SOURCE: Freestone Resources, Inc.

March 24, 2011 10:00 ET

Freestone Resources, Inc. Announces a Finalized Term Sheet With Hydrex Corp.

DALLAS, TX--(Marketwire - March 24, 2011) - Freestone Resources, Inc. (OTCBB: FSNR) announced today that it has finalized a Term Sheet with Hydrex Corp., an oil and gas production company based out of San Antonio, Texas. The Term Sheet will be used as the basis for a License and Manufacturing Agreement to build and operate the initial phase of fifteen Oil Recovery Unit (ORU) machines utilizing Freestone Resources' innovative technology. It is anticipated that this Agreement will be finalized in the next few weeks.

Current projections estimate that the construction of the first commercial-grade Oil Recovery Units will commence in June of this year and each ORU is designed to process ten tons of oil sludge per hour. Depending on the application it is anticipated that each ORU will cost between $2,000,000 - $3,000,000 each.

"We are excited about forming this first partnership to build our initial Oil Recovery Units. We believe that Hydrex Corp. will be a strong partner in the construction and operation of these units," said Clayton Carter, President of Freestone Resources. "Hydrex Corp. and its Chief Executive Officer, Mark Woodward, have developed numerous relationships with some of the largest oil field waste disposal companies in the Southwest. Our goal is to utilize these relationships and process this waste in a joint effort to minimize the amount of oil sludge that goes to hazardous waste sites, and most importantly, to generate profits from what is normally considered a waste product."

As previously announced, a leading Texas University has conducted a detailed analysis of the company's oil sand oil extraction, and oil remediation technology. The tests indicated that over 96% of the hydrocarbons were removed and approximately 99% of the chemicals were recovered for repeated use.

About Hydrex Corp.:

Hydrex Corp. is a San Antonio, Texas based oil and gas production and operation company with properties and operations in Texas, Oklahoma and Louisiana. 

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.
    Don Edwards
    214.880.4870