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The Companies stated their intention, via the non-binding MOU, to create a
framework for a joint venture, combining oil and gas properties, new age
technologies, and networking capabilities for the purpose of a more effective and
efficient development of some of Lucas Energy’s oil and gas leases.
NEW YORK, NY – December 05, 2009 – Lucas Energy, Inc. (AMEX:LEI), a Houston, Texas
based independent oil and gas company, and Terra Energy & Resource Technologies,
Inc. (OTCBB: TEGR), a natural resource exploration services technology company,
announce that the Companies signed a Memorandum of Understanding (MOU) for a joint
venture for development of oil and gas properties in Texas with application of
Terra’s innovative technologies.
The Companies stated their intention, via the non-binding MOU, to create a
framework for a joint venture, combining oil and gas properties, new age
technologies, and networking capabilities for the purpose of a more effective and
efficient development of some of Lucas Energy’s oil and gas leases.
“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,” said Mr.
William Sawyer, Lucas Energy’s Chief Executive Officer.
“This framework 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,” said Dmitry
Vilbaum, Terra Energy & Resource Technologies’ Chief Executive Officer. “We are
pleased with the prospect of using our STeP analysis on two of Lucas Energy’s
projects in the near future and appreciate our partner’s vision and appreciation
for the value of innovative oil and gas technologies.”
Press Contact :
Michael Brette,J.D.
Lucas Energy, Inc.
NEW YORK, NY
(713) 528-1881
mikebrette@gmail.com
http://www.terrainsight.com.