Earth Search Sciences, Inc. has announced the acquisition of General Synfuels International, Inc. (GSI) and its patented technology to recover hydrocarbons through an environmentally-conscientious gasification process.
GSI has agreed to the buyout involving an undisclosed amount of cash and shares. The acquisition enables key Earth Search subsidiary, Petro Probe, Inc., to establish a joint venture and commercial licensing program to develop domestic oil shale and other heavy oil resources. Petro Probe plans a full scale field test of this technology as early as fall 2008 and subsequent commercial development as early as 2009.
"We believe this technology is capable of producing a steady flow of crude oil and natural gas right in our backyard - with very minimal environmental impact," said Luis F. Lugo, CEO of Earth Search.
Lugo said the acquisition positions Earth Search and Petro Probe for immediate growth in the oil shale and heavy oil industry, and the opportunity to contribute to the development of much-needed domestic energy resources using technology that is environmentally friendly, energy self-sustaining, and economically viable.
"This acquisition will enable imminent launch of a full field test," said Dr. Ronald McQueen, President of GSI. "During the launch period, we will be able to fine tune the technology to quickly develop a commercial prototype applicable to oil shale and other domestic hydrocarbon resources."
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