NEW YORK, April 12, 2010 (GLOBE NEWSWIRE) -- Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, announces the service contract for the analysis of an onshore license block controlled by Pertamina, an Indonesian state-owned oil and gas company. The agreement was signed with Pertamina's service contractor PT. Wahana Petranusa.
Terra Energy & Resource Technologies will receive cash fees for providing exploration services using its proprietary STeP® technology in connection with a large license block located in Sumatra, Indonesia to determine and delineate areas of oil and gas prospectivity.
"Indonesia is a recognized oil and gas producing country, and our entry into the Indonesian exploration market is a significant milestone for the Company. Pertamina is one of the largest oil and gas companies in the world and is the most profitable state company in Indonesia," said Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President. "There were several recent unsuccessful drilling attempts on this license block, and Terra is excited to take on the challenge of exploration where traditional methods failed."
"PT. Wahana Petranusa and Pertamina recognize the value of Terra's technologies and are using this contract as a pilot," said Dmitry Vilbaum, Terra Energy & Resource Technologies' Chief Executive Officer. "We are confident that this contract will open other doors within Pertamina and the country of Indonesia."
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.