Blue Earth Refineries Inc. Announces Cash Distribution



    HONG KONG, Dec. 21 /CNW/ -- Blue Earth Refineries Inc. ("Blue Earth") 
(Pink Sheets:   BUERF) announced today that its Board of Directors (the "Board")
has approved a payment of a special cash distribution in the amount of US
$1.04 per share.  The record date for shareholders entitled to receive the
payment will be December 31, 2007.  The payment date will be January 3, 2008. 
The distribution is a return of capital.
    To partially finance the costs of the distribution and the unwinding of a
prior forward sale, Blue Earth will use its working capital and has entered
into a syndicated unpriced forward derivative contract, which allows for an
initial payment of approximately US $23 million and further payments depending
upon the price of cobalt.
    The derivative contract will substantially limit Blue Earth from making
further cash distributions in the near future unless prices for cobalt stay
constant, the existing production levels remain the same and until the
delivery of the cobalt has occurred to fulfill the forward derivative
obligation.
    With the extreme volatility and uncertainty of the market price of
cobalt, the inherent production and delivery risks, the Board views this
transaction as a way to help control its uncertain future and create value for
its shareholders as of today.
    While forward-looking statements, and any assumptions upon which they are
based, are made in good faith and reflect our current judgement regarding the
direction of our business, actual results will almost always vary, sometimes
significantly, from any estimates, predictions, projections, assumptions or
other future performance suggested herein.


    
        North American Corporate Relations Contact  T: (604) 683 5767
                   F: (604) 683 3205  E: rrandall@bmgmt.com
    




For further information:

For further information: North American Corporate Relations of Blue
Earth  Refineries Inc., +1-604-683-5767, Fax, +1-604-683-3205,
rrandall@bmgmt.com

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BLUE EARTH REFINERIES INC.

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