KALISPELL, Mont., March 22, 2005 (PRIMEZONE) -- Earth Search Sciences, Inc. (OTCBB:ESSE) announced today that a Memo of Understanding, outlining a merger between its subsidiary company Petro Probe, Inc. (PPI) and General Petroleum Inc., (GPI) a privately held company, has been drawn subject to due diligence.
The MOU will establish PPI as the surviving Company with all rights to access and develop a patented oil shale gasification technology held by GPI as well as the extensive oil shale properties GPI has submitted proposals for.
PPI is a development stage oil & gas company utilizing advanced technologies in its exploration package. The current exploration package offers the use of hyperspectral remote sensing, transient electromagnetic surveying, 3D Seismic and a chemical enzyme leaching process. All of these exploration techniques represent the best currently available for oil & gas discoveries and each has its own particular usefulness in different geological situations. The Company currently is receiving revenue from working interests in its first gas wells.
PPI intends to continue to service the oil and gas industry by providing the parent's hyperspectral remote sensing and other technology products targeted at two specific business functions of the industry:
-- Environmental -- Baseline assessment, environmental mapping,
pipeline monitoring, habitat mapping. Remediation, legal defense
-- Exploration -- Regional mapping, logistics
Larry Vance, Earth Search Chairman said, "Earth Search's restructuring plan called for building a more diversified company from the existing assets of Earth Search Sciences," he continued, "This diversification will come from joint ventures and mergers involving our strong subsidiary companies that are in place in key industries, and the timing is right for oil & gas."
The Company completed the first part of this strategy with a recently announced joint venture centered in the minerals industry through its subsidiary company, Geo-Probe, Inc.
Step two is the pending merger between GPI and PPI. GPI is a development stage company, with licensed rights to use a patented technology for the recovery of oil, natural gas and hydrogen from oil shale and bitumen deposits. The new process is environmentally acceptable and uses a super heated air and gasification-based process for the conversion of carbon-based feed stocks to a multi-use product base.
Earth Search Sciences, Inc., www.earthsearch.com is a pioneer and leading collector of airborne hyperspectral data. The Company's state of the art Probe-1 hyperspectral instrument is installed in the Company's Turbo Commander airplane. Hyperspectral imaging is the simultaneous collector of images covering narrow, contiguous wavelength bands. The technology gathers information that when analyzed, can identify site locations for further evaluation in determining exploration prospects for oil, gas and other minerals such as gold, silver, copper platinum, etc. The technology speeds the discovery process for these high value commodities.
See the Earth Search Sciences Inc. website at http://www.earthsearch.com for further details
Forward-Looking Statements:
This news release includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.