Sector: Energy Sub-Industry: Ethanol Production Fully Reporting: Yes
		Summary: Through Company is active in the field of the ethanol production in and around the United States.

Price at Research Launch:	$0.02	|	52-Week Range:	$0.01-$0.18

Prepared by: Ludlow Capital Research (Equity Research Analyst - Mark Blackwell)

Business Summary  Earth Biofuels, Inc. is a vertically integrated renewable energy company and one of the first of its kind in the biofuels industry. As a producer, distributor, and marketer of biodiesel fuel, the company operates at each level of the supply chain from raw materials to the retail level.   Through an exclusive licensing agreement, the Company markets its biodiesel under Willie Nelson's brand name biodiesel, "BioWillie".The company is also expanding, through research and development, construction or acquisition, into the ethanol market. Visit the company website at http://www.earthbiofuels.com/ Stock Performance In the past 30 trading days,		Quantitative Evaluations  Ludlow Capital Rating: B- D C B- B B+ A- A A+   Volatility: High Low Average High Technical Rating: NEUTRAL   Relative Stock Strength: 84  54 1 Lowest Highest 99

Ludlow Energy Ventures Initiates Research Coverage on Earth BioFuels (EBOF)
Last Updated: July 07, 2008 - 2:30pm EST

(NEW YORK)-- New York based Ludlow Energy Ventures, Inc initiates research coverage on Earth BioFuels, Inc. (OTC: EBOF), a producer and distributor of biodiesel fuel through wholesale and retail, with a 'speculative' B rating.

SUMMARY

Earth Biofuels, Inc. recently came out with an announcement today on the closing of the share exchange with PNG Ventures for the acquisition of Earth Biofuels subsidiary - Applied LNG Technologies. This acquisition will be done in exchange for the transfer to EBOF for a majority ownership in PNG Ventures Inc. This strategic acquisition will position EBOF to focus on their core cellulosic ethanol and biodiesel production business. In addition to this, it will allow PNGX to focus solely on the development of producing and distributing liquefied natural gas as a potential transportation fuel and allow current shareholders of EBOF to reap the benefits of the company's growth.     

The companies three main components in which they are focusing on for further development are:

BioWillie Biodiesel - The company plans to continue this production and marketing segment via the ongoing and licensing and distribution of "BioWillie" Biodiesel fuel. Critical to biodiesel production is control of economical feedstock oils - the company has heighten focus on this aspect. The company through there wholly owned subsidiary - Earth Biofuels Distribution Company Inc, will market the BioWillie B20 brand through its blending facilities and fuel pump locations.

Willie's Place at Carl's Corner - Earth BioFuel's is also involved in the rebuilding of this one of a kind full service truck stop and entertainment destination, slated for its grand opening later in the summer of 2008. This will allow for the further development of the company's retail distribution and sales objectives.

Cellulosic Ethanol Production - The company is also continuing to explore the development and potential production of ethanol for a cellulosic based feedstock. The company's management team is keen on expanding and focusing on the development of this key business through enhanced investment in R&D and strategic partnerships with leaders in industry.

RESEARCH OPINION

Mark Blackwell, Research Analyst with Ludlow Energy Ventures commented, " this acquisition marks a real turning point for the company. EBOF will now be able to focus its efforts on the development of ethanol and biodiesel production operations while adding extreme shareholder value through there majority stake in PNG Ventures. Thus, Ludlow Energy Ventures has commenced research coverage on EBOF, with a 'speculative' B rating.

To receive updates on EBOF or additional research coverage reports of the company Register here

About Earth BioFuels, Inc.

Earth Biofuels produces and distributes biodiesel fuel through wholesale and retail outlets. The fuel is sold under Willie Nelson's brand name, "BioWillie^®." Earth Biofuels also produces and markets liquefied natural gas (LNG) through its subsidiary, ALT LNG. The Company is focused on meeting the growing demand for alternative and renewable fuels in the domestic market. The Company's Web site is www.earthbiofuels.com.

About Ludlow Energy Ventures, Inc

SUMMARY

Earth BioFuels announced that its subsidiary, Applied LNG Technologies, LLC (ALT)  will host a Grand Opening on May 8th, 2008 of the first public liquefied natural gas (LNG) and compressed natural gas (CNG) fueling station in Redlands, California.

The City of Redlands signed a three year contract with ALT to supply fuel to the station. ALT is the largest provider of vehicle-grade LNG in the Western United States.

Mark Blackwell, research analyst with Ludlow Energy Ventures commented, "This new LNG/CNG facility marks a milestone for Earth BioFuel's, as well as for municipalities looking to take advantage by converting over to a 'greener' source of fuel for their city vehicles. This opening may be the first step in Earth BioFuel's game plan in establishing additional LNG/CNG facilities across California, as well as in other Western municipalities. Thus, Ludlow Energy Ventures has commenced research coverage on EBOF, with a 'speculative' B- rating and a near-term price target of $0.05-$0.10 per share."

Register here to receive updates on this research coverage, and on our upcoming NYC alternative energy investor conferences.

Some of the attendees at the event will be Mr. Frank West, Mayor Pro-tem for the City of Moreno Valley and Member of the Mobile Source Air Pollution Reduction Review Committee (MSRC); Mayor Jon Harrison, City of Redlands; Supervisor Dennis Hansberger, 3rd Supervisorial District of the County of San Bernardino; and Robbie Broedow, Field Representative for California State Senator Bob Dutton. State Assemblyman Bill Emmerson.