SOURCE: GreenGold Ray Energies, Inc.

July 31, 2008 09:48 ET

GreenGold Ray Energies Expands Jatropha Plantations for Increased Biodiesel Oil Productions

Company Issues Dividends to Shareholders

LOS ANGELES, CA--(Marketwire - July 31, 2008) - GreenGold Ray Energies, Inc. (PINKSHEETS: GRYE) announces that it is expanding its Jatropha plantations in Marinduque Island, thus increasing the company's plantation sites to over 10,000 hectares, which includes several thousand hectares in Mindanao island, in addition to the first 300 hectares of jatropha plantation in the Batan island. The first Jatropha nursery plants in Batan Island are growing robustly and are ready to be transplanted in the next plantation sites.

The Company is mobilizing and sending a field team to spend two months (August and September) in Marinduque, to assist the community in preparing the land site for jatropha cultivation, while simultaneously the Binasan and Opol Sites are being prepared for the same purpose. Moreover, about 1, 000 hectares of existing jatropha plantations in Southern Mindanao already producing jatropha oil owned by the natives and cooperatives had approached the company to joint venture with them, thus a Memorandum of Agreement (MOA) is being drawn between GRYE and the local cooperatives for the signing within next week.

The company is gathering at least a gallon or more of pure rich jatropha oil for testing in a USA Laboratory for further analyses of its oil purity.

The company is getting ready to complete the design and manufacture of the first Biodiesel Conversion Plant planned to be built, one for each plantation site. The estimated completion to build from design, development, manufacturing, testing, and final operation is 4-6 months. We are anxious and hopeful to get the first conversion plant completed by the 4th quarter of 2008 and in time for the harvest of the first Batan Jatropha seeds as well as the Southern Mindanao plantations.

Lastly, "We are happy to announce that the Board of Directors has also approved the issuance of GRYE Stock Dividends to all shareholders on the effective record date of August 19, 2008, now that the company has completed the first step of its corporate action," announced President Rod Bernard.

To reduce the negative impact of the recent reverse split, shareholders will receive 10 Shares of GRYE Restricted Common Shares for every 1 Common Shares Owned on the record date of August 19, 2008. This will be automatic as shareholders will not be required to do anything to receive their dividend distribution.

ABOUT THE COMPANY:

GreenGold Ray Energies, Inc. (PINKSHEETS: GRYE) is a rapidly growing biodiesel, green technology and environmental energy company. The Company has already solidified its position through a highly successful land acquisition program, acquiring large parcels of land ideal for the cultivation of the jatropha plant. Jatropha curcas grows almost anywhere, even on gravelly, sandy and saline soils. Jatropha oil can be processed to produce a high-quality biodiesel that can be used in a standard diesel car, while the residue can also be processed into biomass to power electricity plants (for more information about the jatropha plant: http://en.wikipedia.org/wiki/Jatropha_biodiesel).

Forward-Looking Statements

Forward-looking statements in this release include statements regarding the Company's projections regarding biodiesel, biofuels other alternative energy explorations and extractions in future periods. Penny Stocks are highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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