R.W. Beck Issues Engineering Report On Probex's Wellsville Project

    DALLAS--June 12, 2002--Probex Corp. (AMEX:PRB), an energy technology company, today announced that the major independent engineering firm of R.W. Beck, Inc., has issued its Draft Final Engineering Report on the Company's planned Wellsville, Ohio, facility. The report, which was commissioned on behalf of the project's potential senior lenders, evaluates Probex's technology, market opportunity and operating and profitability assumptions for the Wellsville facility. The report is subject to revision based upon changing market conditions between now and the close of project financing.
    Probex Chairman, President and Chief Executive Officer, Charles M. Rampacek, noted that: "We believe that this extensive engineering report provides the necessary information for potential investors to evaluate the quality of our ProTerra(R) technology and the soundness of our business plan, and we anticipate that it will be well received in the investment marketplace. Coupled with the previously announced engineering, procurement and construction agreement with Petrofac and the technology and market risk facility with a Swiss Re affiliate, this engineering report is a necessary milestone needed to launch the process to secure the project financing for our planned Wellsville facility," he noted. "While we cannot guarantee any specific timeframe, or that the necessary interim and project financing will be available to us in a timely manner or on terms acceptable to us, we remain most encouraged," Rampacek said.

    About R. W. Beck

    R. W. Beck, Inc., is an internationally recognized management consulting and systems engineering firm with nearly 500 employees nationwide and associated offices worldwide. The company successfully leverages nearly 60 years of experience to guide clients across the globe, in both private and public sectors, in managing today's risks and uncovering tomorrow's opportunities. Since R. W. Beck was established, it has built its reputation on infrastructure planning and design in the areas of utility management and operations, energy, electric power generating and transmission facilities, solid waste, water/wastewater, communications technology, and environmental and management consulting services. R.W. Beck's global experience spans five continents and encompasses infrastructure projects worth a total of billions of dollars. For more information about R. W. Beck, Inc. please visit the company's website at: www.rwbeck.com.

    About Probex

    Probex is a Dallas-based energy technology company that specializes in the production of high quality lubricating base oils and associated products from collected spent lubricating oils. The Company's patented, environmentally beneficial ProTerra(R) technology has demonstrated unparalleled advantages in the highly economic creation of premium quality base oils capable of meeting new motor oil standards without creation of waste by-products. The goal of Probex is to become a world leader in the production of premium quality lubricating base oils and associated products from collected spent lubricants through timely commercialization of its ProTerra technology. For more information about Probex, visit the company's web site at: www.probex.com.

    THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO PURCHASE OUR SECURITIES. ANY OFFER OF SECURITIES MADE BY US OR ANY OTHER PERSON ON OUR BEHALF MAY BE MADE ONLY PURSUANT TO MATERIALS AND OTHER OFFERING DOCUMENTS PREPARED BY US AND DELIVERED TO QUALIFIED PURCHASERS EXPRESSLY FOR USE IN CONNECTION WITH SUCH PLACEMENTS, AND ANY SUCH OFFER SHALL BE MADE IN COMPLIANCE WITH, OR PURSUANT TO AN EXEMPTION FROM, SECTION 5 OF THE SECURITIES ACT OF 1933. THE SECURITIES OFFERED BY THE COMPANY WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION REQUIREMENTS.

    Certain statements contained herein may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These statements are based upon the belief of the Company's management, as well as assumptions made beyond information currently available to the Company's management, and may be, but not necessarily are, identified by such words as expect, plan, anticipate, target, and goal. Because such "forward-looking statements" are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from the Company's expectations include financial performance; conditions in the lubricating oil industry; the Company's ability to obtain financing for working capital and its anticipated acquisitions and plant development; failure to successfully or timely execute or conclude contracts, agreements and report; market acceptance of the Company's products and technologies; changes in local, national or global economic conditions, and similar variables. Also refer to the cautionary statements contained in the most recent Forms 10-KSB and 10-QSB which may be obtained under "Investor Relations-SEC Filings" on the Company's web site or by writing or calling the Company at One Galleria Tower, 13355 Noel Rd., Suite 1200, Dallas, TX 75240; (972) 788-4772.