DALLAS--(BUSINESS WIRE)--Freestone Resources, Inc. (“Freestone”) (OTCQB:FSNR) is pleased to announce that it has successfully negotiated international distributorships with two Texas-based companies for the sale of Petrozene – its proprietary solvent proven to lower viscosity, liquify oil sludge, and effectively dissolve and inhibit paraffin and asphaltene build-up.
Process Point Energy Services (“PPES”) of Conroe, Texas, is an energy servicing company and will be representing Freestone and distributing Petrozene through the state-owned oil company of Ecuador, a member of OPEC.
PPES recently acquired a test amount of Petrozene that was shipped to Ecuador to be tested in one of their oil facilities. The tests were done on several critical applications and proved to be highly successful. There was impressive evidence of Petrozene’s ability to substantially reduce the viscosity of the oil used to fuel large, Wartsila Engines used in Ecuador’s power generation. PPES will soon start shipping Petrozene to Ecuador and projects that sales of Petrozene will be upwards of 2,000,000 gallons a year starting in 2020.
Michael McGhan, CEO of Freestone, said, “We are excited about our partnership with PPES. We have found a partner who shares our worldwide vision for implementing our signature, multi-use product – Petrozene. The opportunities that PPES presents will allow Freestone Resources to reach the desired markets and help us in our expansion goals.”
Todd Rutherford, President of PPES, said, “I am very pleased to be partnering with Freestone Resources and being an international distributor for Petrozene. After seeing the test results with Petrozene, I am convinced we have found the best product for our international customers.”
Natgas Global Resources (“Natgas”) of Houston, TX is a worldwide provider of gas processing equipment and services operating in five countries outside the US. Natgas will be representing Freestone and distributing Petrozene in several countries and has already received its first order for Trinidad, one of the largest oil-producing countries in the Caribbean, to be tested in a joint venture that includes 155 oil wells that produce very heavy oil. Natgas has gained interest from Mexico, Nigeria and Indonesia where paraffin and asphaltenes present a major problem to their oil production.
Billy Sumples, CEO of Natgas, said “Our partnership with Freestone Resources and specifically becoming an international distributor for Petrozene will become a significant part of our worldwide business. We already operate in five oil-producing countries, know the needs of the market well, and know that Petrozene will fill an ongoing need for many of our customers. We intend to expand our existing customer base by introducing Petrozene to the international marketplace.”
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. http://www.freestoneresources.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 and other 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.