WOBF is a compressed natural gas (CNG) and cryogenic liquid natural gas (LNG)
processor and distributor whose clientele include Federal, commercial and
municipal customers. The distribution plant is fully automated and operates on a
computerized billing system with no attendant necessary at the locations. The
processing plant brings the additional capability of compressing gas into
cylinders that can be transported to any location requiring CNG. The purchase
brings a sizeable new asset base to ITR and the WOBF operation will be accretive
to earnings in 2004. Furthermore this acquisition provides a substantial outlet
for ITR's Methane gas production expected to come online by late summer 2004.
The acquisition also opens up opportunities to a large commercial base of remote
customers who use considerable quantities of transported natural gas including
asphalt plants and mining smelters.

The purchase, which is only the first in a series of marketing events, provides
ITR with the distribution assets and the refining facilities necessary to
further process and market their natural gas production in either LNG or CNG to
a wide, and geographically diverse, range of customers. With the rapid rise in
the cost of traditionally produced non-renewable energy products ITR sees an
abundant and lucrative market for their "Green Energy". The purchase makes ITR a
fully vertically integrated producer and distributor of Methane gas and
associated value added products. Further details on the total annual revenue and
cash flow generated from this purchase will be provided to investors in the
coming weeks. Terms were a combination of cash and restricted stock.

About Intrepid Technology: We are a premier technology application innovator of
Biogas, bio-diesel and Ethanol products and services designed to assist in
worldwide energy independence and reduce pollution (Green Energy). All of these
are from renewable agriculture feedstock and industrial and agriculture waste
materials.

Additional information can be obtained from, Stephen Ellis (208-529-5337)
e-mail, sellis@intrepid21.com

CONTACT: Intrepid Technology and Resources, Inc.
Stephen Ellis
(208) 529-5337)
sellis@intrepid21.com

Buying and holding IESV and ALMI

WOBF is a compressed natural gas (CNG) and cryogenic liquid natural gas (LNG) processor and distributor whose clientele include Federal, commercial and municipal customers. The distribution plant is fully automated and operates on a computerized billing system with no attendant necessary at the locations. The processing plant brings the additional capability of compressing gas into cylinders that can be transported to any location requiring CNG. The purchase brings a sizeable new asset base to ITR and the WOBF operation will be accretive to earnings in 2004. Furthermore this acquisition provides a substantial outlet for ITR's Methane gas production expected to come online by late summer 2004. The acquisition also opens up opportunities to a large commercial base of remote customers who use considerable quantities of transported natural gas including asphalt plants and mining smelters.

ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On April 20, 2004, the Company completed an Asset Purchase Agreement to purchase the assets of a natural gas vehicle fueling station and current customer base of a privately held distribution and marketing company, Wright Oil and Broadway Ford a natural gas joint venture, "(WOBF") located in south eastern Idaho.

WOBF is a compressed natural gas ("CNG") and cryogenic liquid natural gas ("LNG") processor and distributor whose clientele include Federal, commercial and municipal customers. The distribution plant is fully automated and operates on a computerized billing system with no attendant necessary at the locations. The processing plant brings the additional capability of compressing gas into cylinders that can be transported to any location requiring CNG. The purchase brings a sizeable new asset base to the Company and the WOBF operation will be accretive to earnings in 2004. Furthermore, this acquisition provides a substantial outlet for the Company's methane gas production expected to come online by late 2004.

The purchase, the first in a series of planned marketing events, provides the Company with distribution assets and the refining facilities necessary to further process and market their natural gas production in either LNG or CNG to a wide, and geographically diverse, range of customers. This purchase makes the Company a fully vertically integrated producer and distributor of methane gas and associated value added products.

The agreement, an arms length transaction, between the Company and WOBF was for the purchase of the natural gas filling station assets and current customer base for $25,000 cash and 500,000 shares of the Company's common stock. The agreement also includes a provision whereby and if WOBF is able to successfully transfer an existing $300,000 U.S. Department of Energy grant from the Idaho Department of Water Resources to the Company for facility upgrades, the Company will pay an additional $25,000 cash to WOBF. On April 20, 2004 the Company's common stock closed at a price of $.079 per share therefore the total value of the purchase if the grant payment is issued to the Company is $89,500. The purpose of the grant is to upgrade this existing facility to be able to store and dispense liquid natural gas as well as compressed gas. It is estimated that the facility upgrades will approximate in cost the full value of the $300,000 grant. Today the facility only dispenses compressed gas.

Intrepid Technology & Resources, Inc., is a premier technology application innovator of Biogas, bio-diesel and Ethanol products and services designed to assist in worldwide energy independence and reduce pollution (Green Energy). All of these are from renewable agriculture feedstock and industrial and agriculture waste materials.

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ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The required unaudited pro forma financial statements will be prepared by the Company and filed in a Form 8-K/A on or within 60 days from April 26, 2004, the required date for filing the initial report on Form 8-K.

BioFuels

INTREPID Flagship Biogas Facility

Location:
Whitesides Dairy, Rupert, ID
Start Date:
Apr 2004

Client:
INTREPID Corporate Owned
Finish Date:
Sept. 2004

Point of Contact:
Brad Frazee, Phone (208) 529-5337, Email bfrazee@intrepid21.com

Project Description:
INTREPID is designing and constructing Idaho's first biogas production facility on a large commercial dairy. The facility will initially produce 10 million ft of methane per year. The methane gas will be sold into the heating fuel market in Southern Idaho.

INTREPID Responsibilities:
INTREPID is responsible for design, construction and operation of its biogas facility

For Up to date Site Construction
Apr 22, 2004 - Digester Project Construction Diary
http://www.intrepid21.com/WS-04-22-04.htm