CPPT News CompuPrint Delivers the First Stage STeP(R) Oil and Gas Report to a Major International Oil and Gas Exploration and Production Company
NEW YORK--(BUSINESS WIRE)--CompuPrint, Inc. (OTCBB:CPPT), an energy and natural resource
exploration technology company, has received the first payment of
$750,000 from a major oil and gas exploration and production company in
connection with a $2.5 million service contract the Company received in
August 2006. The Company has completed its preliminary analysis of the
contracted off-shore African oil and gas drilling prospect and delivered
its first stage STeP analysis report. Under the agreement, the Company
has now earned an additional progress payment of $375,000. Under the
contact, the remaining two payments are to be paid over the next sixty
days, with the last payment being made on delivery of the final report.
In preparing its analysis, the Company utilizes a proprietary technology
STeP which is based on interpretation of satellite data to effectively
identify oil and gas as well as other minerals subsurface. CompuPrint
conducts its operations through its wholly owned subsidiary, Terra
Insight Corporation (TIC).
“We are proud that one of the world leaders in
off-shore oil and gas exploration recognizes the value of STeP®.
Our technology will enable our client to more effectively and
efficiently exploit its exploration efforts and achieve substantial time
and dollar savings," 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. We are optimistic
that our STeP® technology will open more
opportunities to work with this client and other major exploration
companies. The Company is currently in negotiations with several
potential clients to render services."
About CompuPrint, Inc.
CompuPrint, Inc., through its wholly owned subsidiary, Terra Insight
Corporation, provides subsurface surveying, and analytical services for
exploration, drilling, and mining companies. The Company primarily uses
satellite-based STeP technology, which facilitates the prediction and
location of commercially viable deposits of hydrocarbons, gold,
diamonds, and other natural resources. The Company interprets and
quantifies geologic and satellite data to develop the assessment of
natural resources for any given geographic area - on or off shore. The
Company, through its subsidiaries and affiliates holds (1) six licenses
to approximately 1 million acres off-shore Namibia for diamond
exploration, (2) a participation interest in a diamond prospect in the
Congo, (3) a working interest in a 1 million acre Kurdistan oil
prospect, (4) 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 (5) oil and gas leases oil and gas leases in East and South
Texas,. 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: competition for new acquisitions; availability of capital;
unfavorable geologic conditions; prevailing prices for oil, natural gas
and other natural resources; and general regional economic conditions.
