Terra Energy & Resource Technologies, Inc., an energy and natural resource exploration technology company, announced recently that it has received the final $1,000,000 completion payment on the $2.5M contract the Company signed with a major international oil and gas exploration firm in August 2006. In accordance with the agreement, the Company delivered on time its final STeP analysis report to the client and has just received the final $1M payment concluding the contract.
In preparing its analysis, the Company utilizes proprietary STeP technology which is based on interpretation of satellite data to effectively identify oil and gas as well as other minerals subsurface, on or off-shore. Terra Energy & Resource Technologies, Inc. conducts its operations through its wholly owned subsidiary, Terra Insight Corporation (TIC).
“We have delivered our reports on schedule, and we received the final payment of $1 million, as agreed. This reflects the on-schedule performance of the Company in delivering its final STeP report pursuant to this important contract with one of the world leaders in off-shore oil and gas exploration and production. Our technology enables our client to more effectively and efficiently conduct its off-shore hydrocarbon exploration efforts and achieve substantial time and dollar savings, in addition to significant reduction of exploration risk,” said Roman Rozenberg, Terra Energy & Resource Technologies’ Chief Executive Officer. “Now that we have succeeded in performing in accordance with our first contract with this important client, we expect additional opportunities with this and other world leaders in resource exploration.”
SOURCE: Terra Energy & Resource Technologies, Inc.