USR Technology, Inc. Announces Letter of Intent With Euroslot SA Valued at $2 Millionadmin
USR Technology, Inc., is pleased to announce that it has entered into a Letter of Intent, dated July 3, 2008, with Euroslot SA, a private French company which specializes in the production of metallic filtration separation media for the oil and gas drilling industry.
The letter of intent with Euroslot addresses two principal areas. The first is the granting of a credit of US$1,000,000 for the purchase of the Euroslot Snake Screen(TM). The second is the granting of an exclusive worldwide license to use and market the patented Snake Screen(TM) technology for a 20-year period, excluding France, Iran and Russia. The value of this license agreement has been agreed at US$1,000,000.
The total agreed value of the credit and the license is US$2,000,000, and the consideration will be by way of issuance of 2,000,000 restricted shares of our company, at a deemed value of $1.00 per share. The transaction is subject to completion of a definitive agreement.
About the Snake Screen(TM)
The impetus for the development of the Snake Screen(TM) was the need to provide a technology to oil and gas operators that could be used in the completion of horizontally drilled wells that produce from unconsolidated formations. The Snake Screen(TM) is the only articulated and rotatable sand screen technology available to the industry and is the only sand screen capable of negotiating the extreme radius of curvatures of Ultra-Short Radius (USR) wellbores. The distinct advantage of the Snake Screen(TM) is that it can be rotated without damage to the outer screen jacket. Rotation prevents frictional lockup when attempting to reach target depth in horizontal wellbores. Snake Screen(TM) can also be equipped with an end tool to drill either a vertical or curved well and used to convey other instruments and products to or from the bottom of the well.
Sand screens are installed in oil and gas wells as a means to exclude loose sand and other solids particles from the produced hydrocarbon stream. Solids control is critical to prolonging the life of many oil and gas wells. Without proper solids control across the producing formation a well can plug off resulting in a reduced or complete loss of production. Controlling solids also significantly reduces the downtime and operating costs of a well due to damage to downhole pumps and surface equipment.
John L. Ogden, Chairman of USR Technology, Inc., stated: “The Snake Screen(TM) technology and the exclusive worldwide licensing agreement arms our company with additional cutting edge technology in the drilling and servicing of USR and horizontal wells. We plan to maintain a competitive lead in this sector of the oil and gas well drilling business and are extremely pleased to initiate our valuable relationship with Euroslot by entering into this agreement.”
About USR Technology, Inc.
The company is involved in the oil and gas services sector, specifically the provision of directional drilling services to international oil and gas companies, with emphasis on Ultra-Short Radius (USR), Short Radius (SR) and slim hole applications. The company will deploy proprietary well intervention technologies, including Rotary Steerable Tools and USR Mud Motors that are specifically designed to exploit remaining reserves, increase production from marginal wells, restore production from shut in wells and reduce water production. From its head office in Houston, Texas the company will maintain regional offices in Bahrain, Oman, India, Indonesia and Malaysia.
A change of name from Heritage Explorations Inc. became effective with the Over-the-Counter Bulletin Board at the opening for trading on June 26, 2008 under the new stock symbol “USRT”.
EUROSLOT SA is a specialist in metallic filtration media continuing to improve current technology and innovation by applying totally new “high tech” surfaces to the solid / liquid and solid / gas separation, from wedge “V” wire screening through to Laser Beam drilled sieves. More information may be found at Euroslot’s website: www.euroslot-screens.com
Contacts: USR Technology Inc. John L. Ogden Chairman
For Investor Relations Contact: Capital Group Communications Mark Bernhard (415) 332-7200
Source: USR Technology Inc.