SOURCE: Freestone Resources, Inc.

February 03, 2011 13:45 ET

Freestone Resources Announces Successful Demonstration of Oil Extraction Equipment

DALLAS, TX--(Marketwire - February 3, 2011) - Freestone Resources, Inc. (OTCBB: FSNR) is pleased to announce that it has successfully demonstrated its prototype oil sand oil extraction, and oil remediation technology. The prototype unit was specifically designed to demonstrate Freestone's ability to separate oil from oil sand and oil contaminated soil without the use of steam or toxic chemicals. 

This innovative oil extraction technology was developed, and is wholly owned by Freestone Resources. The fabrication of the prototype machine was completed with assistance from one of the leading technology development engineering firms. The management at Freestone is very pleased with the demonstration. A demonstration has also been performed for Freestone's various financial partners that will begin working with Freestone in order to build commercial scale units in the immediate future. Freestone will be updating its website in order to provide more detailed information on this state of the art technology. 

Current oil sand extraction technology produces toxic tailing ponds. It has been reported that there are over sixty-six square miles of toxic lakes in Canada, and this number will continue to grow unless alternative methods are utilized industry wide. It is estimated that 43% of Canada's oil comes from oil sands, and it is believed that the reliance on oil sands as a source of energy will continue to grow. Many experts believe we have experienced, or will experience, "peak oil" in the near future which is the point in time when the maximum rate of global petroleum extraction is reached, after which the rate of production enters terminal decline. Thus, Canada's oil sands production will become increasingly important to supply the world's oil demand. 

Freestone's successful demonstrations have resulted in immediate interest from multiple groups, and negotiations are underway to build commercial-grade units. Over the next few weeks Freestone will continue to demonstrate the technology to its financial and strategic partners. "We feel that this is a pivotal and historic moment in the history of Freestone Resources, and we are thrilled with the growing interest in the technology," said Clayton Carter, Chief Executive Officer of Freestone Resources. "Over the next year our goal is to develop partnerships that will allow for the utilization of our technology in the various oil extraction applications." 

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.

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
    214.880.4870

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