Terra Energy & Resource Technologies has signed a Letter of Intent with Kazmorgeophizika (KMG), a Kazakhstani company, to market and sell its innovative technology services in Kazakhstan. According to the non-binding LOI, the Company is to provide its proprietary exploration technologies solutions to KMG's customers in prospecting for oil and gas. The LOI calls for a definitive agreement, to be effected by November 15, 2008.
"It is exciting that we signed this Letter of Intent with one of the largest geophysical and exploration services providers in Kazakhstan," said Dr. Alexandre Agaian, President of Terra Energy & Resource Technologies, Inc. "The Republic of Kazakhstan is a large producer of hydrocarbons and represents a vast market with numerous international oil and gas exploration companies. Gaining the trust of a reputable mainstream technology company solidifies the Company's position in the world hydrocarbon market place."
Terra Energy & Resource Technologies, Inc. and KMG jointly presented the Terra Technology Suite at the 16th Kazakhstan International Oil & Gas Exhibition & Conference (KIOGE).
"KIOGE is the largest oil and gas show in Kazakhstan. We were given the opportunity to present our technologies under the auspices of KMG, and we were able to attract the interest of numerous industry players," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc.
"The reality is such that mainstream seismic acquisition and processing vendors often frown upon new technologies. KMG, however, sees the value in the Terra Technology Suite and realizes that the use of KMG's standard product offering is synergistic with our solutions providing its clients with significant improvement in accuracy, efficiency, and effectiveness of the exploration process."
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