Freeport Capital Inc.
TSX VENTURE : F.P

January 11, 2008 18:30 ET

Freeport Capital Inc. Announces Update on Proposed Qualifying Transaction With Finavera Gas Ltd.

CALGARY, ALBERTA--(Marketwire - Jan. 11, 2008) -

(NOT FOR DISSEMINATION IN THE UNITED STATES)

Freeport Capital Inc. (TSX VENTURE:F.P) ("Freeport"), a capital pool company listed on the TSX Venture Exchange, is pleased to announce it has signed an amended letter of intent (the "Amended LOI") with Finavera Gas Ltd. ("Finavera") to extend the term of engagement for the proposed business acquisition (the "Qualifying Transaction"). The proposed Qualifying Transaction will constitute Freeport's qualifying transaction pursuant to the policies of the TSX Venture Exchange (the "Exchange").

Updating a previous news release dated October 31, 2007, Freeport and Finavera have prepared a draft filing statement in accordance with Exchange Form 3B2 - Information Required in a Filing Statement for a Qualifying Transaction (the "Filing Statement") to be filed with the Exchange. Haywood Securities Inc. ("Haywood") has conditionally been retained as a sponsor in respect of the proposed Qualifying Transaction pursuant to Exchange Policy 2.2 - Sponsorship and Sponsorship Requirements ("Policy 2.2"). Subject to satisfactory due diligence, Haywood will prepare the preliminary Sponsor Report (as such term is defined in Exchange Policy 2.2) and the accompanying confirmation that Haywood has reviewed the Filing Statement on a preliminary basis.

Pursuant to Exchange policies and regulatory requirements, Finavera must include audited financial statements for the financial year ended more than 90 days before the date of the Filing Statement, such financial statements to be reconciled to Canadian GAAP. The 2006 financial statements for Finavera are in the process of being reconciled from Irish GAAP to Canadian GAAP and Finavera expects that they, and its 2007 audited financial statements reconciled to Canadian GAAP, will be available for inclusion in the Filing Statement by February, 2008.

As a result of the aforementioned delay, Freeport and Finavera have entered into the Amended LOI by which they have agreed to extend the term by which final documentation must be filed with and approved by the Exchange and securities regulators from November 29, 2007 to February 25, 2008.

As noted in Freeport's press release dated October 31, 2007, completion of the Qualifying Transaction is subject to a number of conditions, including, but not limited to (i) obtaining all necessary regulatory approvals including the approval of the Exchange; and (ii) other conditions typical of a transaction of this nature. Where applicable, the Qualifying Transaction cannot close until the required approvals have been obtained. There can be no assurance that the Qualifying Transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement to be prepared in connection with the proposed Qualifying Transaction, any information released or received with respect to the proposed Qualifying Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered to be highly speculative.

Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance. There can be no assurance that the transaction will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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