SOURCE: Terra Energy & Resource Technologies, Inc.

November 28, 2007 07:00 ET

Meetings Pave the Way for Terra Energy's SteP® Technology Project in Jordan

NEW YORK, NY--(Marketwire - November 28, 2007) - Representatives from Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR) and Jordan's Natural Resources Authority have agreed to enter into a pilot project to showcase satellite-based exploration technology (STeP®).

This is a result of several meetings held earlier this month with the Natural Resources Authority, other government agencies, as well as private oil and gas companies and investors. A Letter of Intent has been presented to the Jordanian government for the employment of STeP technology for the exploration of oil, natural gas and gold reserves at two test sites in Jordan, with successful tests potentially leading to a nationwide analysis of the Middle Eastern Country's undiscovered natural resources.

Terra Energy's Chief Executive Officer, Dmitry Vilbaum, conducted the presentations in cooperation with Dubai-based Global Scan Technologies (GST), a division of Belhasa Group of Companies and investor in Terra Energy and strong supporter of STeP technology. Terra Energy's Chairman, Ivan Railyan, made similar presentations in Dubai.

"Everyone I spoke with at the presentation seemed impressed with the capabilities of STeP," Vilbaum said. "The general comment was that our technology represents a breakthrough in the exploration industry."

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.

The focal point of the discussions was a workshop held at the King Hussein Club in Amman. The workshop centered on practical applications of STeP technology, and received substantial press coverage from regional news outlets that included: Al Arab Al Yawm, Al Ra'i Daily, Al Dustour and Al Ghad.

Among the VIPs attending the meetings were: Jordan's Minster of Energy and Mineral Resources, Khaled Najieb Alshuraydeh; the Director General of the Natural Resources Authority, Maher I Hijazin; Special Government Advisor for Nuclear Energy, Kama J. Araj; as well as several high-ranking officials from Egypt who expressed keen interest in organizing a similar workshop in Egypt. Representatives from several prominent local and international oil and gas companies at the meetings are now in discussions with Terra Energy on developing business relationships.

"Apart from Persian Gulf countries rich in hydrocarbon production, many Middle Eastern countries are under explored, and the technologies we are bringing into the region may help uncover mineral potential," Vilbaum said.

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.

About Global Scan Technologies:

Global Scan Technologies is a division of the multi-billion dollar Belhasa Group of Companies. GST was formed in 2002, and 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.

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
    CEO
    Phone: (212) 286-9197