W2 Energy Inc. has received a letter of intent from Aquarian Gold Corp. to form a joint venture in Indonesia to use W2 Energy's technology to produce liquid fuel from coal. Both the companies are based in Canada.

Aquarian Gold Corp. announced that it has finalized its exploration and development program for 2008 in the Raiu Coal Basin in Indonesia. The Company has budgeted approximately $2.0 million US for its 2008 program. Upon completion of the program the Company will have defined its coal reserves, currently estimated at potential for 300 million metric tonnes. The demand for coal for power generation in Southeast Asia is reported to be increasing at 10 to 15% per year. As a result, the price of coal is also increasing, therefore increasing the value of coal reserves. As the company completes its exploration program and defines anticipated additional reserves, it is reasonable that the value of the Company would increase correspondingly. The demand for long term coal contracts in Indonesia is growing every day. Indonesia is the second largest producer of coal in the world.