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Freestone Resources Signs a Binding Letter of Intent With WestPac Resources

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  Published in Stocks and Investing on Wednesday, June 2nd 2010 at 7:10 GMT by Market Wire
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DALLAS, TX--(Marketwire - June 2, 2010) - Freestone Resources, Inc. (OTCBB: [ FSNR ]) announces that it has signed a binding Letter of Intent with Santa Barbara-based WestPac Resources, LLC last week while in New Orleans, Louisiana. The Letter of Intent creates a Joint Venture Company between Freestone and WestPac that will utilize Freestone's EncapSol technology, as well as provide the capital needed to expand Freestone's oil and gas operations.

WestPac Colorado has a diverse background in both real estate development and energy solutions and successfully purchased all developable land in Snowmass Village, Colorado and subsequently created a Joint Venture with the Related Companies from New York for the redevelopment of the Snowmass resort area. WestPac has also spearheaded the acquisition and development of various multi-million dollar commercial and residential real estate projects throughout North America. WestPac Resources (the energy division) is currently involved in the testing of advanced oil and water separation equipment that can assist in the clean-up of the catastrophic oil spill in the Gulf of Mexico.

"We are very excited to begin working with WestPac Resources," said Clayton Carter, CEO of Freestone Resources. "WestPac has the capital resources and relationships necessary to expand the utilization of our EncapSol technology, and in the development of our conventional oil and gas operations. We are proud to form a business relationship with a company that has placed themselves on the frontlines of the oil disaster in the Gulf of Mexico. We believe that they are working with some of the most advanced oil and water separation equipment in the industry. Their knowledge and resources will be invaluable in the advancement of our EncapSol technology."

"We like the direction Freestone is heading as a company and feel that this Joint Venture will provide a medium to grow the business going forward," said Pat Smith of WestPac Resources. "Our company has been involved with the acquisition, funding and development of a variety of 'green' real estate and energy solutions and looks forward to a synergistic relationship with Freestone."

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 WestPac Resources, LLC:

WestPac Resources, a Delaware LLC, is a company dedicated to environmental cleanup of first response oil spill efforts, green energy, and the promotion of oil recovery by furthering the exploration and implementation of new technologies. The company is based in Santa Barbara, California.

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. (For more information please visit: [ http://encapsol.com ])

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.