Fuelnation has secured a $300 million dollar credit facility to finance
crude oil, product purchases and supply. This credit facility will be used
for additional financing on contracts with the Iraqi Ministry Of Oil and
their State Oil Marketing Company (SOMO) (http://www.uruklink.net/oil/) for
Fuel Oil purchases and Gasoline Supply. Currently, The Iraq government
is subsidizing approximately $8 billion dollars annually of
gasoline and diesel supply for internal consumption, due to the lack of
refining capacity. Revenues from the contracts are expected to be reported
during the second quarter of 2006 upon completion of audit and the filing of
financial statements.
In addition to financing supply and purchase with the Iraqi Ministry Of Oil
and their State Oil Marketing Company (SOMO) will leverage a large portion
of the credit facility with wholly owned subsidiary Leman Energy Trading,
Inc.(http://www.lemanenergytrading.com) in order to increase credit line
for crude oil and gas oil purchases which are being finalized with Gazprom
in Russia (http://www.gazprom.ru/).

“The approval of this $300 million credit facility is further validation of
our business model, which is focused on providing ‘best in class’ fuel
resell services to governments, refiners and suppliers looking to mitigate
risk and source long term product supply. In addition, we will be able to
rapidly expand our government services division in the Caribbean and Africa
for energy trading with the governments,” said Chris Salmonson, Chairman and
Chief Executive Officer of FuelNation Inc.