SOURCE: Freestone Resources, Inc.

March 01, 2011 12:30 ET

Freestone Resources, Inc. Announces Successful Laboratory Tests and Analysis of Its Oil Extraction Technology

DALLAS, TX--(Marketwire - March 1, 2011) - Freestone Resources, Inc. (OTCBB: FSNR) announced today that in collaboration with a leading Texas University, tests have been conducted and a detailed analysis of the company's oil sand oil extraction, and oil remediation technology were performed. The tests indicated that over 96% of the hydrocarbons were removed and approximately 99% of the chemicals were recovered.

Freestone Resources provided the university with a sample of Alberta oil sands in order to conduct several comprehensive tests that replicate the process utilized in Freestone's demonstration unit.

To implement the multi-day tests, a sample of the Alberta oil sands were weighed and measured to exact specifications prior to testing. The oil sands were mixed and agitated with the chemicals and then the clean sand was separated from the oil and chemicals, collected and weighed. In a secondary process the chemicals were separated from the oil. Clear differences were observed in the oil sands before and after extraction on both macroscopic and microscopic scales. 

The test results also indicated that Freestone's process will yield an approximate 99% recovery of the chemicals used. Further chromatograph analysis showed that the recovered chemicals had no significant change from the original chemicals utilized in the process indicating that the chemicals can be selectively and effectively recovered and reused for maximum economic efficiency. The chemicals that were successfully tested by the University are non-carcinogenic, non-chlorinated, non-flammable, non-ozone depleting, and not considered hazardous. In addition, the university is conducting tests on other hydro-carbon containing mediums with Freestone's technology.

One of the most significant factors in Freestone's technology is that no water is used thereby not contributing to any water pollution or contamination.

Clayton Carter, Chief Executive Officer of Freestone Resources, stated, "We are very pleased to have a leading university confirm our conviction that we have developed a ground breaking technology that is desperately needed not only domestically but internationally. We believe that we can demonstrate and show that our technology clearly separates us from the past and current processes being used in oil sand oil extraction, and oil remediation. We look forward to continue working with the university on this innovative technology." 

As previously announced Freestone's successful demonstrations have resulted in intense interest from multiple groups, and negotiations are presently underway to build large commercial-grade units. Freestone will continue to demonstrate the technology to potential financial and strategic partners. 

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
    Investor Relations: Email Contact