SOURCE: Freestone Resources Inc.

September 05, 2007 09:00 ET

Freestone Resources (FSNR.PK) Update

FAIRFIELD, TX--(Marketwire - September 5, 2007) - Freestone Resources Inc. (PINKSHEETS: FSNR)

Status of the Audits

Auditors have notified Freestone Resources that the 2006 third and fourth quarter audits are complete and awaiting the signing off of the second partner to comply with the Sarbanes-Oxley (SOX) Act. As soon as this information is available it will be Edgarized and released.

Status of Filings

A brokerage form has been obtained to file the 15-C211 to comply with the NASD to make Freestone Resources a full reporting OB company.

Freestone County Leaseholdings

At the current time, Freestone Resources is diligently working towards evaluating all possible production scenarios with this lease in conjunction with a potential merger partner to maximize the hydrocarbon recovery of this field.

Mithchell County Well

The Byrd A1 is currently awaiting a work-over crew to begin pulling the rod and tubing string to replace the pump.

Carrol Unit #1

The treatment of the Carroll Unit # 1 with Petrozene did not, over the course of time, significantly increase gas production, but has yielded a 275% sustained increase in oil production.

Petrozene

Representatives of Freestone Reources have treated numerous wells over the past months, most recently the Alma #10, Ector County, Texas. This well is produced by Chesapeake Operating, Inc. near Notrees, Texas. The well was treated with Petrozene and has since, over the last two weeks, maintained a 100% increase in oil production and an 80% increase in gas production.

New York Harbor Remediation

A Freestone Resources representative is actively evaluating feasibility of this project within the scope of our company.

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.
    Lloyd Lane
    903-389-6300
    Email Contact