SOURCE: Green Energy Resources

October 22, 2007 07:00 ET

Green Energy Resources (GRGR) Offers 10% Stock Dividend; Receives $5.5 Million Wood Pellet Contract

NEW YORK, NY--(Marketwire - October 22, 2007) - Green Energy Resources (PINKSHEETS: GRGR) has received a $5.5 million contract to deliver 36,000 tons of pellets to Europe. The order is effective immediately and will begin shipping in 6,000-ton increments starting in November, and will continue through April 2008. The pellets are used in the commercial power industry mixed with coal (co-firing) to reduce harmful greenhouse gas emissions. The pellets are being produced in the Gulf Coast and will ship from Georgia. The contract will paid in Euros, which continues to rise against the US Dollar and hit a new record on Friday of $1.43.

A stock dividend of 10% has been finalized for shareholders holding GRGR stock on the November 15th record date. New shareholders are welcome. Green Energy Resources has updated its UTCS virtual inventory with well over 5 million tons of woodchips ready for domestic or export sales. The inventory data base is being updated daily and continues to expand. The UTCS inventory positions Green Energy Resources as one of the largest suppliers in the United States. The UTCS environmental certification is a critical tool in exporting pellets from the United States to meet stringent environmental, sustainability and carbon footprint standards in Europe.

Green Energy Resources opened its new office in London, England, this month, headed by Mr. Tom Snyder of Connecticut. Photos of the new offices will be added to the website shortly.

In market developments, oil hit a record $90 per barrel last week. $100 per barrel oil prices are only a matter of when, not if. The continued rise of corn prices due to strong demand for ethanol have set in motion a number of celluostic fiber projects from wood biomass. Green Energy Resources is exploring several potential partnership offers in this rapidly emerging market.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

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