SOURCE: Terra Energy & Resource Technologies, Inc.

October 25, 2007 07:00 ET

Terra Energy to Demonstrate Benefits of STeP® Exploration Technology to Middle Eastern Governments and Oil Companies

NEW YORK, NY--(Marketwire - October 25, 2007) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), in conjunction with Global Scan Technologies, have been invited to meet government and oil company officials in Jordan and Dubai to discuss how its satellite-based exploration technology (STeP™) can help unlock undiscovered oil and natural gas reserves.

Terra Energy's Chief Executive Officer, Dmitry Vilbaum and its Chairman Ivan Railyan will present STeP technology in Dubai on Nov 11, with a series of follow-on presentations in Jordan to approximately 30 organizations representing the Natural Resources Authority, various government agencies, as well as private oil and gas companies and investors.

"It's very exciting that foreign governments and corporations are taking notice of what Terra and its partners, such as Global Scan Technologies, can bring to the oil and gas exploration industry," said Vilbaum. "They are getting to see the benefits of STeP technology; how it can help increase the success of exploration programs, while minimizing the costs associated with unwarranted drilling that STeP is capable of predicting."

Dubai-based Global Scan Technologies (GST) is a division of the multi-billion dollar Belhasa Group of Companies, an investor in Terra and strong supporter of STeP technology. GST was formed in 2002 to meet the demand for detailed satellite images throughout the Middle East. GST is a provider of satellite data and technology solutions to the government of the United Arab Emirates. The data provided through STeP technology is used to conduct exploration for oil, natural gas and renewable fresh water resources.

Sub-Terrain Prospecting Technology (STeP) combines a suite of proprietary techniques to interpret satellite data, and identify the location and depth of hydrocarbon deposits, natural gas, gold, diamonds, and other valuable raw materials onshore or offshore. STeP technology has been employed at several significant exploration projects conducted in the Middle East, Far East, North and South America, Russia and Africa.

Oil was discovered off the coast of the United Arab Emirates in the early 1960s. By the mid-1970s, the oil industry had transformed the economies of Dubai and its six neighboring federated states into some of the wealthiest nations on Earth.

"There is a growing need to identify additional resources," Vilbaum said. "Many oil fields, throughout the world, have not been explored efficiently, with a significant amount of oil left in the ground, especially after many were abandoned in the 1980s following a drop in oil prices."

Oil fields that are considered at the end of their economic life may again become productive if STeP technology is used to discover adequate additional reserves, added Vilbaum.

In contrast to Dubai, the economy of the Hashemite Kingdom of Jordan was not built upon revenues from an oil industry, but upon exports of textiles and garments. Still, there is oil to discover, said Vilbaum, and STeP can find it.

"There are quite a few companies in the Middle East that are not equally positioned to overcome exploration limitations found in the very different regional geologic conditions," said Vilbaum. "This is one reason why Terra was invited to Jordan to present our STeP technology and show how it can be used to overcome such limitations."

Oil was discovered in Jordan in 1984. To-date, Jordan's 113 oil wells have produced a total of only about 1 million barrels. Although oil exploration has been conducted in Jordan since 1986, according to the country's Natural Resources Authority, its hydrocarbon reserves have remained largely untapped.

Several international companies from Canada, Japan, America, Austria and South Korea have conducted oil exploration in Jordan. These companies include: Amaco, Hunt Middle East, Petrofina, Petro-Canada, JUOC, Anadarko and Benton.

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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

  • Media Inquiries:
    Terra Energy & Resource Technologies, Inc.
    Dmitry Vilbaum
    Phone: (212) 286-9197