SOURCE: Green Energy Resources

June 19, 2008 10:07 ET

Green Energy Resources Updates Shareholders and Investors Mid-Year Report

NEW YORK, NY--(Marketwire - June 19, 2008) - Green Energy Resources (PINKSHEETS: GRGR) has worked hard to promote and pioneer a new path over the last 5 years in the renewable energy industry, including urban / suburban wood waste streams, Urban Tree Certification System, storm damage wood for energy, urban forest management and proper recycling for maximized resources utilization. True to its ideals and goals of preserving world forests, not cutting them, our sourcing has at last been recognized as a vital component in the industry. Specifically, Green Energy Resources methodology for carbon reduction has been verified in hard science beyond reproach. The company has enlisted a consultant to obtain registry for its credits on the primary climate and emissions exchanges in the United States. The credits will be offered in the open markets for auction this fall in September and/or December. The company still needs to obtain a 3rd party auditor for its emission reduction projects to be market ready. Green Energy Resources plans to offer between 5 million and 25 million tons of carbon credits, depending on project parameters for methane reduction. The current US market value of carbon is between $5-$10 per ton.

There are several accounting issues awaiting finalization which are part and parcel of the credits and registry process. Before Green Energy Resources releases its revised financial data upwards, it must be certain all approvals have been completed and verified. The process includes, not only market auditors, but accounting auditors. Changes will include a new baseline price for its inventory / assets of $40 per ton, up from $15 per ton in prior years. Carbon credit values will also be added to inventory stockpiles and contracts of sourced wood. Green Energy Resources has contracts for over 2 million tons of urban wood, including a new contract with the City of New York.

Green Energy Resources has received a contract of supply to a New York state power plant and announces shipment is underway. A second contract to supply a pellet Plant producer in Massachusetts will also get underway within the next two weeks. The longer-range plan will be to deliver woodchips via barge through Providence, Rhode Island to the plant. Green Energy Resources is making a substantial commitment to Tug and Barge transportation in the mid-Atlantic and inland waterways. The company will continue to develop strategic partnerships throughout the country with companies such as Wood To Fuel LLC of Buffalo New York.

Green Energy Resources, CEO Joseph Murray, thanks all the loyal shareholders who have had the foresight to stick with our ground-breaking concepts as we begin to turn our vision into reality.

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.

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