NEW YORK, April 7, 2010 (GLOBE NEWSWIRE) -- Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, announces today that the Company is expanding its oil and gas exploration services offering in South America by signing a market partner agreement with Solvex S.A., an Argentine consulting firm. The contract sets forth a market partner framework between the companies, granting Solvex certain rights in connection with the sales and marketing of the Terra exploration services in South America.
"Solvex is a strong local partner, knowledgeable in the South American oil and gas landscape. Solvex has already presented Terra with several opportunities for projects in Argentina, Peru, and Colombia, quickly demonstrating to us the professionalism and understanding of the local business community," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "We have recently met with one of Solvex principals, and we are encouraged that our existing services network in other countries is complemented by Solvex," Dmitry added.
Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President, noted that the South American exploration and production industry is large due to the continent being rich in oil and gas as well as mineral resources. Dr. Agaian also stated: "We plan on visiting Argentina as well as other neighboring countries in April or May of 2010 to present our innovative exploration capabilities to potential clients, introduced to us by Solvex. Solvex is a supporter of Terra's technologies; its recognition of the value Terra brings to the exploration process helps to grow the companies' relations rapidly."
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 services and service offerings, 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.