NEW YORK, Sept. 12, 2011 /PRNewswire/ -- Terra Energy & Resource Technologies, Inc. (OTCQB: TEGR), a natural resource exploration technology company, has initiated its satellite-based STeP® analysis for oil and gas prospectivity of an approximately 4,000 square kilometer license block in the province of Chubut, Argentina. This exploration services contract was granted to Terra by the prominent Argentine hydrocarbon producer Petroquimica Comodoro Rivadavia (PCR) after Terra's STeP® technology was added to Chubut's "work-program approved list" for oil and gas exploration companies.
Also noteworthy, the Company recently completed its NAGS geochemical survey for PCR in the province of Santa Cruz, Argentina.
"We are pleased that our client relationship with PCR, an oil and gas industry leader, has evolved into repeat business and is expanding into other product lines. The new project in Chubut is the second STeP® analysis we have carried out for PCR, having previously completed the survey of a different license block in the province of Santa Cruz. We have a great deal of respect for PCR oil and gas division general manager Mr. Miguel Torilo and are excited to play a role in his innovative vision of the exploration process," said Dmitry Vilbaum, CEO of Terra Energy & Resource Technologies.
Mr. Vilbaum continued: "Terra needed approvals from local oil and gas authorities before PCR could include its STeP® Technology in its exploration work program of the block. A team effort was required to achieve success, and many parties contributed, but our South American partner Solvex deserves special mention as being instrumental in helping us navigate the process, gain the approvals in Chubut, and enable Terra and PCR to start this exciting project."
Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, stated: "Chubut is one of the leading hydrocarbon producing provinces in Argentina. This key acceptance of STeP® should pave the way for us to obtain approvals in other provinces, such as Neuquen, Mendoza and Tierra del Fuego, where Terra is actively pursuing similar ratifications. These approvals are critical to the Company's expansion plans in the region. Momentum seems to be building in Argentina and we hope to capitalize on it."
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 in 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 contains 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, services, plans, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties, to fail to materialize, including, but not limited to, availability of capital, satisfaction of contractual conditions and requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.
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