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Freestone Resources Representative Joins Board of Joint Venture That Owns Majority Interest in Oil Sands Mineral Rights

^{Published on 2009-11-19 07:38:38 - Market Wire}
 

DALLAS, TX--(Marketwire - November 19, 2009) - Freestone Resources, Inc. (OTCBB: [ FSNR ]) announced today that Mr. Lawrence Shultz, President of Freestone's subsidiary Earth Oil Services, Inc., was appointed to the board of directors of Bleeding Rock, LLC, a Utah Corporation, in which Freestone is the beneficiary of a 50% member interest.

Bleeding Rock owns 60% of Green River Resources, an Alberta, Canada corporation, which has the exclusive mineral rights to mine oil sand ore and extract bitumen from over 1,800 acres of private property located near Price, Utah, which according to Green River's audited financial statements dated December 31, 2008 contains over 326 million barrels of bitumen reserves (of which Green River has the rights to approximately 210 million barrels), based upon a Resource Report by a global mining engineering and consulting firm that drilled core samples on the property.

Freestone's ownership stake in the Green River Resources Corporation was issued as a result of the successful demonstration of the 3rd generation oil recovery machine pictured in the video on the company's EncapSol product website ([ http://encapsol.com/tar-sands-and-oil-shale-extraction/ ]). It is the intent of the parties to use the EncapSol technology on the oil sands-rich properties under the control of Green River Resources.

Freestone believes that the low-impact, water-free, closed-loop, zero-discharge operating advantages of EncapSol's chemical-based oil extraction technology (over its more-expensive, lesser-performing, energy-intensive, river water-consuming, effluent-producing, air-polluting heat-based competitors) will win the support of the public and earn permit approvals from local, state and federal agencies and government officials who are serious about expanding America's production of low-cost oil from its currently vast but untapped oil sands resources.

Freestone's EncapSol technology has been successfully demonstrated to cost-effectively extract oil from oil sands in an environmentally friendly and politically acceptable way, which can create an entirely new clean oil mining industry in North America and create thousands of new clean oil jobs that can help the American economy, while reducing America's dependence on foreign oil imports.

Freestone will update its shareholders as to the status of the Green River Resources venture in Utah as progress is made toward the completion of a large-scale 4th generation production facility.

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.