SOURCE: Freestone Resources

April 06, 2010 10:30 ET

Freestone Resources Issues a Letter to Shareholders

DALLAS, TX--(Marketwire - April 6, 2010) - Freestone Resources, Inc. (OTCBB: FSNR), an oil and gas technology development company issues a Letter to Shareholders to update existing Freestone investors on the current status of the Company and its future growth outlook. Text from the letter is as follows:

"Dear Fellow Shareholders,

The past few months have been very exciting at Freestone Resources, Inc. (OTCBB: FSNR). The Company has experienced positive transformations and changes that have allowed the Company to attain its next stages of growth. These changes include a new audit firm, the addition of oil and gas industry veteran Michael McGhan to the Freestone team, the development of the Seguin Oil Project, and the ongoing effort to advance and commercialize the EncapSol technology in the oil sand industry, gas compression industry, and waste oil recycling industry.

New Audit Firm:

The Company was very impressed by the audit work performed by The Hall Group CPAs in regards to their work on the Earth Oil Services, Inc. audit. Thus, the Board of Directors at the Company has made the decision to work with The Hall Group CPAs as the Company's independent audit firm.

Michael McGhan:

Michael McGhan's experience in developing two large-cap gas compression companies (Hanover Compression and Valerus Compression Services, LLP) has been invaluable to the development of the Company's latest business model. Mr. McGhan has provided the Company with an opportunity to demonstrate the EncapSol technology to multiple oil and gas industry veterans and certain Oil and Gas Processing and Treating Companies, as well as other Natural Gas Handling Service Companies. We believe that his assistance will expedite the Company's ability to develop a commercialized EncapSol process.

Seguin Project:

Over the past year the Company has been in development of the oil property in Seguin, Texas. This property is now fully online with an anticipated monthly production in excess of 200 barrels of oil.

Commercialization of EncapSol:

The Company has begun to receive oil sand, oil shale, paraffin wax, and waste oil samples from established oil and gas companies that believe they can benefit from the use of EncapSol. The Company has been very impressed by the test results. The Company anticipates that these results will lead to formal agreements with these companies.

The Company is also working to finalize the 4th Generation EncapSol Oil Recovery Machine. This machine is in its final stages of completion. The demonstration of this machine will show the oil industry that we have developed a closed loop, zero-discharge, environmentally friendly, and economically viable oil recovery system. The Company will continue to update shareholders as the machine reaches its completion date."

About Freestone Resources, Inc.:

Freestone Resources is a Dallas, Texas-based oil and gas technology development company. The continuing goal of the Company is to develop new technologies that allow for the utilization of our vast resources in an environmentally responsible and cost effective way.

About EncapSol:

EncapSol is a unique, proprietary, environmentally friendly and non-flammable oil recovery solvent that chemically breaks the molecular bonds that bind hydrocarbon (oil) molecules to water, clay, sand, rock and other mediums leaving them clean and free of oil. The end result of this process produces a complete separation of the encapsulated hydrocarbons from its original environment while avoiding the typical detrimental impact of current industry methods. (For more information please visit: http://encapsol.com)

SAFE HARBOR STATEMENTS:

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

Contact Information

  • Contact:
    Freestone Resources, Inc.
    Clayton Carter
    Chief Executive Officer
    Phone Contact: 214.880.4870
    Email Contact: Email Contact