Message #2 From:
Stock News Bot Date: June 29, 2006 05:00:00 AM
CPPT News CompuPrint, Inc. Spuds Well in Nevada
NEW YORK--(BUSINESS WIRE)--June 29, 2006--CompuPrint, Inc. (OTCBB: CPPT), an energy technology company that combines satellite-based technology with traditional exploration services announced today that it has initiated drilling of a well in Nevada. The well is being drilled by Tierra Nevada Exploration Partners, LP, an exploration partnership, on land leases purchased by Tierra Nevada in the September 2005 lease auction conducted by the Bureau of Land Management. Tierra Nevada's general partner, Terra Resources, Inc. is the wholly owned subsidiary of Terra Insight Corp., CompuPrint's operating subsidiary. This project is Terra Resources' first independent U.S. exploration project.
"We are pleased to have commenced our first independent drilling project that deploys our promising technology to our own leased property," said Roman Rozenberg, the Company's CEO. "We are optimistic concerning this prospect, but it is too early to know whether we will obtain a productive oil or gas well. Drilling will continue until we reach a depth targeted by our proprietary technology and run tests on the resulting well. We then intend to spud other wells on our land leases in the future."
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. Tierra Nevada Exploration Partners, LP is the holder of the oil and gas leases issued by the Bureau of Land Management. The Company's wholly-owned subsidiary, Terra Resources, Inc., is the general partner of Tierra Nevada Exploration Partners, LP. 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 other wholly owned subsidiary entities, 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 for purposes of utilizing its STeP technology in oil and gas exploration and development activities. Terra Insight Corporation was formed in 2005 and is based in New York City. For more information visit http://www.terrainsight.com.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its plans to acquire additional exploration properties, plans to drill or drilling results to fail to materialize, including competition for new acquisitions, drilling rigs and equipment; availability of capital; unfavorable market or geologic conditions or results; prevailing prices for oil and natural gas and general regional economic conditions.
