Kentucky USA Energy, Inc. Announces Contract with Atmos Energy Corp.
October 13 2008 - 9:00AM
Business Wire
Kentucky USA Energy, Inc. (OTCBB: KYUS), an early stage natural gas
exploration and production company announced today that the Company
and natural gas distributor Atmos Energy Corporation (NYSE: ATO)
have entered into a contract for Atmos to purchase the Company�s
production of gas from its wells drilling into the New Albany Shale
formation on its properties in western Kentucky. Both companies
will work together to lay pipe and connect into the Atmos pipeline
in the coming months. Steven Eversole, CEO of Kentucky USA Energy
comments, �We are excited to work closely with Atmos on our New
Albany Shale project and we believe that this strategic alliance
will enable our efficient delivery of production from the project
for the foreseeable future. This relationship with Atmos will play
a significant part in the Company�s growth and in achieving our
corporate objectives.� The Company�s initial five wells are in the
completion and testing stages, while drilling continues on the J
& J Johnston #1 well. Kentucky USA expects to begin delivering
gas from its wells into the Atmos pipeline by the end of this year.
About Kentucky USA Energy, Inc. Headquartered in London, KY,
Kentucky USA Energy, Inc. engages in the acquisition, exploration,
and development of oil and natural gas resource properties, with a
primary focus on New Albany shale gas in the Illinois Basin in
western Kentucky. The Company is a growing independent energy
company with the experience and technological expertise to develop
its gas resources in the Illinois Basin�s New Albany Shale. More
information about the Company may be found at www.kusaenergy.com
Forward-Looking Statements Certain statements in this news release,
which are not historical facts, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are subject to risks and uncertainties.
Words such as "expects", "intends", "plans", "may", "could",
"should", "anticipates", "likely", "believes" and words of similar
import also identify forward-looking statements. Forward-looking
statements are based on current facts and analyses and other
information that are based on forecasts of future results,
estimates of amounts not yet determined and assumptions of
management. Actual results may differ materially from those
currently anticipated due to a number of factors which may be
beyond the reasonable control of Kentucky USA Energy, including,
but not limited to, the availability and pricing of additional
capital to finance operations, including the drilling of its
initial gas wells, longer term drilling programs and additional
leasehold acquisitions, the viability of the shale gas fields in
the Illinois Basin in western Kentucky, the ability of Kentucky USA
Energy to build and maintain a successful operations infrastructure
and to effectively drill and develop producing wells, the
successful negotiation and execution of cost-effective third-party
gas drilling and distribution agreements, the continued commitment
of drill rig operators and future economic conditions and energy
prices. Readers are urged not to place undue reliance on the
forward-looking statements, which speak only as of the date of this
release. We assume no obligation to update any forward-looking
statements in order to reflect any event or circumstance that may
arise after the date of this release. Additional information on
risks and other factors that may affect the business and financial
results of Kentucky USA Energy can be found in the filings of
Kentucky USA Energy with the U.S. Securities and Exchange
Commission.
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