SOURCE: Terra Energy & Resource Technologies, Inc.

September 10, 2007 07:00 ET

Institutional Investor Signs Letter of Intent to Provide Additional Funding

NEW YORK, NY--(Marketwire - September 10, 2007) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), an energy and natural resource exploration technology company, announced today that it has signed a Letter of Intent with Cyprus-based Esterna, LTD.

The Letter of Intent is offering the sale of $1 million in unregistered common stock at 20 cents per share. The signing is expected to occur by Sept. 30 and close by Oct. 15. Esterna currently owns common stock for which it paid $500,000 in December of 2005. The initial investment was made following Esterna's assessment of Terra's use of its proprietary STeP analysis to identify oil and gas reserves.

"Esterna is familiar with our technology, and their investment decision is well received by us," said Dmitry Vilbaum, Terra's Chief Executive Officer. "Based on Esterna's satisfaction, we have earned their confidence."

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.

STeP technology not only predicts the location of natural resources, it can prevent direct expenditures associated with drilling non-productive oil wells. Recently, Terra accurately assessed the oil rim of a proposed well in Louisiana was precipitously close to the water table. Several traditional seismic, geological, and geophysical interpretations anticipated a successful drilling opportunity. However, subsequent drilling results confirmed the STeP prediction when the water coned in.

"We are pleased that our technology is gaining a heightened following within the investment and exploration community and that current shareholders continue to invest in our company," said Vilbaum.

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.

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Contact Information

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