PATERSON, N.J., Oct. 19, 2010 (GLOBE NEWSWIRE) -- 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.