NEW YORK, Sept. 12, 2011 /PRNewswire/ -- Terra Energy &
Resource Technologies, Inc. (OTCQB: TEGR), a natural resource
exploration technology company, has initiated its satellite-based
STeP® analysis for oil and gas prospectivity of an approximately
4,000 square kilometer license block in the province of Chubut,
Argentina. This exploration
services contract was granted to Terra by the prominent Argentine
hydrocarbon producer Petroquimica Comodoro Rivadavia (PCR) after
Terra's STeP® technology was added to Chubut's "work-program
approved list" for oil and gas exploration companies.
Also noteworthy, the Company recently completed its NAGS
geochemical survey for PCR in the province of Santa Cruz, Argentina.
"We are pleased that our client relationship with PCR, an oil
and gas industry leader, has evolved into repeat business and is
expanding into other product lines. The new project in Chubut
is the second STeP® analysis we have carried out for PCR, having
previously completed the survey of a different license block in the
province of Santa Cruz. We
have a great deal of respect for PCR oil and gas division general
manager Mr. Miguel Torilo and are
excited to play a role in his innovative vision of the exploration
process," said Dmitry Vilbaum, CEO
of Terra Energy & Resource Technologies.
Mr. Vilbaum continued: "Terra needed approvals from local oil
and gas authorities before PCR could include its STeP® Technology
in its exploration work program of the block. A team effort
was required to achieve success, and many parties contributed, but
our South American partner Solvex deserves special mention as being
instrumental in helping us navigate the process, gain the approvals
in Chubut, and enable Terra and PCR to start this exciting
project."
Dr. Alexandre Agaian, President
of Terra Energy & Resource Technologies, stated: "Chubut is one
of the leading hydrocarbon producing provinces in Argentina. This key acceptance of STeP®
should pave the way for us to obtain approvals in other provinces,
such as Neuquen, Mendoza and Tierra del Fuego, where Terra is
actively pursuing similar ratifications. These approvals are
critical to the Company's expansion plans in the region.
Momentum seems to be building in Argentina and we hope to capitalize on
it."
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 in 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 contains 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, services, plans, projects, and contracts, and
its plans or proposals to acquire interests in, or participate in,
exploration activities or properties, to fail to materialize,
including, but not limited to, availability of capital,
satisfaction of contractual conditions and requirements,
unfavorable geologic conditions, the amount of reserves projected
or ultimately discovered, and general regional economic
conditions.
For more information, please contact:
Terra Energy & Resource Technologies, Inc.
212-286-9197
info@terrainsight.com
SOURCE Terra Energy & Resource Technologies, Inc.