CompuPrint Awarded $2.5 Million Contract From Major International Oil and Gas Exploration and Production Company To Provide STeP(R) Technology For Off-Shore Oil and Gas Exploration Project 9/6/2006
Three-Month Contract Includes $750,000 Up-front Payment
NEW YORK, Sep 06, 2006 (BUSINESS WIRE) -- CompuPrint, Inc. (OTCBB:CPPT), an energy technology company that combines satellite-based technology with traditional exploration services, announced today that its wholly-owned subsidiary Terra Insight Corporation (TIC), has been awarded a $2.5 Million contract by a subsidiary of one of the major international oil exploration companies to provide its proprietary satellite-based STeP(R) technology for an off-shore African oil and gas drilling project. Under the contract, TIC will receive an initial payment of $750,000, with three further payments over the following 90 day period, the last of which will be a $1,000,000 payment due upon delivery of the final report. Under the agreement, TIC will provide studies in a deep water area, including identification of prospective drilling sites and mapping of hydrocarbon anomalies using proprietary STeP(R) technology.
"We are pleased that one of the world majors, as well as leaders, in off-shore exploration for oil and gas has recognized the value that our STeP(R) technology can play in identifying where it is mostly likely to achieve exploration success, and also identifying where it should not drill, so as to save significant expense and effort," said Roman Rozenberg, CompuPrint's Chief Executive Officer. "We have already demonstrated that we can help substantially reduce the number of dry holes in off-shore drilling, and, with this opportunity, we expect to deliver a report on the project in 90 days and further demonstrate the ability of STeP(R) technology to enhance the likelihood of success of off-shore oil and gas drilling operations. We are optimistic that our STeP(R) technology will be instrumental in locating hydrocarbon anomalies that may be present. We anticipate that this will be the first of a number of contracts we can achieve over time here as leading oil and gas exploration companies increasingly recognize the important role that our STeP(R) technology can play in facilitating exploration activities."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight Corporation, provides mapping, surveying, and analytical services to exploration, drilling, and mining companies. The Company primarily uses the STeP technology, which facilitates the prediction and location of commercially viable deposits of hydrocarbons, gold, diamonds, and other natural resources. It manages and interprets geologic and satellite data to develop the assessment of natural resources. Through the Company's wholly owned affiliate, Terra Resources, Inc., the general partner in three limited partnerships we control, the Company owns leases for oil and gas parcels totaling more than 16,000 acres of land in the Rail Road Valley and White River Valley areas of Nevada, and participation in leases in East Texas and in South Texas for purposes of utilizing its STeP(r) technology in oil and gas exploration and development activities. For more information visit http://www.terrainsight.com.Posts: 1364 | From: Somebody from Europe | Registered: Sep 2005
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