SOURCE: Green Energy Resources

March 13, 2007 06:42 ET

Green Energy Resources Announces Stock Buy Back

Wood for Energy 'GRGR' Updates Shareholders

NEW YORK, NY -- (MARKET WIRE) -- March 13, 2007 -- Green Energy Resources (PINKSHEETS: GRGR) announces a stock buy back. The company will buy up to 1.5 million shares at the current market value. There are 15.5 million shares in the float and 55 million restricted shares issued and outstanding. CEO Joseph Murray stated, "The current share price offers a unique opportunity to re-acquire company stock. In our opinion, the stock value does not accurately reflect the company's current conditions, revenue picture or its growth potential. Some renewable energy supply companies, especially for ethanol, are trading at 20 times earnings." Green Energy Resources has generated a profit in its first three years of operation and issued a 5% dividend to shareholders in 2006. The company has no debt and has not raised any public capital.

Regulatory Compliance

Green Energy Resources filed its 2006 year end statements with 'Pink Sheets' and will issue quarterly reports in 2007. GRGR "Bid and Ask" Quotations are currently available on and through Pinks Sheets. The company plans to move from "Unsolicited" to "Solicited" status in 2007.

Green Energy Resources Update

Green Energy Resources has chartered a 3.6 million cubic ft woodchip carrier to serve its global partners. The ship carries about 42,000 metric tons per voyage. The vessel will operate on a continous basis generating about 7-10 shipments per year. Each shipment has an approximate gross value around $2.5 million dollars in sales. A portion of each shipment's profit will be used to repurchase the stock buy back. Woodchips can be converted to energy in a variety of capacities including biofuels such as ethanol, co-firing with coal to reduce greenhouse emissions, gasified or burned directly. Wood fuel is the fourth leading source of energy in the world behind oil, natural gas and coal. President Bush has urged the use of woodchips for energy, especially for ethanol prodiction. Woodchips for ethanol are already in production in Japan experimentally and 6 major US grants were awarded for cellusotic ethanol research this month. A cellulose ethanol plant broke ground in Massachuetts in February.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.

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