Newark, Delaware [RenewableEnergyAccess.com] O2Diesel Corporation will acquire 80% of ProEco Energy Company, Inc., a privately held company that is developing an ethanol production facility in the Black Hills of South Dakota with planned capacity of 100 million gallons per year. (mgy) O2Diesel expects the acquisition to close during the second quarter of 2007. It is expected that the completion date for the first of two 50 million gallon production trains will be twelve months following project commencement. The second 50 million gallon train is scheduled for development and completion in 2008. The location of the facility provides optimal access to rail transportation, water, utilities, local feedstock supplies, and competitive labor.