PETRO PROBE, INC. - USING ADVANCED TECHNOLOGIES TO FIND AND RECOVER OIL AND GAS PRODUCTS

History

Petro Probe, Inc. is a private petroleum company using advanced technology in the search for and production of hydrocarbon products. It was formed in 2000 as a majority-owned subsidiary of Earth Search Sciences, Inc., which is a public company listed on the OTCBB exchange under "OTCBB:ESSE". Petro Probe's mandate was to identify and develop hydrocarbon properties utilizing Earth Search Science’s exploration programs. See www.earthsearch.com

The Company has recently acquired the licensed rights to a new "in situ" (meaning in its original form, undisturbed) oil shale recovery system; registered under patent # 7048051. The Company believes that this processing system will provide an economic and environmentally acceptable means to recover oil from oil shale deposits.

The new system is designed to increase efficiency and reduce the cost of oil shale recovery. This improvement, together with higher crude oil prices and dwindling worldwide conventional oil reserves, makes it attractive to test. Because the operation occurs underground there is minimal disturbance to the surface and risk to the environment is reduced.

Petro Probe is listed in the Department of Energy's recently published "DOE Oil Shale and Tar Sands Company Profiles". This index of the 25 US companies leading the development of new oil shale and tar sand recovery methods clearly portrays the effort small and big business is making to get at America's huge oil shale reserves. See page 30 for Petro Probe's position. Dept. Of Energy Company Profiles"

Opportunity is a strong incentive

60% of the world’s known oil shale resources are in the U.S. The world presently consumes 80 million barrels of crude oil per day. In just the last two years consumption jumped 3.8 million barrels per day, partly due to increased demand in China and India. This increased consumption has not been offset by increased discoveries or increased production.
The conservative US Energy Information Agency now forecasts that prices will average $68 per barrel for 2007 and 2008.
There is very little relief in sight. Most of the giant oilfields in the world were discovered and put into production many years ago. Their production is now declining, and the discovery of many new giant oilfields to replace them is exceedingly unlikely. Increased demand and declining production will require adding 65 million barrels per day of new oil production capacity by 2020.
The location of extensive oil shale deposits are already known, so an oil shale recovery business is not exposed to the same uncertainties as companies that are engaged in conventional crude oil exploration.
While they may be researching in situ oil shale recovery systems, very few major oil companies are in the field at the moment. At present Shell Oil Company is the only major oil company known to be actively operating a test plant.

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