Consolidated Finalizes First Coal Deal in the Powder River Basin, Wyoming

  
    
  
  
    
      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.