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Freestone Resources, Inc. Enters Into Marketing Agreement For Petroleum Chemicals With Natural Resources Recovery, Inc.

FAIRFIELD, Texas -- Freestone Resources, Inc. (FSNR.PK) has entered into a distributorship/marketing agreement with Near Bore Resources, L.P. for its line of NR206 petroleum chemicals. NR206, the base product for this line, is a revolutionary. patent-pending chemical solvent that could positively affect every aspect of the oil and gas industry from production and storage to end cycle refinement. NR206 has shown excellent characteristics as a Paraffin Dispersant, Emulsion Breaker, Water Dispersant, Corrosion Inhibitor, Asphaltine Solvent, Paraffin Solvent, Cutting Oil, Paraffin Inhibitor and /or Anti-Sludge Agent.

NR206 has undergone extensive testing in several aspects of petroleum production, and has shown outstanding results, both technically and economically. When used as a down hole treatment as a paraffin dispersant/asphaltine solvent, NR206 has shown a substantial increase in production in oil wells subject to paraffin/asphaltine constriction. Just in the United States alone there are thousands of wells producing in high paraffin/asphaltine fields, which must be routinely treated either by hot-oil treatment or chemical methods which are costly and often short-lived solutions. NR206 testing has shown huge increases in production in these wells which continues over time. Obviously, increasing the efficiency of producing wells not only increases the profitability of those treated wells but it also decreases the need for increased exploration and/or importation of foreign oil.

Testing has also shown the product to be effective when used as an anti-sludging agent in storage tanks. In these tests, the bottom sludge was not only re-liquified, but was able to be used and sold. This is a great alternative for companies who routinely spend millions for tank sludge cleaning and waste removal and would also make an excellent product for use in oil barges and oil tankers as an anti-sludging agent as well. Again, this product would increase the efficiency of oil storage, which would decrease the waste and disposal of unusable sludge.

Freestone Resources is diligently working with Near Bore Resources, L.P. and several key potential clients to find other possible avenues of use for this product in all stages of oil and gas production, to include the testing of several samples of paraffin, which were sent to Freestone Resources from the United Arab Emirates. The initial test results show that a small amount of NR206 can easily turn the paraffin into a light oil and maintain its gravity after several extreme changes in temperature. These test results have led to negotiations between Freestone Resources and a U S based contractor, which is currently in operation in the U A E cleaning crude oil tank bottoms by conventional, labor-intensive methods. The U A E has in excess of 1000 storage tanks that require tank-bottom cleaning and contracts for mechanical cleaning and disposal routinely cost over $1,000,000 per tank, according to a Middle-East subcontractor. Follow up tests will be conducted to confirm that NR206 can provide a more economical method of cleanout.

Freestone Resources' Carroll Unit #1 should be producing natural gas to a sales pipeline within the next 14 days. We have confirmed construction dates for the production pipeline and installation dates for all well equipment with our contractors. Freestones' production engineer expects that it should take about two days to install and calibrate the equipment once onsite. We are also in the process of examining several re-entry prospects in the Freestone County gas fields, and anticipate operations to commence on the next re-entry well during the first quarter of 2007. Freestone Resources intends to pursue any and all prospects that our in-house consultants and engineers deem economically viable and that will add to our base oil and gas holdings.

About Freestone Resources, Inc.:

Freestone Resources, Inc. is an East Texas based Oil and Gas company which is actively pursuing opportunities in Texas and New Mexico oil and gas fields in the areas of lease acquisitions, exploration, production, recompletions, and waste disposal. Freestone Resources, Inc. is also diligently working to develop and utilize emerging technologies and products related to increasing oil and gas production, efficiency and profitability.

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.
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Publication:Business Wire
Date:Nov 30, 2006
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