WEST HARTFORD, Conn.,
July 12 /PRNewswire-FirstCall/ --
Terra Energy Resources Limited (Pink Sheets: TRRE) announced that
it has issued 15 Million shares of new, restricted shares to be
deposited into an attorney trust account for the purposes of
collateralizing a $5,000,000 fund
raising effort. This is in accordance with an agreement
signed a few weeks prior stating that Terra Energy Resources will
aid in the further development of a geothermal project in
Indonesia. Terra Energy
Resources Limited entered into negotiations with Jala Tekno
Geothermal for potential areas of mutual cooperation. Jala
Tekno is a subsidiary of Pandawa Energy, a renewable and geothermal
energy holding company based in Jakarta. Tekno has already drilled a
steam well, that has been evaluated to produce more than 6
megawatts of steam in a field that holds geothermal resources in
the range of 75 MW to 150 MW.
"We are very confident that this funding will only strengthen
future revenues of both companies," stated Catherine Balloqui of Terra Energy.
Statements in this press release which are not historical,
including management's intentions, hopes, beliefs, expectations,
representations, projections, plans or predictions of the future
are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 and are subject to the
risk factors and other information set forth in Terra Energy
Resources, Inc.'s filings with the Securities and Exchange
Commission and OTC Markets. Actual results could differ
materially from any forward-looking statements and may vary from
management's expectations and cannot be guaranteed.
SOURCE Terra Energy Resources Limited