Consolidated Finalizes First Coal Deal in the Powder River Basin, Wyoming
July 08 2008 - 8:03AM
Business Wire
Consolidated Biofuels, Inc. (Pink OTC: CSBF), a clean-tech energy
and alternative fuels company, is pleased to announce that after
several months of sustained effort and negotiations, Consolidated
has recently acquired the coal rights to a 640-acre state coal
lease located in the Powder River Basin, and immediately north of
Gillette, Wyoming. The coal asset was acquired from Atlas Coal II,
LLC of Gillette in consideration of a combination of debt and
equity of Consolidated. Further negotiations with Atlas and others
continue for additional acreages of coal and natural gas production
in the same area. Comparables for that region indicate that an
estimated initial valuation of $18 million dollars for this asset
is appropriate. However, Consolidated will soon commission a
comprehensive reserves report to assess the quantity and quality of
the coal reserves on this particular parcel. Once the analysis is
complete, Consolidated will record the value of the asset based on
the proven coal reserves and the overall value of those reserves.
The details of the transaction with Atlas Coal II will be included
in Consolidated�s second quarter financials when posted. Daniel
Honeycutt, CEO, stated that: �The best possible current use of
Consolidated�s corporate equity is to acquire in-ground energy
assets that will secure and fuel our future participation in the
coal gasification and other alternative energy industries in
Wyoming and elsewhere. We intend to duplicate and leverage our
recent successes in the delivery of debt and equity with our joint
venture partners to acquire additional coal, natural gas, and clean
technology assets throughout 2008 and beyond.� About Consolidated
Biofuels, Inc.: Consolidated is a development-stage clean energy
company. Through strategic partnerships, Consolidated will acquire
thermal-potential feedstocks such as coal assets and municipal
solid waste contracts, in conjunction with efficient clean process
technologies. Consolidated�s vision is to become the premier
integrator of clean technologies as applied to trash-to-energy,
coal-to-liquids, solar, geothermal, carbon sequestration and
synthetic fuels. The Company will be positioned across the energy
spectrum to realize maximum value for our shareholders through
diversification and direct energy asset acquisitions. For further
information, visit our website: http://www.CBioIntl.com (New
website is currently under construction.) This press release
contains some forward-looking statements. Forward-looking
statements involve estimates, projections, goals, forecasts,
assumptions, risk and uncertainties that could cause actual results
or outcomes to differ materially and substantially from those
expressed in the forward-looking statements, and are current as of
the date on which such statements are made. We undertake no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events, or
otherwise. Forward-looking statements in this document should be
evaluated together with the many uncertainties that affect our
business.
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