SOURCE: Terra Energy & Resource Technologies, Inc.

April 28, 2008 08:47 ET

Terra Energy & Resource Technologies, Inc. Announces Institutional Investor Closes on Third Round of Financing

NEW YORK, NY--(Marketwire - April 28, 2008) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), an energy and natural resource exploration technology company, and Cyprus-based Esterna, Ltd have closed on the third round of financing for $500,000.

This round was the final tranche provided for in the December 2007 Purchase Agreement for a total of $1 million of unregistered preferred stock convertible into a total of 5 million shares of common stock at 20 cents per share, with a total of 20 million two year warrants for preferred stock, initially exercisable at 25 cents and then 30 cents per share of stock. Esterna also owns 500,000 shares of common stock for which it paid $1 per share in December 2005.

"We started 2008 very well. Many exciting business and technology initiatives are being actively pursued, and we are pleased that the funding initiatives are aligning with the overall vibrant company progress," said Dmitry Vilbaum, the Company's Chief Executive Officer. "This further funding of $500,000 has been primarily earmarked for our activities in the acquisition and further analysis of the West Deweyville, Texas oil and gas prospect, which, pursuant to positive geological, geophysical, geochemical, and STeP® studies results, we plan on farming out in the near future."

About Terra Energy & Resource Technologies, Inc.

Terra Energy & Resource Technologies, Inc., through its subsidiary Terra Insight Corporation, 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 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 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 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