SOURCE: Freestone Resources, Inc.

November 12, 2008 10:00 ET

Freestone Resources, Inc. Provides Audit Update and Announces New Leases

ARLINGTON, TX--(Marketwire - November 12, 2008) - Freestone Resources, Inc.'s (PINKSHEETS: FSNR) new management team has been working diligently in order to accomplish two of our primary short-term goals. These goals include working with our accountants and auditors in order to bring our filings up to date, and bringing additional oil wells online on our newly acquired leases in Guadalupe County, Texas.

Our accountants have been working with our audit firm to complete the audit of the year-end financials. We have submitted all of the open items to the auditors and are awaiting their final approval to complete the audit. Upon their approval we will be able to submit the audit to the NASD to apply to become fully reporting. The Freestone team has also begun compiling the information and documents needed to begin the audit of the financials for the next quarter.

Secondly, Freestone has acquired four leases with twelve wellbores in Guadalupe County, Texas. We have already secured the financing needed to equip two wells on one of the leases. Concerning the progress on these leases Clayton Carter, President of Freestone Resources stated, "The crews have been working hard this past week to complete two of the wells in Guadalupe County. These wells produce heavy crude, and are perfect candidates for the utilization of Petrozene." These wells are approximately 1,700 ft. deep and are currently free flowing oil to the surface. If the crews finish on schedule the wells will be fully equipped and producing to the tanks by the end of the week. We have also filed to become an operator with the Railroad Commission in the state of Texas to become the operator of record on these wells, as well as the other wells owned by Freestone Resources.

Lastly, we have begun the preparation work to begin our drilling program on the Corsicana lease. We hope to have everything finalized and begin drilling next month. We will provide an update to our investors as soon as the drilling is completed. The new management at Freestone is fully engaged in growing and diversifying the company. We look forward to creating a strong relationship with our shareholders, and engaging in more oil and gas opportunities as they arise.

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.
    Mike Doran
    CEO
    817-303-2173
    Email Contact: Email Contact