Kentucky Energy Announces Oil and Gas Exploration Opportunity
October 19 2010 - 6:30AM
Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related properties,
today announced that the Company has identified its first two
drilling locations in the Rockcastle County, Kentucky lease.
Kentucky Energy has determined, in conjunction with its field
operator, United States Energy, that the first well will be drilled
on the Ricky Bullock Lease. United States Energy has completed the
engineering survey maps required to be filed as a prerequisite to
obtain drilling permits authorized by the Oil and Gas Division of
the Kentucky Department of Mines and Minerals.
Four survey plats have been prepared for the 3,000 acre lease
where the Company plans to explore for oil and natural gas within
the Knox Formation. The primary target horizon is at the 2700
feet level.
Eugene Chiaramonte, Jr., President of Kentucky Energy, stated,
"We are pleased to have the opportunity to diversify our Company's
revenue streams. We believe oil and gas exploration enhances
our ability to improve shareholder value."
About Kentucky Energy, Inc.: Kentucky Energy,
Inc. acquires and operates energy and mineral related properties in
the southeastern part of the United States. The Company focuses its
efforts on properties that produce quality compliance blend coal.
For more information on Kentucky Energy, Inc., please visit our
website: KentuckyEnergyInc.com.
Forward Looking Statement: This press release
contains items that may constitute forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although Kentucky Energy, Inc. believes the expectations
reflected in such forward-looking statements are based on
reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ from expectations include, but are not limited
to, lack of revenue-producing operations, lack of working capital,
debt obligations, judgment and lien claims against Kentucky Energy,
Inc. and certain of its assets, difficulties in refinancing short
term debt, difficulties identifying and acquiring complementary
businesses, fluctuations in coal, oil and gas, and other energy
prices, general economic conditions in markets in which Kentucky
Energy, Inc. does business, extensive environmental and stock and
other uncertainties and business issues that are detailed in its
filings with the Securities and Exchange Commission.
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035
www.kentuckyenergyinc.com