Freestone Resources Inc. (fka FSNR)

[markrhead]

I called the company Monday to get clear in my own head what the 2 prs meant, as they left me with more questions than answers.
I have waited a couple of days before posting my thoughts on FSNR.

The merger is on and they should have the paper work in hand in a few days, but Jim Carrol of Ichargeit has assured them it is signed off on and the new management (Lane and Kendal) assured me that they were comfortable with no unknown shares being out there and that the merger was kosher.

Petrozene is made by another company that we do not own. We have a 5 year commitment for 50% of the petrozene produced. I had hoped for contracts from ARAMCO or NY City for cleanup, but it sounds like there is not enough petrozene production at this time. The idea for now is not to be a well service company or distributor but an oil production company. They want petrozene for their own wells. FSNR has established a line of credit to build a portfolio of marginal wells or fields that they would have 100% working interest in and treat them with petrozene to substantially increase production, thus upgrading them from marginal to producing. Very viable in my opinion, but I don't think this will have a big pop overnight as I don't expect a PR about huge contracts for petrozene treatment. Still I feel its a worthwhile investment, but it will be more of a slow and steady building of a company.

It's just that there is a limited amount of Petrozene, so they feel that their 50% allotment is better used increasing production on wells that FSNR owns, rather than on wells that any increased production would benefit someone else. Sounds reasonable.

Lastly, I am impressed with Lloyd Lane and Kent Kendal as being candid and open. LLoyd is not an experienced stock person, more of a down to earth oil man. I imagine he will learn quickly the headaches of running a public company.

Mark