Spectrum has acquired Shereshevsky stress field detector rights

Spectrum Technology Corp. says it has signed a five-year agreement with Alik Shereshevsky for worldwide exclusive rights to his proprietary exploration tools for locating oil and gas deposits via stress detection. Spectrum has committed to developing up to ten new field prospects during 2001 with the new technology.

Canadian Shereshevsky developed his new sensor called Stress Field Detector (SFD) in 1992. It is based on detection of previously undocumented energy patterns indicative of various geophysical phenomena. Since then, Shereshevsky

has worked on further development of a new generation of SFD devices as well as other direct location technologies, which has resulted in development of his current system, which has been demonstrated to locate hydrocarbons from surface vehicles and aircraft. It is effective over land or sea.

Direct Location Technology (DLT) is a general industry term for geophysical exploration tools intended to identify the presence of hydrocarbon deposits directly, as opposed to inferring their presence from indirect indicators such as subsurface structural features.

As a result of ongoing exploration and testing efforts, a number of potential prospects have been Identified. Some have been leased and verified using more conventional geophysical tools.

Spectrum says it will begin drilling prospects as early as February 2001, conditional upon the locating and contracting for a drill rig. The company also plans to enter into joint ventures with other oil companies. It will use a combination of direct location technologies and conventional geophysical tools to locate, delineate, and verify prospective hydrocarbon deposits. Use of DLTs as wide area exploration tools will allow the company to rapidly survey very large areas at minimal cost.