Exploration for Oil and Gas in Tasmania -- Terra Energy & Resource Technologies Takes a New Direction Date : 01/12/2010 @ 7:00AM Source : MarketWire Stock : Terra Energy & amp; Resource Technologies, Inc. (TEGR) Quote : 0.08 0.01 (14.29%) @ 8:18AM
Exploration for Oil and Gas in Tasmania -- Terra Energy & Resource Technologies Takes a New Direction
NEW YORK, NY -- (Marketwire) -- 01/12/10 --
Terra Energy & Resource Technologies, Inc
(OTCBB: TEGR), a natural resource exploration services technology company, announces that the Company has initiated a new strategic direction for exploration for oil and gas in Tasmania
"We believe that Tasmania is a prospective for oil and gas. Our technological advantage in exploration of frontier areas, enhanced with the Australian partner relationship formed in 2009 with Terralinna Pty Ltd, has presented the Company with a significant opportunity to undertake exploration in Tasmania," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "Together with Terralinna and two other accomplished local partners, we have already established an Australian entity, Terra Tasmania Resources Pty Ltd with a strong board of directors and a strategy to pursue exploration licenses and opportunities in Tasmania. Terra has targeted Tasmania as a potential exploration area due to its stable political environment, established logistics and infrastructure and underexplored license blocks. STeP® and other Terra technologies are especially applicable in an unexplored frontier basin where there is potential for untapped oil and gas reserves."
"Terra has decided to diversify from the pure services model into natural resources. To that effect, we have launched the Terra Diversified Drilling project for farming opportunities in the US and are now adding exploration of Tasmania," said Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President. "The Terra Technology Suite will enable the Company and its partners to substantially shorten the expense and time of exploration in Tasmania, reducing the early exploration stage financial exposure to a minimum. Our prospecting technologies should virtually eliminate the exploratory guess work and answer a long standing question on oil prospectivity of the island, adding major value to traditional geological and geophysical efforts in Tasmania."
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 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
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