SOURCE: Terra Energy & Resource Technologies, Inc.

November 11, 2009 07:00 ET

Gold and Ruby Contract for Exploration in Cambodia Signed Between Terra Insight Services and The Millennium International Group

NEW YORK, NY--(Marketwire - November 11, 2009) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a natural resource exploration services technology company, announces that the Company's service subsidiary Terra Insight Services, Inc. signed a service contract with The Millennium International Group, LLC, a US limited liability company.

Terra Insight Services is to perform a two-phase exploration for gold and rubies utilizing Sub Terrain Prospecting Technology (STeP®) on an approximately 100 square kilometer territory in Cambodia.

"This is our second contract with this client, and it is structured similarly to the first contract, which was for marble exploration. The client's payment for our STeP technology services will be in cash and an overriding royalty in all natural resources which may be produced or extracted from the service territory of two percent for the first phase and one percent for the second phase of the contract. We started the phase one work," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc.

"We are excited that The Millennium International Group demonstrates its willingness to share its future successes with Terra by assigning a significant value to our unique and innovative exploration technologies in conveying the royalty to Terra in addition to the cash service fees," said Dmitry Vilbaum, the Company's Chief Executive Officer. "The repeat business is obviously a vote of confidence from the client. We have started negotiations in connection with additional service work in Cambodia, and we expect that the revenue model of cash and back-end fees will repeat in the future transactions with The Millennium International Group."

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, its plans to acquire interests in exploration properties or technologies, 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

  • For More Information, Please Contact:
    Terra Energy & Resource Technologies, Inc.
    212-286-9197
    info@terrainsight.com