In Louisiana, Strategic Biofuels has completed the filing of its Class VI Carbon Sequestration Well Permit Application with the U.S. Environmental Protection Agency (EPA) and the Louisiana Department of Natural Resources (LDNR). The Class VI application fully integrated the extensive data collected during the 2021 drilling and testing of the Company’s Louisiana Green Fuels Class V Stratigraphic Test Well, thorough geological and geophysical mapping of the region, and state-of-the-art reservoir, geo-mechanical, and plume expansion modeling.

EPA has confirmed receipt of the completed application and that its review is underway. Once the application is approved, the Project will move forward with the drilling of three injection wells and several reservoir monitoring wells. Simultaneously, construction of the renewable diesel refinery and its adjacent power plant will begin. Once complete the Project will produce the most deeply carbon-negative liquid fuel in the world and operate completely “off the grid”. The company has worked closely with both the EPA and the LDNR, which have concurrently received the Class VI Permit Application. It is possible that the Class VI Permit will be ultimately granted by the LDNR, which has applied to the EPA for “primacy,” which would be a grant of authority by the EPA to the State of Louisiana to issue such Class VI permits.