SOURCE: Terra Energy & Resource Technologies, Inc.

December 01, 2008 07:00 ET

$2.4 Million Service Contract for Oil & Gas Exploration Awarded to Terra Insight Services

Company to Deploy STeP® and AGS Technologies for Exploration of 14,000 Square Kilometers in Kazakhstan

NEW YORK, NY--(Marketwire - December 1, 2008) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), an energy and natural resource exploration services technology company, announces that it has been awarded a $2.4 million service contract. According to the contract signed with NURMUNAI PETROGAZ, LLC, a Kazakhstan firm, the Company is to apply its proprietary STeP® and Adsorbed Gas-geochemical Survey (AGS) technologies in prospecting for oil and gas on two license territories totaling over 14,000 square kilometers.

"Kazakhstan is a very rich and established, although underexplored, natural resource country. Its market in oil & gas and other minerals exploration and field services is very competitive; and it is exciting that a holder of such a vast license territory as Nurmunai Petrogas sees the value in STeP, AGS and, hopefully, other Company's services. In fact, our technologies are valuable and applicable in exploration of large areas lacking geological and geophysical data," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc.

The contract is to be performed in four major phases over the next seven months in relation to the Company's two services and two areas earmarked for exploration by the client. Terra Insight Services, Inc., the services division of the Terra Energy & Resource Technologies group of companies, will perform the STeP® and AGS analysis for Nurmunai Petrogas.

"We have recently started expansion into Central Asia, the market with tremendous business opportunities in exploration, production, and services in, not only oil and gas, but other natural resource industries as well. We are currently in discussions of cooperation with Kazmorgeophysika, LLC, one of the major providers of geophysical services in the area. This contract follows our participation and presentation at a prestigious geophysical conference in Almaty, where we were received well," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc. "The innovative geochemical prospecting method, AGS, has recently been added to our services offering, and we are very excited that our core competence of innovative technologies keeps propagating and increasing its share in the industry."

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 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.

Contact Information

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    Terra Energy & Resource Technologies, Inc.
    Phone: (212) 286-9197