Luis F. Lugo Named CEO of Earth Search Sciences
July 15 2008 - 7:00AM
PR Newswire (US)
Lugo to position Earth Search Sciences and subsidiaries for
immediate growth LAKESIDE, Mont., July 15 /PRNewswire-FirstCall/ --
Earth Search Sciences, Inc., (OTC:ESSE) (BULLETIN BOARD: ESSE)
today announced the appointment of Luis F. Lugo as the company's
CEO. Larry Vance, formerly chairman and CEO of Earth Search
Sciences, will continue in his role as chairman of the board. Vance
said Lugo's appointment is a critical step in moving the company
and its subsidiaries forward in the development and
commercialization of its breakthrough technologies. Vance also
cited Lugo's experience with acquisitions, mergers and joint
ventures as key to positioning Earth Search as a substantial
presence in domestic heavy oil development and production. "Luis
Lugo has an impressive record of aiming high and consistently
achieving goals," said Vance. "His experience in securing
investment will allow Earth Search and its key subsidiary -- Petro
Probe, Inc. -- to begin practical testing of its technology and
subsequent full-scale development of oil shale and other selected
heavy oil reserves. We're fortunate to have attracted him to the
team and are thrilled to have him on board." Lugo brings
substantial experience in oil gas and other process industries. He
previously served as Director of Finance and Strategy for 3AG
Distribution (Elf Aquitaine Oil Lubricants Venezuela) and was
involved in securing capital investment and in developing the
distribution system which helped the company achieve six percent of
the Venezuelan lubricants market in its first three years of
operations. Lugo also served as Engagement Manager of global
chemicals and strategy practices for Arthur D. Little Management
Consulting, and as Strategy Analyst for BP Amoco where he developed
analytical and financial modeling and valuation of acquisition
targets for Latin America, Europe and East Asia. Lugo holds an MBA
in International Business Finance and an MA in International
Economics from The George Washington University in Washington D.C.
Lugo cited Earth Search Science's differentiating factors as a key
element to his accepting a position with the company. "Earth
Search's hyperspectral imaging capability has tremendous potential
and significant environmental advantages over other technologies,
as does Petro Probe's patented technology to develop hydrocarbon
products from oil shale," said Lugo. "Virtually all the pieces have
been assembled to enable environmentally-safe and efficient
exploration of America's vast heavy oil resources within the very
near future. We have established a clear path to grow and develop
Earth Search Sciences and Petro Probe in the oil shale, tarsands
and heavy crude market segments." About Earth Search Sciences --
http://www.earthsearch.com/ Earth Search Sciences, Inc.'s
(OTC:ESSE) (BULLETIN BOARD: ESSE) revolutionary hyperspectral
technology provides the ability to accurately read the chemical
properties of surface substances from great altitudes and produce
easily interpreted maps allowing the user to identify specific
minerals and substances on the surface of the earth by their
diagnostic reflectance patterns. Ultimately, this remote sensing
capability identifies a greater number of exploration targets
quickly and economically, monitors the environmental situation, and
improves the probability of finding anomalies. Older, more
conventional methods would take decades to cover the same area, and
at a much greater cost. Within the realm of exploration, remote
sensing does not replace the need for geological knowledge,
geochemistry, geophysics, seismic, drilling, etc, which are some of
the more conventional tools used for exploration. The application
of Earth Search's patented and IP-protected hyperspectral
technology cuts across the commercial, medical and military
spectra. About Petro Probe -- http://www.petroprobe.com/ Petro
Probe, Inc. is a private petroleum company using advanced
technology in the search for and production of hydrocarbon
products. The company was formed in 2000 as a majority-owned
subsidiary of Earth Search Sciences, Inc.
(http://www.earthsearch.com/), a public company listed on the OTCBB
exchange under OTCBB: ESSE. Petro Probe's mandate is to identify
and develop hydrocarbon properties utilizing Earth Search Science's
exploration programs. Earth Search recently acquired the licensed
rights to a new in situ oil shale recovery system it believes will
provide an economical and environmentally-acceptable means to
recover oil from oil shale deposits. This news release includes
forward-looking statements that involve a number of risks and
uncertainties. The information reflects numerous assumptions as to
industry performance, general business and economic conditions,
regulatory and legal requirements, taxes and other matters, many of
which are beyond the control of the company. Similarly, this
information assumes certain future business decisions that are
subject to change. There can be no assurance that the results
predicted here will be realized. Actual results may vary from those
represented, and those variations may be material. DATASOURCE:
Earth Search Sciences, Inc. CONTACT: Larry Vance, +1-406-751-5200,
, for Earth Search Sciences, Inc.; or Patrick Cusick,
+1-208-388-3800, , for Petro Probe Web site:
http://www.earthsearch.com/ http://www.petroprobe.com/
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