NEW YORK, Sept. 13, 2010 (GLOBE NEWSWIRE) -- Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, has been granted a services contract by Petroquimica Comodoro Rivadavia S.A. (PCR) for oil and gas exploration in Argentina. The $1.23 million services contract is for four stages of work, covering several territories in Argentina, and requires Terra to carry out the services, based on Sub-Terrain Prospecting (STeP®), Naturally Adsorbed Gas Survey (NAGS), and Side View Seismic Locator (SVSL) technologies of the Terra Technologies Suite.
The prepayment for the first stage, STeP® analysis of two license blocks, has been received, and the services have started. The second stage of STeP® services for the remaining land parcels is contingent on certain government authorizations. According to the contract, Terra will also perform its SVSL and NAGS services upon completion of the STeP® studies.
"We have recently started expanding into the South American markets, and we are especially encouraged that we signed this sizable contract with such a reputable energy company as PCR," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: "This project is particularly interesting not only because it covers several unconnected areas but also because it calls for concurrent application of Terra suite of products, STeP®, SVSL, and NAGS. We are encouraged by the innovative vision of PCR's management which decided to incorporate vastly different datasets -- traditional geological and geophysical data and Terra analysis -- into its exploration program."
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 .
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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