Terra Energy & Resource Technologies was granted a service contract for oil and gas exploration in Nevada by Golden Eagle Alliance, LLC, a Colorado limited liability company. The contract entails the application of the Company's proprietary technology STeP® to assess the hydrocarbon potential of a certain area.
"A few of the most prolific wells in the continental United States are in Nevada, although the state is underexplored for oil and gas. Our STeP® technology is remote in nature, and its value is significantly elevated in frontier areas," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies. "Nevada is regarded by many geologists as the oil kitchen of America, however no one has been able to break its oil and gas code."
"Terra plans to engage in frontier exploration on its own account," said Dr. Alexandre Agaian, Terra Energy & Resource Technologies' President. "We are encouraged that the Company is engaged by other exploration companies such as our new client the Golden Eagle Alliance to reduce the wildcatters' risks. Exploration in Nevada, unlike in more established oil and gas states like Texas and Oklahoma, is at a disadvantage due to its remoteness, lack of seismic coverage, and extremely complicated geology. In such situations, the Terra analysis gets into the driver's seat paving the way to traditional geological and geophysical studies."
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