SOURCE: Freestone Resources

March 02, 2010 10:30 ET

Oil and Gas Industry Veteran Michael McGhan Joins Freestone Resources as Special Advisor to the Chief Executive Officer

DALLAS, TX--(Marketwire - March 2, 2010) - Freestone Resources, Inc. (OTCBB: FSNR) is pleased to announce that Michael McGhan has officially joined the Company as the Special Advisor to the Chief Executive Officer. Mr. McGhan will serve in this capacity in order to provide his knowledge and expertise which will greatly enhance the Company's ability to attain its next stages of growth. 

Mr. McGhan's extensive background in the field of gas compression as well as the oil and gas industry will significantly contribute to the development of Freestone's marketability and its technologies. From 1991 to August 2002, Mr. McGhan was a co-founder, President and Chief Executive Officer of Hanover Compressor (now Exterran Holdings, Inc.), during which time Hanover became the largest natural gas compression company in the world with approximately 7,000 compression rental units in the field, and annual revenues over $1.1 billion. From August 2004 until December 2009, McGhan was a co-founder, co-CEO and ultimately Vice-Chairman of Valerus Compression Services LLP, which Mr. McGhan and his partners built into one of the world's leading providers of natural gas treating and compression equipment and services to the global oil and gas industry.

Mr. McGhan has developed strategic relationships with organizations and individuals that, the Company believes, will help develop further applications of its proprietary and environmentally conscious EncapSol technology. "I am very excited to join the Freestone Team," said McGhan. "I believe they have a breakthrough technology that will have multiple applications throughout the oil and gas industry, and I will assist the Company in the advancement of their EncapSol technology. I look forward to helping Freestone build relationships with strategic partners that will deploy the next-generation fleet of oil and gas field equipment that takes advantage of EncapSol's unique ability to cleanly remove hydrocarbon molecules from water, as well as from the sands, clays and rocks that normally bind and strand oil."

"We are very excited with the addition of Mr. McGhan to our Company. With his assistance, the Company will gain new audiences and direct access to top oil and gas production companies so that we may utilize our EncapSol technology to further enhance oil production in an environmentally acceptable way," said Clayton Carter, CEO of Freestone Resources.

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.

About EncapSol:

EncapSol is a unique, proprietary, environmentally friendly and non-flammable oil recovery solvent that chemically breaks the molecular bonds that bind hydrocarbon (oil) molecules to water, clay, sand, rock and other mediums leaving them clean and free of oil. The end result of this process produces a complete separation of the encapsulated hydrocarbons from its original environment while avoiding the typical detrimental impact of current industry methods.

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
    Chief Executive Officer
    Phone Contact: 214.880.4870
    Email Contact:Email Contact