SOURCE: Freestone Resources

September 30, 2010 12:00 ET

Freestone Resources, Inc. Issues an Update to Shareholders

DALLAS, TX--(Marketwire - September 30, 2010) - Freestone Resources (OTCBB: FSNR) is pleased to announce that it has initially tested an economically and environmentally viable replacement oil sand oil extraction and oil remediation technology. The management at Freestone is very pleased with the initial test results. Freestone anticipates the completion of the development of this technology shortly. Once all the testing and development has finalized, Freestone will work with its financial partners in order to bring this commercially viable technology to the market. 

Civil Proceedings:

Freestone is awaiting a ruling on certain motions in the civil case that Freestone filed on July 9, 2010. Freestone is the plaintiff in this case. The Company will issue an update to shareholders on this legal proceeding as it occurs.

Conventional Oil and Gas Evaluation:

The Company and its financial partners continue to evaluate conventional oil and gas properties as part of its overall business plan. 

Yearend Audit Report:
Freestone filed for an extension for its filing of the form 10-K for the year ended June 30, 2010. The Company anticipates filing form 10-K within the allotted extension period.

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