CPPT News CompuPrint Delivers the Second 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 delivered its second stage STeP
analysis of an off-shore African oil and gas drilling prospect. Under
the $2.5 million contract, the Company has now earned a third progress
payment of $375,000. The final payment of $1 million is to be paid on
delivery of the final report, anticipated for December 2006.
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.
The Company conducts its operations through its wholly owned subsidiary,
Terra Insight Corporation (TIC).
"We are pleased to report our continued progress reflecting the on
schedule performance of the Company, and we are proud that one of the
world leaders in off-shore oil and gas exploration recognizes the value
of STeP. We have just delivered the second stage STeP report, which is
designed to further the level of detail and the client’s
knowledge as to the presence and geological conditions of hydrocarbon
deposits in the license block. Our reports are in an industry acceptable
format that geologists and exploration managers can understand and use
in exploration: our third stage, or final, reports present drilling
location coordinates, structure maps, as well as cross sections with
target depths, formation changes, and additional geological information.
We believe that all of this information will help our multibillion
dollar client companies achieve tremendous money and time savings as
compared to industry standards," said Roman Rozenberg, CompuPrint's
Chief Executive Officer.
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.
