Earth Search to Acquire General Synfuels International
July 21 2008 - 7:00AM
PR Newswire (US)
Acquisition secures patent and royalties on new method to recover
oil and gas within oil shale, tar sands and heavy oil LAKESIDE,
Mont., July 21 /PRNewswire-FirstCall/ -- Earth Search Sciences,
Inc., (OTC:ESSE) (BULLETIN BOARD: ESSE) today announced the
acquisition of General Synfuels International, Inc. (GSI) and its
patented technology to recover hydrocarbons through an
environmentally-conscientious gasification process. GSI has agreed
to the buyout involving an undisclosed amount of cash and shares.
The acquisition enables key Earth Search subsidiary, Petro Probe,
Inc., to establish a joint venture and commercial licensing program
to develop domestic oil shale and other heavy oil resources. Petro
Probe plans a full scale field test of this technology as early as
fall 2008 and subsequent commercial development as early as 2009.
"We believe this technology is capable of producing a steady flow
of crude oil and natural gas right in our backyard - with very
minimal environmental impact," said Luis F. Lugo, CEO of Earth
Search. Lugo said the acquisition positions Earth Search and Petro
Probe for immediate growth in the oil shale and heavy oil industry,
and the opportunity to contribute to the development of much-needed
domestic energy resources using technology that is environmentally
friendly, energy self-sustaining, and economically viable. "This
acquisition will enable imminent launch of a full field test," said
Dr. Ronald McQueen, President of GSI. "During the launch period, we
will be able to fine tune the technology to quickly develop a
commercial prototype applicable to oil shale and other domestic
hydrocarbon resources." About Earth Search Sciences -
http://www.earthsearch.com/ Earth Search Sciences, Inc.'s [OTCBB:
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, including the use of a new patented method to
recover oil and gas within oil shale, tar sands and heavy oil that
positions the company to become a significant presence in the oil
shale and heavy oil industry. The company has established a clear
path to grow and develop Earth Search Sciences and Petro Probe in
the oil shale, tar sands and heavy crude market segments. 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: Luis F.
Lugo of Earth Search Sciences, +1-406-751-5200, ; or Patrick Cusick
for Earth Search Sciences, +1-208-388-3800, Web site:
http://www.earthsearch.com/ http://www.petroprobe.com/
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