SOURCE: GreenGold Ray Energies, Inc.

October 15, 2008 09:38 ET

GreenGold Ray Energies (Symbol: GRYE) Growing and Expanding to U.S.A

More Than 35,000 Hectares of Jatropha Lands to Farm in the Philippines; GRYE Targets 50,000+ Gallons of Oil/Month Production; Estimated $912,166.00/1,000 Hectares Revenue in 2009

BEVERLY HILLS, CA--(Marketwire - October 15, 2008) - GreenGold Ray Energies, Inc. (PINKSHEETS: GRYE) announces the expansion to Corpus Christi, Texas, U.S.A.

GRYE had entered into a joint venture with the South Texas Jatropha Farms that has been farming and cultivating jatrophas. The company is purchasing the first 25 acres of farm lands expanding its jatropaha plantations in the U.S.A. GRYE will construct a Biodiesel oil conversion plant, a refinery and a laboratory on a 2 acre site. The remaining parcel of lands will be utilized for the jatropha nursery, and the rest for the jatropha cultivations. GRYE intends to purchase more farm lands to increase its jatropha plantations. Several Texas oil companies are interested to purchase the biodiesels produced by GRYE. It is expected that between the processing plant construction and acquisition of the land, it will take at least 3 months. GRYE will be ready for production in early 2009.

PHILIPPINES:

Batan Jatropha Plantation:

The plants are ready for harvesting within 2 months on its current 300 hectares plantations. Around 2 hectares of land are allocated for the construction of a Biodiesel oil conversion plant, a refinery and a laboratory. Batan Plantation will be in production in early Spring of 2009. Binasan and Opol Jatropha Plantation~ A combined 3,017+ hectares of land parcels are being prepared for jatropha cultivations. Caraga, Butuan, Agusan~ expansion of the Jatropha plantations to almost 35,000 hectares are ongoing.

AFRICA~ The Company had been approached by a group from Africa for a joint venture in the cultivation and farming of Jatropha Curcas in Kenya, Congo or Central African Republic. A planned meeting will be held in London or Dubai for final discussions and the two companies hope to complete a Memorandum of Agreement before the end of 2008.

The company had already designed the processing plant for 50,000+ gallons output capacity to be constructed in the 6 hectares parcel land in Mindanao. Our experts working on the Jatropha plantation had developed the best method of cultivating these processing plants, which required the lowest possible investment of money, labor and materials. The yield is a function of light, water, nutrients and the age of the plant, good planning, quality planting material, standardized agronomy practices and good crop management will handsomely increase the yields.

A 1,000 hectares (2,470 acres) can produce about 12,000 tons (of jatropha seeds per year, to produce 4,800,000 Liters equivalent to about 1,268,025.8 gal.(1Gallon = 3.785 Liters) of crude oil a year productions. One (1) Liter of Crude Oil after Trans-Esterification produces 3,840,000 Liters (1,014,420.68 gal) of Biodiesel per year. The estimated yearly Net Income on the 1,000 (2, 470 acres) hectares at a price of about $2.00 per liter is about $912,166.00/1,000 hectares. GRYE is targeting a production rate of about 50,000+ gallons of oil per month production.

"The Board of Directors is very enthusiastic and seriously looking into the possibilities of expanding globally. The increased interests from various international groups to have a good working alliance and joint venture with GreenGold Ray Energies are promising, thus our company can respond to the increased demand of the biodiesel fuels. GRYE will continue to increase, to grow exponentially and to expand its Jatropha plantations, thus increasing its revenues in this next coming year!" exclaimed CEO Manolo Tecson.

ABOUT THE COMPANY:

GreenGold Ray Energies, Inc. (PINKSHEETS: GRYE) is a rapidly growing biodiesel, green technology and environmental energy company. The Company has already solidified its position through a highly successful land acquisition program, acquiring large parcels of land ideal for the cultivation of the jatropha plant. Jatropha curcas grows almost anywhere, even on gravelly, sandy and saline soils. Jatropha oil can be processed to produce a high-quality biodiesel that can be used in a standard diesel car, while the residue can also be processed into biomass to power electricity (for more information about the jatropha plants: http://en.wikipedia.org/wiki/Jatropha_biodiesel).

Forward-Looking Statements

Forward-looking statements in this release include statements regarding the Company's projections regarding biodiesel, biofuels other alternative energy explorations and extractions in future periods. Penny Stocks are highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.