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Freestone Resources, Inc. Announces Master Agreement With Hydrex Technologies


June 9, 2011 - DALLAS, TX

Freestone Resources, Inc. (OTCBB: FSNR) announced today that it has finalized a Master Agreement with Hydrex Technologies, LLC., a subsidiary of Hydrex Corp., which is based in San Antonio, Texas. The Agreement provides Hydrex with the license rights to specific territories in the United States to manufacture, own and operate thirty Oil Recovery Units (ORU) using Freestone Resources' proprietary technology. The Oil Recovery Units are designed to recover and extract crude oil from oil sands, contaminated soil, as well as oil from oil field tank bottom sludge and other oil waste depositories. Each ORU will be manufactured for a specific application and processing capacity.

The ORUs are designed as closed-loop systems that utilize environmentally friendly solvents to extract the maximum amount of hydrocarbons from the medium that they are processing. The ORUs will not utilize or require the use of steam, and no measurable air contaminants or emissions will be released into the atmosphere. Since each ORU will operate without steam, utilize limited energy, and recycle the solvents used in the process, they will provide an economic advantage compared to conventional oil separation systems.

"We are excited to begin the construction of our first commercial scale Oil Recovery Unit with Hydrex Technologies," said Clayton Carter, President of Freestone Resources. "This Agreement represents the culmination of Freestone's efforts to begin the construction of our first commercial scale ORU. We have had to leap over many hurdles to get this far, but through great determination and perseverance we feel that we have developed a technology that will help achieve our goals of extracting the vast amounts of oil from oil sands and sludge, while reducing oil production waste and having a positive impact on our environment. These are the common goals that we share with Hydrex, and I feel that our Agreement will allow us to achieve these goals through Hydrex's construction and operation of the Oil Recovery Units under its license from us."

"We are delighted to have consummated the Master Agreement with Freestone, and we are looking forward to furthering the development of Freestone's technology. The Freestone technology will advance Hydrex's goal of being part of the 'Green Solutions Movement' in cleaning up waste oil depositories, and moving the industry toward a cleaner environment," said Mark Woodward, President of Hydrex Corp.

About Hydrex Corp.:
Hydrex Corp. is an energy company based in San Antonio, Texas which is involved in oil and gas exploration and production, oil and gas property operations and management, importation of crude oil, fuels and petrochemicals, and the development and implementation of environmentally friendly processes associated with the recovery and remediation of crude oil from oil sands, contaminated soil, and waste oil (sludge) depositories. http://www.hydrexcorp.com/

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.freestoneresourcesinc.com/.

SAFE HARBOR STATEMENTS:
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, including, without limitation, statements regarding the commercial potential of the Oil Recovery Units 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.

Contact:

Freestone Resources, Inc.
Don Edwards
214.880.4870

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