Terra Energy & Resource Technologies, Inc. to Acquire Oil and Gas Service Company
11 June 2008 - 8:37PM
Marketwired
NEW YORK, NY , an energy and natural resource exploration
technology company, announces that it has signed a Memorandum of
Understanding with Intelteck Holding Limited to acquire its wholly
owned subsidiary the Institute of New Oil and Gas Technologies, a
Russian limited liability technology company providing services
utilizing its innovative oil and gas exploration technologies.
The Memo of Understanding calls for acquisition of 100% of the
equity ownership of the Institute of New Oil and Gas Technologies
(INOGT), to be effected by the end of 2008, in exchange for a
number of restricted shares of the Company's common stock to be
determined in accordance with value as reflected by an independent
third party expert appraisal.
"We are acquiring a revenue producing company that has unique
and innovative oil and gas exploration technologies and its own
equipment, that is servicing sizable oil and gas companies, and
that has, in its employ, accomplished and well known scientists,"
said Dmitry Vilbaum, Chief Executive Officer of Terra Energy &
Resource Technologies, Inc. "The INOGT acquisition is a significant
opportunity for our Company, because INOGT combines current service
contract work, excellent intellectual property, and solid R&D
capabilities. INOGT's technologies address pertinent, largely
unresolved, challenges of today's oil and gas mainstream
exploration, such as determination of zones of open fracturing and
fluid saturation in reservoirs."
"We plan for INOGT to be the technology focal point of the
Company," said Mr. Vilbaum. "This business initiative is brought to
Terra Energy & Resource Technologies by its new board members,
and we are pleased that the Company is receiving strong tangible
support from these recent investors in our Company."
About Terra Energy & Resource Technologies, Inc.
Terra Energy & Resource Technologies, Inc., through its
subsidiary Terra Insight Corp., 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 proprietary satellite-based STeP� (Sub-Terrain
Prospecting) technology, which facilitates 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 may contain 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 or its plans to acquire additional exploration
properties, plans to drill or drilling results to fail to
materialize, including but not limited to competition for new
acquisitions; availability of capital; unfavorable geologic
conditions; prevailing prices for oil, natural gas and other
natural resources; and general regional economic conditions.
Media Inquiries: Terra Energy & Resource Technologies, Inc.
Dmitry Vilbaum CEO Phone: (212) 286-9197
Terra Energy and Resourc... (CE) (USOTC:TEGR)
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