BPI Energy Announces Resignation of COO James Craddock

  
    
  
  
    
      BPI Energy Holdings, Inc. (AMEX: BPG), an independent energy company 
      engaged in the exploration, production and commercial sale of coalbed 
      methane (CBM) in the Illinois Basin, today announced that James E. 
      Craddock, director and chief operating officer, has submitted his 
      resignation to take a position with another exploration and production 
      company outside of the Illinois Basin starting April 15, 2008. To the 
      extent his new position allows, Mr. Craddock will make himself available 
      as a technical advisor to the BPI Board of Directors for the next six 
      months as needed to assist in an orderly transition and further advance 
      BPI’s development and financing efforts. His 
      daily responsibilities will be divided between Randy Oestreich, vice 
      president, field operations and Michael Dawson, senior geological 
      advisor. There are currently no plans to replace Mr. Craddock.
    
    
      On the announcement, Craddock commented: “My 
      decision to leave BPI is based solely on a new job opportunity, 
      and does not in any way reflect on my confidence in BPI or the Illinois 
      Basin.”
    
    
      “Jim Craddock joined BPI in 2006 and has 
      played a significant role in guiding the company’s 
      operating strategy over the past two years,” 
      said BPI President and CEO James G. Azlein. “We 
      thank him for his service and support of BPI’s 
      development, and look forward to his continuing contributions to its 
      success as technical advisor.”
    
    
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      About BPI Energy
    
    
      BPI Energy (BPI) is an independent energy company engaged in the 
      exploration, production and commercial sale of coalbed methane (CBM) in 
      the Illinois Basin, which covers approximately 60,000 square miles in 
      Illinois, southwestern Indiana and northwestern Kentucky. The company 
      controls a large CBM acreage position in the Illinois Basin at 
      approximately 531,000 acres.
    
    
      News releases and other information on the company are available on the 
      Internet at: http://www.bpi-energy.com
    
    
      Some of the statements contained in this report that are not 
      historical facts, including statements containing the words “believes,” 
      “anticipates,” “expects,” 
      “intends,” “plans,” 
      “should,” “may,” 
      “might,” “continue” 
      and “estimate” and 
      similar words, constitute forward-looking statements under the federal 
      securities laws. These forward-looking statements involve known and 
      unknown risks, uncertainties and other factors that may cause our actual 
      results, performance or achievements, or the conditions in our industry, 
      on our properties or in the Basin, to be materially different from any 
      future results, performance, achievements or conditions expressed or 
      implied by such forward-looking statements. Some of the factors that 
      could cause actual results or conditions to differ materially from our 
      expectations, include, but are not limited to: (a) our inability to 
      generate sufficient income, obtain sufficient financing, close an 
      offering of debt or equity securities, or complete a merger/combination 
      or other transaction that would enable us to fund our operations through 
      the quarter ending April 30, 2008; (b) our inability to retain our 
      acreage rights at our projects, at the expiration of our lease 
      agreements, due to insufficient CBM production or for other reasons; (c) 
      our failure to accurately forecast CBM production; (d) displacement of 
      our CBM operations by coal mining operations, which have superior rights 
      in most of our acreage; (e) our failure to accurately forecast the 
      number of wells that we can drill; (f) a decline in the prices that we 
      receive for our CBM production; (g) our failure to accurately forecast 
      operating and capital expenditures and capital needs due to rising costs 
      or different drilling or production conditions in the field; (h) our 
      inability to attract or retain qualified personnel with the requisite 
      CBM or other experience; (i) unexpected economic and market conditions, 
      in the general economy or the market for natural gas; (j) limitations 
      imposed on us by our Credit Agreement with GasRock; (k) our ability to 
      repay or refinance the amounts advanced to us by GasRock when such 
      amounts become due; and (l) potential exposure to losses caused by our 
      derivative contract. We caution readers not to place undue reliance on 
      these forward-looking statements.