DALLAS, TX-(Marketwired - March 08, 2016) - Freestone Resources, Inc. (FSNR) is pleased to announce it commenced sales of Petrozene through its majority-owned venture, Freestone Dynamis Energy Products, LLC (FDEP). FDEP was formed to commercialize Petrozene, and to control the production process in order to elevate Petrozene to one of the top petrochemicals in its class. FDEP also entered into its first sales agreement to provide Petrozene to oil and gas producers and regional transport companies in west Texas that suffer from production and transport-related issues due to paraffin and asphaltene buildup. Over time, paraffin and asphaltenes can cause reduced oil flow, as well as tank bottom sludge-related problems.
FDEP sold an order of Petrozene to a petroleum transport company that has more than one hundred terminals throughout the United States. The initial reports from the use of Petrozene at one of their terminals showed very positive results prompting the transport company to place another Petrozene order. FDEP plans to provide Petrozene in larger quantities to their other terminals throughout the United States.
FDEP is in negotiations with multiple large transportation companies that face issues with tank bottom buildup in their railcars and other transport and storage vessels. Originally, Freestone developed Petrozene to break up tank bottom sludge and prevent it from forming. This dual-use application provides petroleum transport companies with a solution that greatly reduces maintenance and cleaning costs, and prevents the tank bottom sludge buildup that significantly reduces petroleum storage capacity.
FDEP also provides Petrozene to smaller, regional transport companies that have similar issues, as well as to oil and gas producers that can utilize Petrozene downhole to manage paraffin and asphaltene buildup that greatly reduces a well’s production over its lifetime. The oil fields in west Texas have many wells that produce from multiple formations, both old and new, that encounter these issues. Freestone’s field tests have indicated that Petrozene treatments down hole can substantially increase production in wells that have paraffin and asphaltene issues.
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/.
About Freestone Dynamis Energy Products, LLC:
FDEP is a venture in which Freestone owns a 70% member interest and was formed Freestone and Dynamis Energy, LLC in order to operate specialized pyrolysis technology that will be utilized in the production of Petrozene.
About Petrozene:
Petrozene is a revolutionary solvent that has been shown to positively affect many aspects of the oil and gas industry; from production and storage to end cycle refinement. Used as an additive, Petrozene provides a cost-effective solution for dealing with tanker sludge, paraffin problems, storage tank maintenance, and more. Petrozene superior flow technology is hydrocarbon-based allowing for a non-contamination use in many aspects of the oil and gas production and refinement.
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.