SOURCE: Green Energy Resources

February 12, 2007 08:13 ET

Woodchips for Energy Become 'Green Oil' With UTCs Benchmark Price at $35 Per Ton Woodbiomass Renewable Energy Credits (RECs) Sold in Northeast US; Ethanol Production From Wood Begins in Japan;

Green Energy Resources has 3rd Consecutive Profitable Year

NEW YORK, NY -- (MARKET WIRE) -- February 12, 2007 -- Green Energy Resources (PINKSHEETS: GRGR) Massachusetts sold $1.3 dollars of Renewable Energy Credits ( RECs) from the sale of wood biomass at the 50 megawatt Schiller station power plant in January. The sale of "Green Certificates" averaged $54.04 per MWH (megawatt hours) and was sold to 3 separate bidders .The sale was the first for wood biomass in the US under the Renewable Portfolio Standard. Biomass joins wind and solar as major energy trading components in the US renewables emissions trading industry. 20 or more new biomass power plants are expected to come on line in 2007 and 2008 with the new RPS standards in the nine northeastern states alone. The sale of "RECs" is important as every US city and town can now begin utilizing UTCS software technology for emissions trading. For Green Energy Resources, UTCS certified woodchips become "Green Oil" as demand increases sharply. The current price for UTCS certified wood chips is $35 per ton delivered.

Ethanol from wood Cellulostic biomass begins production with 1.4 million litres at plant located in Osaka, Japan this year. The Osaka plant plans to increase production to 4 million litres in 2008. Ethanol from wood is anticipated to replace corn as the key component in production. Wood biomass is expected to be cheaper than corn without competing as a food source to humans. President Bush in his 2006 and 2007 State of the Union Address urged America to begin producing wood cellusotic ethanol. The President proposed increasing the 2007 Bio Energy budget by $60 million dollars.

In company news, Green Energy Resources will release its 2006 Financials showing a 3rd straight profitable year this week. The company has updated all of its accounting records and procedures and will begin reporting quarterly in 2007. Total number of shares in the float has remained constant at about 15 million shares since a 5% stock dividend paid to shareholders in May 2006. Sales projections for 2006 fell short due to internal European Union regulatory issues that since have been resolved but delayed export shipments .Green Energy Resources has and continues to receive cash deposits and bankable Letters of Credit from existing and new clients. The company's fastest growing area of revenue is UTCS and consulting, a trend it expects through 2010 at least.

Green Energy Resources hired three new associates this month. The company now has eight staff members and anticipates hiring 2 to 4 more in 2007. GRGR CEO Joseph Murray returned from the Bioenergy Europe 2007 conference last week and expects exports sales to increase annually per year between 500,000 - 1 million tons for the next 3-5 years at least.

Green Energy Resources -- UTCS certified woodchips

Green Energy Resources Urban Tree Certification System (UTCS) Benchmark wood chips verify strict environmental standards of sustainability or as a recovered resource. Woodchips must be 100% kyoto compliant from an approved government agency or derived from a scientifically approved methodology The woodchips require a UTCS environmental certificate, that includes chain of custody documentation, 3rd party verification of sourcing, and be a part of a (urban) forest management plan to increase carbon sequestration with ability to earn carbon credits. The woodchips are "inwoods chipped" with bark on, at 3/4" by 1 1/2" with an average moisture content of 35%, delivered to a US port facility.

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