswire via COMTEX) — Terra Energy & Resource Technologies, Inc. /quotes/comstock/11k!tegr (TEGR 0.09, -0.05, -35.00%) , a natural resource exploration technology company, has completed an exploration services project for oil and gas in Nevada under a contract with Golden Eagle Alliance, LLC, a Colorado limited liability company.
The contract entailed the application of STeP®, Terra’s proprietary remote sensing exploration technology, with the objective being to assess the hydrocarbon potential of a certain area in Nevada.
“We welcomed this project because we had an opportunity to showcase the STeP® technology in one of the most challenging frontier areas,” said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. “Nevada is known for risky exploration and lack of success of traditional geological and geophysical science application. Our technology was used to reduce the risk and exploratory guess work. As Terra’s technology suite continues to demonstrate success, exploration companies in the United States are recognizing its robust capabilities as an exploration tool,” Dmitry added.
In opining that the oil and gas potential for the area is fairly good, Mr. Vilbaum also stated: “The territory is within the regional ‘fairway’ of mature Mississippian source rocks capable of generating oil. Wells drilled to the west and east of the area of interest have reported numerous, encouraging oil shows. In this project, we were asked to focus on an area with known oil and gas source rocks and the potential for commercial accumulations of hydrocarbons, although the nearest oil production is located approximately 50 miles away.”
“Given our recent announcement of plans to engage in exploration for our own account, this Nevada project has been a good exercise for Terra,” said Dr. Alexandre Agaian, Terra Energy & Resource Technologies’ President. “We expect to utilize the STeP® analysis in our plans to develop a portfolio of interests in explorations in more established oil and gas states such as Texas and Oklahoma.”
About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Services, Inc., provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources found beneath the surface of the Earth. The Company uses a suite of innovative and efficient technologies, which facilitate the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources, and assesses them for any given geographic area — on or offshore. For more information, visit http://www.terrainsight.com.
Safe Harbor for Forward-looking Statements
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company’s expectations and beliefs about its operations, its plans to acquire interests in exploration properties or technologies, plans to drill or drilling results to fail to materialize, including, but not limited to: competition for new acquisitions; availability of capital; unfavorable geologic conditions; prevailing prices for oil, natural gas and other natural resources; and general regional economic conditions.