Terra Snaps up Institute of New Oil and Gas Technologies
Terra Energy & Resource Technologies, Inc. has signed a Memorandum of Understanding with Intelteck Holding Limited to acquire its wholly owned subsidiary the Institute of New Oil and Gas Technologies, a Russian limited liability technology company providing services utilizing its innovative oil and gas exploration technologies.
The Memo of Understanding calls for acquisition of 100% of the equity ownership of the Institute of New Oil and Gas Technologies (INOGT), to be effected by the end of 2008, in exchange for a number of restricted shares of the Company's common stock to be determined in accordance with value as reflected by an independent third party expert appraisal.
"We are acquiring a revenue producing company that has unique and innovative oil and gas exploration technologies and its own equipment, that is servicing sizable oil and gas companies, and that has, in its employ, accomplished and well known scientists," said Dmitry Vilbaum, Chief Executive Officer of Terra Energy & Resource Technologies, Inc. "The INOGT acquisition is a significant opportunity for our Company, because INOGT combines current service contract work, excellent intellectual property, and solid R&D capabilities. INOGT's technologies address pertinent, largely unresolved, challenges of today's oil and gas mainstream exploration, such as determination of zones of open fracturing and fluid saturation in reservoirs."
"We plan for INOGT to be the technology focal point of the Company," said Mr. Vilbaum. "This business initiative is brought to Terra Energy & Resource Technologies by its new board members, and we are pleased that the Company is receiving strong tangible support from these recent investors in our Company."
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