SOURCE: Terra Energy & Resource Technologies, Inc.

March 02, 2010 07:00 ET

Terra Energy & Resource Technologies Expands Services Offering Into Canadian Oil and Gas Exploration Market

NEW YORK, NY--(Marketwire - March 2, 2010) -  Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), a natural resource exploration technology company, announces today that the Company is expanding its oil and gas exploration services offering into the country of Canada. With this aim, Terra Energy & Resource Technologies signed an agreement with Alberta Energy Consultants Ltd to facilitate sales and marketing in Canada of the Company's oil and gas exploration services.

The contract sets forth a market partner framework between the companies, and includes performance requirements for Alberta Energy Consultant in exchange for certain exclusivity rights over a specific time frame, as well as other customary provisions.

"We are encouraged to gain a professional local partner that will market and promote our exploration services in Canada, one of the richest, underexplored oil and gas countries in the world," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "Terra has already established its services network in South America, Australia, South East Asia, and select countries in Africa via similar contracts and relationships. The distribution contract with Alberta Energy Consultants is patterned after a model that has served Terra over the years. Our local partners possess an in-depth knowledge and experience in their specific countries, geology and business environments, and create an effective conduit for Terra to reach participants in respective local exploration industries," Dmitry added.

Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President, noted that most of the Company's marketing partners initiate contact with Terra because they see value in the Terra product and its competitive feature set. Dr. Agaian also stated: "Our distribution relationships enable Terra to reach many exploration communities cost effectively, as Terra does not have to expand its operational capability to cover those disparate geographies and business environments. We have already received service revenues and other lucrative business opportunities from such relationships and expect the same from Alberta Energy Consultants."

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 services and service offerings, 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
    Email Contact