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Authorized Announcement From Global Environmental Energy Corporation (GEECF) - Sahara Petroleum Exploration Corp. Signs an Alliance Agreement to Build a 70,000 Barrel Per Day Oil Refinery With Chasewood Consortium, Ltd.

Posted on: Tuesday, 12 July 2005, 09:01 CDT

Global Environmental Energy Corp. (OTCBB:GEECF) (FWB:GEEC.F) confirmed today that its subsidiary, Sahara Petroleum Exploration Corp., a Corporation registered in the Commonwealth of the Bahamas, has entered into an Alliance Agreement with Chasewood Consortium, Ltd. to build a 70,000 barrel per day oil refinery at Eket, Akwa Ibom State Nigeria under a license granted to Chasewood Consortium Ltd.

The approximately USD$2 billion Sahara/Chasewood project, which is to be partially financed from the proceeds of Sahara's loan commitment from financier Diamond Ridge, will further enhance Sahara's position as a vertically integrated oil and gas company.

The new refinery will be capable of refining 25 million barrels of Nigerian oil in Nigeria per year, representing a cash flow at today's market process of approximately USD$1.5 billion per annum. It is Sahara's hope to refine a large portion of its own oil at the new Nigerian refinery, in connection with both Quikflow and Chasewood.

Sahara's growth is facilitated by its contract consultants the Vetra Group A.V.V. In March 2005, Sahara appointed Mr. Humberto Calderon Berti & Mr. Karl Mazeika, Mr. Alfredo Gruber, and Mr. Iker Anzola, from Vetra to its advisory board. Mr. Calderon Berti is former President of OPEC, President of Petroleos de Venezuela, S.A., Minister of Energy and Mines and Minister of Foreign Relations. Mr. Karl Mazeika is former Vice President of Pequiven and member of the Board of Directors of several of its joint ventures. He has also acted as Executive Director of Exploration, Production and Upgrading, and Vice President of Petroleos de Venezuela, S.A.

Many sources attribute high gasoline prices in the United States, now averaging $2.22 across the country, to a shortage in refining capacity. There were 325 oil refineries in the U.S. in 1981, but only 149 remain today(1). However, whereas refining capacity has fallen in the United States, Nigerian refining capacity is expected to rise significantly; providing significant cost savings to operators like Sahara refining close to source.

Nigeria has a population of over 110 million people and an abundance of natural resources, especially hydrocarbons. Nigeria is a member of OPEC. Its crude oils have a gravity between 21-API and 45-API. Its main export crude's are Bonny Light (37-) and Forcados (31-). About 65% of Nigeria's oil is above 35-API with a very low sulphur content. Nigeria's OPEC quota is 1.89 million bbl/d. It is the 10th largest oil producer in the world, the third largest in Africa and the most prolific oil producer in Sub-Saharan Africa. The Nigerian economy is largely dependent on its oil sector which supplies 95% of its foreign exchange earnings. In January 2005 Oil and Gas Journal estimated that Nigeria contains proven oil reserves totaling 35.2 billion barrels. The Nigerian government plans to expand its proven reserves to 40 billion barrels by 2010. The upstream oil industry is the single most important sector in the country's economy, providing over 90% of its total exports. The country has four main refineries with a nameplate capacity of 438,750 bbl/d and there are eight oil companies and 750 independents all active in the marketing petroleum products.

Sahara Petroleum Exploration Corp., was initially formed as a subsidiary of Global Environmental Energy Corp, (OTCBB:GEECF - FWB:GEEC.F). Global Environmental Energy Corp. maintains a web site at http://www.globalenvironmentalenergy.com/index.htm.

Sahara Petroleum Exploration Corp. intends to become a fully reporting and trading company in the future if accepted by the SEC and the NASD for trading. Sahara Petroleum Exploration Corp. is becoming a fully integrated energy company whose interests include traditional oil and gas exploration and development.

Global Environmental Energy Corp. is filing an 8K with the Securities and Exchange Commission and the relevant contract documents are being filed under seal.

About Global Environmental Energy Corp.

Global Environmental Energy Corp. is a Corporation registered in the Commonwealth of the Bahamas and Publicly Traded on Stock markets both in Germany and the United Sates (the Corporation). Global Environmental Energy Corp. intends to become a fully integrated energy company whose interests will include traditional oil and gas and alternative energy sources, environmental infrastructure and electrical micro-power generation. Global Environmental Energy Corp.'s unique proprietary technology, EcoTechnology(TM), supplies energy through an efficient and environmentally safe process. The Biosphere Process(TM) System, a central part of the EcoTechnology(TM) system, can safely and efficiently process traditional and non-traditional waste materials into electricity and other beneficial by-products. The Biosphere Process(TM) can assist in solving the global waste problem by converting into clean, green electricity such waste materials as: municipal solid waste (MSW), agricultural surpluses, agricultural effluents, forestry wastes, sewage sludge, medical waste, industrial wastes, flared natural gas, shale oil, sour natural gas, high sulphur oils, waste bilge oil, waste drilling muds and fluids; and many other traditional and non-traditional waste materials.

Note to Investors

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. The forward-looking information is based upon current information and expectations regarding Global Environmental Energy Corp. These estimates and statements speak only as of the date on which they are made, are not guarantees of future performance, and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results could materially differ from what is expressed, implied, or forecasted in such forward-looking statements.

Global Environmental Energy Corp. assumes no obligation to update the information contained in this press release. Global Environmental Energy Corp.'s future results may be impacted by risks associated with rapid technological change, new technological developments and implementations, execution issues associated with new technology, manufacturing production to meet demand, litigation, media publicity and the negative impact this could have on sales, competition, financial and budgetary constraints of prospects and customers, international order delays, dependence upon limited source suppliers, fluctuations in component pricing, government regulations, dependence upon key employees, and its ability to retain employees. GEEC's future results may also be impacted by other risk factors listed from time to time in its SEC filings, including, but not limited to, the Company's Form 10-QSBs and its Annual Report on Form 10-KSB.

(1) http://www.cato.org/

Source: Business Wire

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