NEW YORK, May 7, 2012 /PRNewswire/ -- Terra Energy &
Resource Technologies, Inc. (OTCQB: TEGR), a natural resource
exploration technology company, announces that it has signed a
service contract to survey approximately 17,000 square kilometers
for oil and gas in the province of Santa
Cruz, Argentina using the
Company's proprietary technology STeP®. The contract was
awarded to Terra by the joint venture company of two oil companies
Oil M&S S.A. and Unitec Energy S.A.
"This contract is significant for us and our development in the
Argentine and South American oil and gas markets, because two
prominent industry participants, Oil M&S and Unitec Energy,
holding a large license area in the significant energy province of
Santa Cruz, selected Terra and its
STeP® technology to assist in exploration for oil and gas," said
Dmitry Vilbaum, CEO of Terra Energy
& Resource Technologies. "The Argentine government
considers discovery of new reserves of hydrocarbons a priority for
the country. This is our fifth contract in Argentina, and Terra is pleased to participate
in this important mission."
Dr. Alexandre Agaian, President
of Terra Energy & Resource Technologies, stated: "It is of
note, that our STeP® technology was recently approved by the
provinces of Santa Cruz, Mendoza,
and Chubut to be included in exploration work programs with the
work unit value significantly higher than that assigned to other
methods, such as aero gravimetry, traditional remote sensing, and
even reprocessing of 2D and 3D seismic. We expect that this
significant technical and investment advantage will generate
additional business for Terra in the provinces."
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.