CSBF Consolidated Biofuels Inc (CE)

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.