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Panda Ethanol Receives Air Permit for Sherman County Refinery

Posted on: Thursday, 6 December 2007, 12:00 CST

DALLAS, Dec. 6 /PRNewswire-FirstCall/ -- Panda Ethanol Inc. today announced that the Texas Commission on Environmental Quality has granted an air permit for the company's planned 115 million gallon-per-year ethanol refinery in Sherman County, Texas. The facility will be designed to annually refine an estimated 38 million bushels of feedstock-grade corn into a clean burning, renewable fuel for the nation's transportation needs. The biofuel produced by the Sherman plant could displace approximately 2.6 million barrels of foreign oil a year.

Unlike other ethanol facilities which burn natural gas to generate the steam used in the ethanol manufacturing process, the Sherman facility will be engineered to gasify up to 1 billion pounds of cattle manure per year. By using biogas to fuel the plant, Panda is both conserving the energy equivalent of 1,000 barrels of oil a day and helping to address a significant environmental problem for the Texas Panhandle.

Once built, the Sherman refinery should be equal in size to Panda's Hereford facility, currently nearing completion, which will be the largest biomass-fueled ethanol plant in the United States with one of the lowest carbon footprints of any similar-sized ethanol facility in the nation.

"At present, we are principally focused on getting the Hereford facility on line in the first quarter of 2008," said Darol Lindloff, chief executive officer of Panda Ethanol, "but we are also carefully managing the development of our other ethanol projects during a period of market uncertainty. When the markets rebound, we intend to be ready. The granting of the Sherman air permit is a step forward in that direction."

The Sherman facility is the fifth 115 million gallon-per-year ethanol project announced by Panda to receive air permits. Panda's Sherman refinery will be located on a 1,200 acre site three miles northwest of Stratford, Texas. Construction is dependent upon financing, additional regulatory approvals and other conditions.

About Panda Ethanol Inc.

Panda Ethanol Inc. (BULLETIN BOARD: PDAE) , headquartered in Dallas, Texas, is helping to reduce the nation's dependence on hydrocarbons and foreign oil by producing clean, economic alternative energy. In 2005, Newsweek magazine named Panda one of the 10 most eco-friendly companies in America. In 2007, Project Finance Magazine awarded Panda "North American Ethanol Deal of the Year" for its financing of the state-of-the-art, Hereford biomass-fueled ethanol facility. The company is committed to being the "greenest" ethanol producer in the United States. Additional information on Panda Ethanol can be found at http://www.pandaethanol.com/.

This notice shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state.

Safe-Harbor Statement -- Except for the historical information contained herein, the matters set forth in this news release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Panda Ethanol intends that all such statements be subject to the "safe-harbor" provisions of those Acts. Many important risks, factors and conditions may cause Panda Ethanol's actual results to differ materially from those discussed in any such forward-looking statement. These risks, factors, and conditions include, but are not limited to, the ability to obtain financing for development and construction of our planned projects; the time, cost and ability to construct or complete construction of our ethanol plants; issues arising in connection with the development and construction of our projects, including those relating to permits, easements, site conditions, workmanship, process engineering, and conflicts of interest; future prices for ethanol relative to the prices of corn and gasoline, as well as the risks and uncertainties set forth in Panda Ethanol's Quarterly Reports on Form 10-Q filed on May 15, 2007, August 20, 2007 and November 16, 2007 and its annual and quarterly reports filed with the Securities and Exchange Commission. In addition, new factors, risks and uncertainties may emerge from time to time. Panda Ethanol undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Kurt Landis https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=61411 Bill Pentak https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=64847

Panda Ethanol Inc.

CONTACT: Bill Pentak of Panda Ethanol Inc., +1-972-361-1200,breakingnews@pandaethanol.com

Web site: http://www.pandaethanol.com/

Source: PRNewswire-FirstCall

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