Syntroleum to Transfer to NASDAQ Capital Market

Business Wire, March 31, 2008

Previously Announced Quarterly Investor Conference Call Scheduled for April 2

TULSA, Okla. -- Syntroleum Corporation (NASDAQ: SYNM) today announced that the Listing Qualifications Staff of The NASDAQ Stock Market has granted the Company's request to transfer the listing of the Company's common stock from The NASDAQ Global Market to The NASDAQ Capital Market, effective with the open of trading on Monday, March 31, 2008. The Company will continue to trade under its existing symbol, SYNM.

As disclosed on January 31, 2008 and March 4, 2008, the Company was previously notified by NASDAQ that it did not satisfy the market value of listed securities requirement for continued listing on The NASDAQ Global Market. The Company subsequently appealed the Staff's determination and thereafter submitted an application to transfer the listing of its securities to The NASDAQ Capital Market based upon the Company's compliance with all applicable requirements for listing on The NASDAQ Capital Market. As a result of the market transfer, the Company's appeal is now closed.

While on The Nasdaq Global Market, the Company was notified on February 1, 2008 that the bid price of its common stock had closed at less than $1.00 per share over the previous 30 consecutive business days, and, as a result, it did not comply with Marketplace Rule 4450(a)(5). Therefore, in accordance with Marketplace Rule 4450(e)(2), the Company was provided 180 calendar days, or until July 30, 2008 to regain compliance. Upon transfer, the Company has been afforded the remainder of this compliance period.

If compliance with the $1.00 bid price requirement cannot be demonstrated by July 30, 2008, Staff will determine whether the Company meets the Capital Market initial listing criteria set forth in Marketplace Rule 4310(c). If it meets the initial inclusion criteria, Staff will notify the Company that it has been afforded an additional compliance period, up to January 26, 2009. Otherwise, Staff will provide written notification that the Company's securities will be delisted. At that time, the Company may appeal Staff's determination to delist its securities to a Listing Qualifications Panel.

Conference Call

As previously announced, Syntroleum management plans to hold a conference call with the investment community on Wednesday, April 2, 2008, at 10:00 a.m. Central time (11:00 a.m. Eastern). During the teleconference, management will update investors on the status of its Dynamic Fuels venture with Tyson Foods and the progress to date on the company's restructuring program. To participate in the teleconference, investors should dial 800-374-1301 about 10 minutes before the start time and reference the Syntroleum conference call. International callers should dial 706-634-7261. The conference call can also be accessed by visiting the company's Web site, http://www.syntroleum.com.

About Syntroleum

Syntroleum Corporation owns the Syntroleum[R] Process for Fischer-Tropsch (FT) conversion of synthesis gas derived from biomass, coal, natural gas and other carbon-based feedstocks into liquid hydrocarbons, the Synfining[R] Process for upgrading FT liquid hydrocarbons into middle distillate products such as synthetic diesel and jet fuels, and the Bio-Synfining[TM] technology for converting animal fat and vegetable oil feedstocks into middle distillate products such as renewable diesel and jet fuel. Together with Tyson Foods, Syntroleum is focused on siting, engineering and constructing a plant that produces clean renewable synthetic diesel and jet fuel using low grade fats and greases as feedstock. The 50/50 venture - known as Dynamic Fuels - was formed to construct and operate multiple renewable synthetic fuel facilities, with production on the first site beginning in 2010. The Company plans to use its portfolio of technologies to develop and participate in synthetic and renewable fuel projects. For additional information, visit the company's Web site at www.syntroleum.com.

This document includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as well as historical facts. These forward-looking statements may include statements relating to the Syntroleum[R] Process, the Synfining[R] Process, our renewable fuels Biofining[TM] technology, plans to use the Company's various technologies, commercialization of the Company's technologies, and future investor relations activities of the Company. When used in this document, the words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are intended to be among the statements that identify forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, these kinds of statements involve risks and uncertainties. Actual results may not be consistent with these forward-looking statements. Syntroleum undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. Important factors that could cause actual results to differ from these forward-looking statements include the potential that debt or equity financing for anticipated plants or related natural gas liquids or oil and gas projects may not be available, the schedule for development, construction and operation of proposed plants may to be met, anticipated appropriation and expenditure of federal monies does not occur, commercial-scale plants do not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants experience technological and mechanical problems, the potential that improvements to Syntroleum's various technologies currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), construction risks, risks associated with investments and operations in foreign countries, our dependence on strategic relationships with manufacturing and engineering companies, volatility of energy prices, the ability to implement corporate strategies, including the continued availability of adequate working capital, competition, intellectual property risks, our ability to obtain financing and other risks described in the Company's filings with the Securities and Exchange Commission.