SOURCE: Freestone Resources, Inc.

September 04, 2008 10:00 ET

Freestone Resources Shareholder Update: Petrozene, Drilling Program, & New Chief Operations Officer

FAIRFIELD, TX--(Marketwire - September 4, 2008) - Freestone Resources, Inc. (PINKSHEETS: FSNR) has been working steadfastly in order to expand operations and Petrozene sales. An important development that will help aid in this expansion includes Petrozene's acceptance by the Canadian Government as a substance that can be shipped into Canada. This will allow Freestone to expand into one of the largest heavy oil and pipeline markets in the world. Freestone has already begun working with sales representatives in Canada, and has initiated talks with various Canadian petroleum companies. Updated information will be provided as contracts are finalized.

Freestone has also reached an agreement with a group of private investors for the funding of a drilling program that will commence on a farmout of our Edens A lease in Navarro County, TX. This agreement includes the drilling of up to eight wells in a very well known productive field in the United States. This drilling program will provide for expansion in Freestone's oil and gas sector. We are also actively seeking out prolific leases that are optimal for the use of Petrozene. The Freestone team feels confident that we can develop leases, and thus acquire reserves that contain oil that has a low gravity and high viscosity that many companies cannot afford to produce.

Freestone would also like to announce the appointment of Dane McBroom as our Chief Operations Officer. Commenting on this appointment, Mike Doran, Chief Executive Officer of Freestone Resources, said, "I am delighted to welcome Mr. McBroom as our COO. His leadership and sales experience in numerous corporations will help facilitate the multidimensional growth of Freestone."

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.
    Mike Doran
    CEO
    903-389-6300
    Email Contact: Email Contact