READ THE BOLD PRINT
March 12 | CEO Blog | Freestone Resources
It’s hard to believe that it’s been almost one year since my last blog update. During this time period I have been working continuously with the Freestone Team to locate and put together all the components necessary to fully integrate Petrozene.
A press release was submitted by Freestone this morning that mentioned the multiple sites that we have located throughout North America. We’ve spent months conducting thorough due diligence to make sure that we are making the right decisions and working with the right groups. This due diligence process has forced us to extend our timeline further than we originally anticipated, but it has resulted in the negotiations with owners of various sites, end market users, and potential partners. I’m looking forward to continuous announcements about these contracts as they are finalized. I feel confident that Freestone’s shareholders will be satisfied with the final results, and I’m very grateful for their continued support while we reach the tail end of this process.
During the last year, we’ve witnessed the decline in oil prices and the various factors that have caused the price of oil to drop so quickly. One of the major factors contributing to this fall has been the overabundance of supply in the United States. This means that oil storage and transport vessels are being utilized at a record capacity, and this is why we think the mid-stream market will need Petrozene now more than ever. While Petrozene has proven to increase production when used down hole, it has also been shown to be a cost effective method to remove of tank bottom sludge that can occur in oil storage vessels. Petrozene can be a substantial cost saving product for mid-stream companies by increasing their oil storage capacity, and decreasing their sludge disposal costs. Thus, the increase in oil supply here in the United States and abroad has created a perfect opportunity for Freestone and Petrozene in the coming months and years.
Sincerely,
Clayton Carter, President and CEO
