FRANKFURT, Germany, March 17, 2011 /PRNewswire/ -- Terra Resources, PLC, a London, UK based independent oil and gas company listed on the Frankfurt Stock Exchange under the trading symbol "T31" ("Terra Resources") welcomes Dmitriy Salop to its management team. Mr. Salop joined Terra Resources as President effective immediately.
Mr. Salop brings to his new role as President a strong background in the management of oil and gas assets in Russia, logistics, transportation, and government relations. Over the last 15 years, Mr. Salop has served as president, managing director, and in other high level executive positions in major Russian enterprises engaged in oil investing, production, trading, transportation, manufacturing, and equipment sales.
"Mr. Salop's passion, vision, and proven leadership experience in the oil and gas industry in Russia make him an ideal choice to lead Terra Resources," noted Charles Salisbury, director and secretary of Terra Resources.
Recognized as an accomplished business executive, Mr. Salop served as Deputy General Director of Ogo-Profit, a Russian based enterprise developing Russian national strategic reserves of oil. He was a senior executive at RayzInvest, an exporter of resources within the Russian Federation. Subsequently, Mr. Salop served as General Director of Arco Petroleum, setting the firm's global business agenda in oil and gas investments, oil product trading, government agencies, vendor, and trading partners' policies. As an expert and executive at ZAO Logovaz, Mr. Salop was in charge for equipment realization and transportation, and at Silver Capital, Mr. Salop managed export of industrial and oil field equipment.
Mr. Salop completed his undergraduate education in UK and Ukraine. He earned his graduate degree in Economics and Business Administration from Economics Institute, Zoloturn, Switzerland, and his graduate law degree from the renowned Moscow Government law Academy. Mr. Salop is a passionate philanthropist, supporting numerous charitable and civic causes.
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About Terra Resources, PLC Terra Resources acquired substantial oil and gas concessions in the North Caspian Region - Kalmykia, Russia. The licensed territories encompass approximately 85,000 acres. The fields contain 64 wells, of which 62 were producing. The wells were capped and remained non-productive for many years because of previous low gas prices and technology that could not handle the volume produced by high pressure wells. With new skilled management and an experienced operator, Terra Resources plans to open the wells again, and secure transportation via newly built gas and oil pipeline. Of the 62 producing wells, 7 are listed as a "Super Giant" find based upon Subsalt exploration, outlined in the new 51-101 Competent Person's Report prepared by Chapman Petroleum Engineering, Ltd. This report concludes with a "best case" reserve estimate of the concession value at $7 to $11 Billion, with an estimated $175 million development costs over the life of the reserves.
Forward Looking Statements This press release contains forward-looking statements, which express the current beliefs and expectations of the management of Terra Resources, PLC. Such statements are based on current expectations and are subject to risks and uncertainties, many of which are beyond our control, and could cause future results, performance, and achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Actual results could differ materially depending on a number of factors, and we caution investors not to place undue reliance on the forward-looking statements contained in this press release. These risks and uncertainties include, but are not limited to, economic conditions, the regulatory environment, loan concentrations, vendors, employees, technology, competition, and interest rates. Forward-looking statements speak only as of the date on which they are made and TERRA RESOURCES, PLC undertakes no obligation to update these forward-looking statements, even if new information becomes available in the future.
SOURCE Terra Resources, PLC