BPI Energy Signs Carbon Credit Marketing Agreement With Blue Source

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CLEVELAND, Nov 19, 2008 (BUSINESS WIRE) — BPI Energy Holdings, Inc. (NYSE Alternext US: BPG), an independent energy company engaged in the exploration, production and commercial sale of coalbed methane (CBM) in the Illinois Basin, today announced that it has signed an agreement for the development, verification, registration and marketing of greenhouse gas emission reduction benefits (ERBs) with Blue Source, LLC, an aggregator and marketer of carbon credits.
The agreement contemplates a 10-year term and will commence with the registration and certification of ERBs from BPI Energy’s existing CBM production portfolio. This procedure entails the monitoring and collection of relevant data required for documenting marketable ERBs at BPI’s projects. An independent third party engaged by Blue Source will verify the ERB-creation activities, which will then be registered with a reputable North American registry, which will in turn be marketed by Blue Source/Goldman Sachs for the benefit of BPI Energy.

James G. Azlein, BPI’s chairman, president and chief executive officer, commented: “We are very pleased to have reached this agreement with Blue Source–the leader in developing independently verified emission-reduction projects in North America.”

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About BPI Energy
BPI Energy (BPI) is an independent energy company engaged in the exploration, production and commercial sale of coalbed methane (CBM) in the Illinois Basin, which covers approximately 60,000 square miles in Illinois, southwestern Indiana and northwestern Kentucky. The Company controls a large CBM position in the Illinois Basin at approximately 534,280 acres.
News releases and other information on the Company are available on the Internet at:
http://www.bpi-energy.com or http://www.bpi-industries.com/newlibrary.htm?b=1320&1=1

About Blue Source, LLC
Blue Source offers businesses multiple approaches for reducing greenhouse gas emissions associated with climate change. Blue Source provides access to capital to fund project development, works with companies on developing projects and oversees production of long-term Verified Emission Reductions (VERs). Blue Source is a portfolio company of First Reserve Corporation, a leading private equity investor in the energy industry, who since 2006 has been a major equity partner in the company, and certain affiliated investment funds of Och-Ziff Capital Management Group LLC. Blue Source has offices in Salt Lake City, Utah; Calgary, Alberta; Houston; Denver, Colo.; Raleigh, N.C.; San Francisco; and New York.