Green Energy Resources 'GRGR' to Launch First Wood Biomass IPO for Ethanol and Biodiesel Fuels; FORBES Magazine notes Green Energy Resources

Business Wire, June 20, 2006

NEW YORK -- Green Energy Resources (Other OTC:GRGR.PK) noted in todays issue of Forbes Magazine, plans to launch the first wood biomass IPO on the London Aim Market. Wood cellulose is a potentially larger ingredient to ethanol and biodiesel fuel production than corn. Green Energy Resources has been working toward a London AIM listing since December of 2005. The company is an international supplier of wood biomass for clean coal technology, gasification, biofuels (ethanol and biodiesel) as well as direct burn energy to power plants. The company has access to over 30 million tons of wood, according to CEO, Joseph Murray and has recently hired a CFO to accelerate the timetable.

Alan Greenspan testifying before a US Senate Committee on June 7, stated corn based ethanol "would only have a limited role" and "its ability to replace gasoline is limited at best". Greenspan said alternative biomass feedstocks such as wood, were ''cheaper". A 2005 scientific breakthrough utilizing cellulostic fiber discovered at the College of Environmental Science in Syracuse, New York has thrust woodchips and woodfiber to the forefront of the ethanol production equation of the biofuels industry. President Bush in recent months has touted woodchips as a key to biofuels production in the United States.

VERASUN, a US corn supply company listed on the London Aim Market this month.

The company sold shares at a price well over 200 times current annualized revenues for $23 per share. Two other US corn supply companies are scheduled for listing on the London Aim market later this year. Green Energy Resources is seeking a similar reception on the London Aim market as the first supplier of wood based cellulose for ethanol and biodiesel production.

According to the Renewable Fuels Association, there are 32 distillieries under current construction that will add 2 billion additional gallons to the 4.8 billion current capacity of the 110 existing producers. The industry expects a 15 billion gallon capacity by 2012.

Green Energy Resources plans to maintain a listing in the United States on the (OTCBB) Nasdaq Bulletin Board. The company has shown profits for the last two years, has no debt and recently issued a 5% stock dividend to shareholders.

Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.