Argentine Transportadora de Gas del Sur Awards Second Contract to Terra Energy & Resource Technologies
NEW YORK, Aug. 6, 2012 /PRNewswire/ — Terra Energy & Resource Technologies, Inc. (Pink: TEGR), a natural resource exploration technology company has been granted a second phase services contract by Transportadora de Gas del Sur S.A. (TGS), a major Argentine gas transportation company operating one of the longest gas pipelines in South America. According to the contract, Terra is to utilize its innovative satellite-based methodology on a limited distance of TGS’s pipeline to identify conditions and risk factors which could lead to pipeline malfunction. The second contract is in furtherance of the original agreement entered in 2011.
“Last year, Terra surveyed a short distance of the pipeline and demonstrated to TGS its capabilities. TGS is a serious, well-run organization which is proceeding in a methodical manner to validate Terra’s ideas. TGS performed excavation work to test Terra’s prognosis and further understand the applicability of our technologies for assisting TGS in meeting its pipeline maintenance goals,” said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies. “Upon its evaluation of the phase one results, TGS found useful many of the parameters derived by Terra’s analysis awarded us with a second phase contract to survey another distance of the pipeline.”
Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: “Many large pipelines are rapidly aging. The pipeline diagnostics and preventive maintenance has not evolved in any meaningful way over the past two decades. For most companies, satellite surveying of pipelines is a new concept. We were happy to learn that TGS strives for innovation, constantly looking for ways to modernize the surveying process and improve the overall pipeline health. The synergies which were developed between TGS and Terra in the first phase have resulted in this repeat business for Terra. We hope to keep performing well for TGS because TGS has 9,000 kilometers of pipe to maintain and this represents a significant opportunity for Terra. Moreover, with continued confirmation on TGS’s pipeline, Terra will seek to leverage its success with other pipeline companies.”
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, which facilitate 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, negotiation and execution of definitive agreements, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.
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SOURCE Terra Energy & Resource Technologies, Inc.