• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Earth Search Sciences Inc. Completes Agreements for Obtaining Funding and the Start of Oil Shale Processing On Behalf of Its Subsidiary, Petro Probe, Inc.

Posted on: Tuesday, 11 October 2005, 09:01 CDT

LAKESIDE, Mont., Oct. 11, 2005 (PRIMEZONE) -- Earth Search Sciences, Inc. (OTCBB:ESSE) today announced the signing of an unrestricted license agreement to produce oil and natural gas from oil shale on behalf of its majority-owned subsidiary company, Petro Probe, Inc. (PPI). Also signed, were agreements to obtain funding to construct the first licensed oil shale processing plant.

PPI has equity in a number of conventional oil & gas properties where it has spearheaded the use of Earth Search Science's (ESSI) airborne remote sensing hyperspectral imaging as a new hydrocarbon exploration tool. Much of this equity is located in or near major proven oil shale reserves in Colorado, Wyoming and Utah.

The new oil shale processing system was developed and patented by General Synfuels International, Inc., (GSI) a private company. The system is based on environmentally friendly in situ gasification technology. GSI has provided PPI with a license agreement that provides for a "turnkey" operation that includes the plant construction and on-going operation.

Inventor and President of GSI, Ron McQueen said, "We are excited to introduce our technology as a solution to the long sought economic production of oil & gas from oil shale," adding "Gasification of the kerogen (material which composes oil shale) is a low-risk, environmentally clean method of capturing not only the oil & gas products, but hydrogen and co-generation capability as well".

Larry Vance, Chairman of ESSI said, "The signing of this agreement ensures Petro Probe continues to present the ESSI shareholder with a diversified, stronger business model under its subsidiary company development program."

Earth Search Sciences, Inc. -- www.earthsearch.com -- is a pioneer and leading collector of airborne hyperspectral data. The technology gathers information, that when analyzed, can identify sites for further evaluation in determining the discovery of oil, gas and other mineral prospects.

Forward-Looking Statements:

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.

CONTACT: ESSI Larry Vance 406-751-5200 lvance@earthsearch.com

Investor Relations: The Eversull Group, Inc. Jack Eversull 972-991-1672 jack@theeversullgroup.com

Copyright © 2005 PrimeZone Media Network, Inc.

Source: PrimeZone Media Network

More News in this Category