Green Energy Resources, Inc. (GRGR)

[mkendra]

High Oil and Record Currency Exchange Rates Are Great News forAlternative Energy Exports for Green Energy Resources (GRGR)

Jul 26, 2007 09:50:42 (ET)


NEW YORK, NY, Jul 26, 2007 (MARKET WIRE via COMTEX) -- Green Energy Resources (PINKSHEETS: GRGR) has received a new export order for delivery of wood biomass to Europe. The order, contracted in British pounds, is for 40,000 tons delivered or about $2.6 million dollars. The shipment is subject to ship scheduling and planned for later this year. Record European currency exchange rates are pushing buyer interest and demand for biomass orders to Europe. The shipment will be the first biomass export to the UK from North America.

High oil prices make alternative energy production very cost effective to power producers. Oil is nearing $80 per barrel and US consumption in 2007 is exceeding that of 2006. The US dollar is currently about .45 cents to the British pound and about .62 cents on the Euro. Green Energy Resources has targeted a 20% market share of European biomass imports by 2011. The European biomass market should exceed $1 billion dollars by 2010 according to various European agencies.