SOURCE: Terra Energy & Resource Technologies, Inc.

August 15, 2007 07:00 ET

Hunt Middle East to Utilize New Technology to Improve Exploration Success

Prominent Independent Selects the STeP® Technology and Signs a Letter of Intent for Joint Venture

NEW YORK, NY--(Marketwire - August 15, 2007) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), an energy and natural resource exploration technology company, announced today it has signed a Letter of Intent for a joint venture enterprise with Hunt Middle East Corp. LLC to explore an oil and gas property in the Middle East.

"We are honored to have been selected a partner with Hunt Middle East, one of the most successful international exploration independents, headed by oil magnate Nelson Bunker Hunt. This partnership indicates the industry's increasing interest in examining alternative ideas," said Dmitry Vilbaum, the Company's Chief Executive Officer.

"Hunt had examined a few innovative exploration technologies and selected STeP for its sophistication, effectiveness and efficiency. We are currently in negotiations with other international firms contemplating the use of our technology in various exploration projects."

Although the exploration industry is largely conservative, added Mr. Vilbaum, this agreement signals an exciting step toward the advancement of technology.

"Hunt's innovative thinking and its technology oriented approach to exploration is synergistic with our views on deployment of new technologies to significantly improve exploration success while saving time and funds," he said. "This Letter of Intent initiates a pertinent project for our Company, potentially paving the way for our technology into the mainstream of exploration."

The non-binding Letter of Intent proposes Hunt Middle East to award the Company a 50 percent non-promoted working interest in the exploration project. The Company is to provide a Letter of Bank Guarantee for $11.5 million. The Company is also to render the STeP technology analysis services to the project for an initial estimated payment of $1.5 million.

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 primarily 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. The Company interprets and quantifies satellite and geologic data to determine locations and depths of natural resource deposits, and assess them for any given geographic area -- on or off shore. For more information visit http://www.terrainsight.com.

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

  • Contact Info:
    Terra Energy & Resource Technologies, Inc.
    Dmitry Vilbaum
    212-286-9197