Terra Signs Services Contract with Unitec Energy and Oil M&S Joint Venture Company for Oil & Gas Exploration in Argentina
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.
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