SOURCE: Freestone Resources

July 17, 2008 10:00 ET

Freestone Resources, Inc. (FSNR.PK) Announces Transition of Officers and Directors

FAIRFIELD, TX--(Marketwire - July 17, 2008) - Freestone Resources, Inc. (PINKSHEETS: FSNR) announces the transition of current officers and directors, as well as their new roles within the company. Lloyd Lane will be stepping down as President and CEO in order to serve Freestone in an expanded capacity. Mr. Lane will remain a director on the company board, and will remain a crucial part of the Freestone team. This transition will allow Mr. Lane to pursue his expertise in lease acquisitions, new drilling programs, and our expanding chemical sales. Dr. Tom Bonner will also be stepping down as an officer, but will remain a director in order to assist Mr. Lane in the aforementioned areas.

Until the time when a shareholders meeting and a proxy vote can occur Mike Doran will serve as interim CEO, and Clayton Carter as interim President of Freestone Resources. Mike Doran and Clayton Carter have extensive knowledge in corporate finance and accounting. Their previous experience in these fields will be vital as Freestone expands operations and raises more capital for future investments. As interim CEO and President Mr. Doran and Mr. Carter will focus their current efforts in expediting the process of becoming a fully reporting company, as well as securing debt free financing for a drilling program on our recently acquired leases. Details of this drilling program will be expanded upon in our next press release.

The Freestone team has decided that these transitions will allow the greatest potential for company growth, and properly allocate individual experience where it will be most beneficial to the company and our shareholders.

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: Email Contact