Freestone Resources Signs a Binding Letter of Intent With WestPac Resources
June 02 2010 - 10:00AM
Marketwired
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.
Contact: Freestone Resources, Inc. Clayton Carter Chief
Executive Officer Phone Contact: 214.880.4870 Email Contact: Email
Contact