Earth Search to Acquire General Synfuels Internationaladmin
Earth Search Sciences, Inc., announced the acquisition of General Synfuels International, Inc. (GSI) and its patented technology to recover hydrocarbons through an environmentally-conscientious gasification process.
GSI has agreed to the buyout involving an undisclosed amount of cash and shares. The acquisition enables key Earth Search subsidiary, Petro Probe, Inc., to establish a joint venture and commercial licensing program to develop domestic oil shale and other heavy oil resources. Petro Probe plans a full scale field test of this technology as early as fall 2008 and subsequent commercial development as early as 2009.
“We believe this technology is capable of producing a steady flow of crude oil and natural gas right in our backyard – with very minimal environmental impact,” said Luis F. Lugo, CEO of Earth Search.
Lugo said the acquisition positions Earth Search and Petro Probe for immediate growth in the oil shale and heavy oil industry, and the opportunity to contribute to the development of much-needed domestic energy resources using technology that is environmentally friendly, energy self-sustaining, and economically viable.
“This acquisition will enable imminent launch of a full field test,” said Dr. Ronald McQueen, President of GSI. “During the launch period, we will be able to fine tune the technology to quickly develop a commercial prototype applicable to oil shale and other domestic hydrocarbon resources.”
About Earth Search Sciences – www.earthsearch.com
Earth Search Sciences, Inc.’s [OTCBB: ESSE] revolutionary hyperspectral technology provides the ability to accurately read the chemical properties of surface substances from great altitudes and produce easily interpreted maps allowing the user to identify specific minerals and substances on the surface of the earth by their diagnostic reflectance patterns. Ultimately, this remote sensing capability identifies a greater number of exploration targets quickly and economically, monitors the environmental situation, and improves the probability of finding anomalies. Older, more conventional methods would take decades to cover the same area, and at a much greater cost. Within the realm of exploration, remote sensing does not replace the need for geological knowledge, geochemistry, geophysics, seismic, drilling, etc, which are some of the more conventional tools used for exploration. The application of Earth Search’s patented and IP-protected hyperspectral technology cuts across the commercial, medical and military spectra.
About Petro Probe – www.petroprobe.com
Petro Probe, Inc. is a private petroleum company using advanced technology in the search for and production of hydrocarbon products. The company was formed in 2000 as a majority-owned subsidiary of Earth Search Sciences, Inc. (www.earthsearch.com), a public company listed on the OTCBB exchange under OTCBB:ESSE. Petro Probe’s mandate is to identify and develop hydrocarbon properties utilizing Earth Search Science’s exploration programs, including the use of a new patented method to recover oil and gas within oil shale, tar sands and heavy oil that positions the company to become a significant presence in the oil shale and heavy oil industry. The company has established a clear path to grow and develop Earth Search Sciences and Petro Probe in the oil shale, tar sands and heavy crude market segments.
Source: Earth Search Sciences, Inc.