NEW YORK, Aug. 9, 2010 (GLOBE NEWSWIRE) -- Terra Energy & Resource Technologies, Inc. (OTCBB:TEGR), a natural resource exploration technology company, announces that Eurostars has awarded a research and development consortium, of which the Company is a participant, a 3-year 388,000 Euro science grant.
The Eurostars Programme is a competitive European innovation initiative that provides funding for market-oriented research and development, performed in-house by small and medium-sized enterprises. The grant application, which the Consortium submitted in March 2010, was for the development of oil and gas forecasting software modules, planned for wide commercial use in early exploration for oil and gas. The Eurostars' evaluation panel ranked the Consortium's application 4th out of 102 project applications.
The Consortium is lead by Flotten AB (Sweden), and consortium members include Terra Energy & Resource Technologies Inc., Bunnyfoot Ltd. (UK), and Aristotle University of Thessaloniki (Greece). Each of the Consortium project members is to carry out concrete functions: Terra, being one of the leaders in innovative exploration technologies, will provide expert advice on the software architecture, industry standards on output data formats, monitor the development, as well as results verification.
Flotten SA originated the project via its innovative exploration method. Terra and Flotten share similar goals in developing and advancing innovative early exploration tools of a substantially higher value than those used traditionally. The companies also utilize similar conceptual approaches associated with a deep, a-biotic origin of petroleum, recognizing that hydrocarbon compounds are generated in the mantle of the Earth and can migrate via deep faults into the crust, forming oil and gas deposits there.
"Flotten asked us to join the Consortium, recognizing that Terra is an established innovative exploration technology provider. Our companies share certain academic and practical exploration philosophies. Terra actively utilizes the proprietary geo-dynamic analysis, and some of its postulates are recognized and implemented within Flotten's method. We had numerous discussions about the lack of value of information provided by the traditional early exploration tools, therefore "building in" a high, innate level of error into any prospecting project from the very beginning stages. Naturally, with shared philosophies and Terra's name recognition, collaborating on this project was an organic decision for our companies," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies.
"Terra is always seeking to improve its technology base and is excited to see the outcome of the Consortium's collaborative efforts. The resulting software product may even become an adjunct to Terra's geodynamic analysis, one of the components of our STeP® technology. In addition to certain fees that Terra will earn for performing its functions within the Consortium, Terra has a 5% ownership interest in the intellectual property and any other commercial rights or interests relating to the project, including stakes in future enterprises stemming from any products developed by the Consortium," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies.
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 contains 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, services, projects, and contracts, and its plans or proposals to acquire interests in, or participate in, exploration activities or properties or research and development activities, to fail to materialize, including, but not limited to, availability of capital, amount of funding, satisfaction of contractual requirements, unfavorable geologic conditions, the amount of reserves projected or ultimately discovered, and general regional economic conditions.