KALISPELL, Mont., March 31, 2005 (PRIMEZONE) -- Earth Search Sciences, Inc. (OTCBB:ESSE) today provided additional information regarding the assets involved in the proposed merger between its subsidiary company Petro Probe, Inc. (PPI) and General Petroleum Inc., (GPI) a privately held company.
Petro Probe, Inc. has producing equity, development equity and exploration project equity in a number of conventional oil and gas properties. Much of this equity is located in or near major proven producing areas in Louisiana, Wyoming, Utah and Texas.
General Petroleum Inc. is a partner of ESSI in ownership of one of the parent's Probe-1 hyperspectral instruments and holds an exclusive license for the use of patented gasification technology for retrieval of hydrocarbonaceous products from oil shale. This license covers any properties controlled by GPI world-wide.
Petro Probe is the company engaged in more conventional oil and gas exploitation whereas General Petroleum is introducing new techniques for the recovery of oil and gas from kerogen and bitumen materials within oil shale and oil sands deposits. Merging the two together presents a company capable of engaging in the oil and gas industry in a diversified, stronger manner. Consolidating the ownership of the Probe-1 instrument under the parent can provide more value and security for the ESSI shareholder.
The MOU calls for an independent evaluation of both GPI and PPI to determine the merger formula and the value to current Earth Search Sciences Inc. shareholders.
The MOU also addresses the funding of the new company and provides for a time line to complete the first stage by the end of May, 2005.
Earth Search Sciences, Inc., www.earthsearch.com is a pioneer and leading collector of airborne hyperspectral data. 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.
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.