June 3, 2009 (FinancialWire) — Terra Energy & Resource Technologies, Inc. (OTCBB: TEGR) (Current Market Cap: US$9.34 Mil.), a natural resource exploration services technology company, said it has acquired all the rights to the satellite-based STeP technology, which is used in oil exploration.

STeP technology is a suite of analytical and remote sensing methods, including structure-metric analysis, paleo-reconstruction, geodynamic analysis, and spectrometry.

The company has purchased all the rights to the technology from the Institute of Geoinformational Analysis of the Earth, and, in connection with the acquisition, terminated the 30 year exclusive worldwide license with the institute.

Terra CEO Dmitry Vilbaum said that owning the technology “provides us with complete control of timing, costs, and future R&D efforts.” He added that direct ownership of the STeP technology “is the first phase of a longer list of technology acquisitions planned for 2009.”

Vilbaum said that Terra is constructing a new suite of exploration technologies “that we believe is able to effectively address major challenges of oil & gas and mineral exploration - from effective regional assessment of hydrocarbon and mineral potential of large license blocks to identification of zones of open fracturing and fluid saturation.”

New York-based Terra Energy & Resource Technologies provides mapping and analysis services for exploration, drilling, and mining companies related to natural resources.

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