Terra Energy & Resource Technologies, Inc. and Lucas Energy, Inc. (AMEX: LEI) today announced the signing of a Memorandum of Understanding (MOU) for a joint venture to realize profits on oil and gas properties in Texas. The MOU creates an architecture whereby LEI’s oil and gas properties are combined with TEGR’s innovative technology and networking capacity, resulting in increased efficiency and productivity.
LEI CEO Mr. William Sawyer stated that, “Lucas Energy’s strategy is aimed at risk reduction, and we are excited that we can further reduce such risks in developing some of our properties utilizing the cutting edge technologies of Terra Energy & Resource Technologies.”
The capacity to leverage TEGR’s sophisticated suite of mapping and analytical technologies will facilitate a more cost effective and therefore profitable realization of energy reserves, translating into high ROI for shareholders.
TEGR CEO Dmitry Vilbaum said of the framework created by the MOU, that it “embodies our vision for partnering, because we plan to use our innovative technologies’ risk reduction, higher efficiency and effectiveness as investment capital, receiving back-end interests and non-promoted participation rights in exchange for our significantly discounted services.”
Vilbaum went on to assert that the “prospect of using our STeP analysis” on two of LEI’s projects in the near future, combined with their joint venture, signified LEI’s “vision and appreciation for the value of innovative oil and gas technologies.”
TEGR has a long track record of developing truly space-age technologies focused on the field of natural resources exploration. Their Terra Technology Suite is designed to enhance the efficacy of exploration and the efficiency of the process as a whole.
The TEGR suite comprises a remote sensing and analytical bundle, unique geochemical technology for absorbed hydrocarbons and non-organic gases, a micro-seismic bundle, and passive seismic sensors for determining fluid type and saturation.
This joint venture represents a step forward for both companies, promising lucrative dividends to shareholders because the architecture secured by the MOU represents one of the most streamlined examples of modern exploration in a world of depleting resources.