Terra Energy & Resource Technologies Inc. announced that the company has signed a Memo of Understanding with King Resources Inc. Terra Energy & Resource Technologies Inc. and King Resources Inc. plan to form a joint venture centered on the formation of a diversified oil and gas investment fund (Fund), to raise up to $50 million, with the company and KR serving as general partners. The plan is to significantly increase the Fund's exploration success rate via investments that would be selected using the company's advanced proprietary exploration technologies, in addition to the traditional industry due diligence. The Fund would initially concentrate on US onshore late stage non-operated drilling projects. Terra Energy & Resource Technologies, through a services subsidiary, will provide the Terra Technologies to the Fund receiving 25% economic interest in the JV as well as projected 2.5% equity and 5% carried interest in the Fund.

King Resources, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended.

King Resources, Inc. had said that it appointed the services of a corporate consultant for the purpose of assisting in identifying suitable private companies to be acquired. The company said that a short list of candidate companies from Asia and North America is being considered by the company managers and the board. The company is currently in the process of evaluating several Asian candidates, one in the textile industry and the other in the green energy sector. Both candidates have substantial assets and revenues. The Company will provide further details as they become available.