General Synfuels International (GSI) has agreed to the buyout involving an undisclosed amount of cash and shares. The acquisition enables a key Earth Search subsidiary, Petro Probe, 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 in 2009.
Luis Lugo, CEO of Earth Search, 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.
