SOURCE: GreenGold Ray Energies, Inc.

November 20, 2008 11:29 ET

GreenGold Ray Projects Net Profits of Average $198,000.00 USD Revenue per Month From the Sale of Jatropha Crude Oil (Approx. 105,820 Gallons) and 84,656 Gallons of Pure Biodiesel Oil

Jatropha Crude Oil Producing Company, GRYE Re-Incorporated & Registers With S.E.C. Philippines

CAGAYAN DE ORO, PHILIPPINES--(Marketwire - November 20, 2008) - GreenGold Ray Energies, Inc. (PINKSHEETS: GRYE) announces that the company changed the country of jurisdiction and was re-incorporated into the Republic of the Philippines on October 10, 2008. New CUSIP Number will be assigned along with the new Symbol to be set by MDI Nasdaq after GreenGold satisfactorily completes all other MDI Nasdaq requirements.

With Jatropha oil as one of the most precious oils in the market today, GreenGold plans to start the ground breaking construction of its Jatropha Oil Processing Plant in Mindanao as early as December. The company has been working diligently with the local licensing government agencies, to locate the approved main site for GRYE's processing plant. There are several issues of concern to be addressed in compliance to setting up the company's Jatropha Biodiesel Processing Plant & Refinery.

The company's Research & Development Team has designed a unique biodiesel / biofuel technology that fits best to the Jatropha oil market requirements. The plant design is capable of producing high oil quality based on enhanced growth, fast cultivation period and increased production efficiency, reliability and better productivity. These results are partially based on the team's feasibility studies performed on the 1,000 hectares of the Jatropha plantation.

The GRYE's biodiesel technology is designed to have a production capacity of over 100,000 gallons of oil per month. GRYE biodiesel plant can produce significantly higher output of oil, is portable and can be operated by 3 men on 24-hour/365-day production operation. This technology can also utilize any vegetable oil feedstock and animal fat used as cooking oil up to 5% FFA content. The end byproducts can also be utilized in generating alternative electricity.

R & D Feasibility Studies' Calculation is based upon the seeds production from the 1,000 hectares of Jatropha plantation: Note that the metric conversion: 1 metric ton = 1,000 liters and 1 Gallon (US) = 3.78 Liters.

--  $132,000.00 USD estimated monthly operation expenses to produce
    400,000 liters or about 105,820 gallons of Jatropha Crude Oil (JCO).
    
--  $132,000.00 (total estimated operating cost per month) divided by
    400,000 liters Jatropha crude oil produced = $ 0.33 per liter or $1.25
    production cost per gallon.
    
--  GRYE sells raw or Jatropha crude oil (JCO) without trans-
    esterification process @ $800.00/ ton.
    
--  The plant can also produce pure Biodiesel Oil (after trans-
    esterification). This is the quality of oil commonly used in pump stations)
    = 320,000 liters or 84,656 gallons.
    
--  $164,047.50 (total estimated operating cost per month) divided by
    320,000 liters of pure bio diesel produced = $0.51 per liter or $ 1.94
    production cost per gallon.
    
--  Note that the pump price of pure biodiesel (B100) is $ 3.29 per
    gallon!!
    

INTERPRETATION:

--  Operating Cost to process the Jatropha Crude Oil per month = 400,000
    Liters (or 105,820 gallons) = about $132,000.00 USD.
    
--  1 Metric ton= 1,000 Liters: that 400,000.00 Liters = 400 metric tons X
    $800 per ton = $320,000 (Gross Revenue per month on 1,000 Hectares).
    
--  $320,000 (Gross Income) less $132,000 (Operation Expense) = $198,000
    (NET PROFIT per month) just for Jatropha Crude Oil alone.
    
--  The price of Jatropha crude oil in the world market now is $ 850.00
    per metric ton and is rising.
    

In the Philippines, there is only one existing biofuel company, Chemrez Biofuel Philippines. Their gross income from January to October operation was about $20,000,000.00 USD. Chemrez is using coconut oil as raw material which is more expensive (cost is $1,600 per metric ton) than Jatropha crude oil. The Philippine law demands that at least 2% biodiesel to be mixed to 7 billion liters to produce the "Petro-diesel"; which is the Philippine's yearly diesel fuel consumption. It means that the country needs about 140 million liters biodiesel fuel annually. Chemrez produces only 60 million liters annually and not enough to supply the 3 big local oil companies (Shell, Caltex, Petron).

GreenGold Ray has control of vast ancestral farmlands in Mindanao covering over 10,000 hectares for additional Jatropha plantations. GRYE strongly believes that our company can support the strong demands of crude oil production to major oil companies like Shell, Chevron, etc. GRYE doesn't need to export our future biodiesel product for company's revenue and sustainability. GreenGold can supply the whole Mindanao area and eventually the whole Philippines through our Jatropha biodiesel products.

To provide markets outside of the Philippines, GreenGold Ray Energies, Inc. is expanding to U.S.A. and Africa to service the increasing demands of this oil in different regions of the world. This expansion will mean the increase in biodiesel and oil production and most of all, increased revenues for the company. GreenGold Ray (GRYE) aims to increase its production of the biodiesel oils to more than threefold within the second year of production.

"GreenGold's ultimate mission and vision is to become the main JATROPHA GROWER & PRODUCER," exclaimed CEO Manolo Tecson.

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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