SOURCE: Terra Energy & Resource Technologies, Inc.

August 13, 2008 07:00 ET

Terra Energy & Resource Technologies, Inc. Signs Exclusive Contract for the Use of Innovative Exploration Technologies

NEW YORK, NY--(Marketwire - August 13, 2008) - Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR), an energy and natural resource exploration technology company, announces that it has signed a Service Agreement with the Institute of New Oil and Gas Technologies (INOGT), a Russian limited liability company providing exploration services utilizing its innovative technologies. The agreement grants the Company five year exclusive rights for the use of INOGT's technologies and services outside of Russia.

"While we are performing due diligence and processes assessment in preparation for the acquisition of INOGT, planned to be effected by the end of 2008, Terra Energy & Resource Technologies received an opportunity to start utilization of the INOGT technologies quicker and ahead of completion of the acquisition. This exclusive Service Agreement strengthens our relationship with INOGT for the period preceding the acquisition. Terra Energy & Resource Technologies gains a solid technology partner and now offers the innovative INOGT technologies to its clients worldwide. We are excited to be able to bring new, more accurate and efficient technologies to the western and world exploration industries in furtherance to what INOGT has started in Russia and internationally," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc.

"We plan for INOGT to be the Company's think tank," said Mr. Vilbaum. "We expect to obtain valuable service contracts for utilization of the INOGT technologies suite in the near future."

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 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 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