IE 11 is not supported. For an optimal experience visit our site on another browser.

Kentucky Energy Announces Letter of Intent

PATERSON, N.J., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of mineral related properties, today announced the signing of a letter of intent to sell their coal mining operations. The prospective buyers have credible assets and hope to close the transaction within a 90-day period allowing the company to continue its transition into the oil and natural gas sector. The Company recently entered into a venture development agreement on over 3,000 acres in Rockcastle County, Kentucky, with United States Energy Corp. (USE) to participate in their drilling projects. In anticipation to this endeavor, USE has surveyed three drill sites and is in the process of preparing permits for the drill sites.
/ Source: GlobeNewswire

PATERSON, N.J., Feb. 8, 2011 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of mineral related properties, today announced the signing of a letter of intent to sell their coal mining operations. The prospective buyers have credible assets and hope to close the transaction within a 90-day period allowing the company to continue its transition into the oil and natural gas sector. The Company recently entered into a venture development agreement on over 3,000 acres in Rockcastle County, Kentucky, with United States Energy Corp. (USE) to participate in their drilling projects. In anticipation to this endeavor, USE has surveyed three drill sites and is in the process of preparing permits for the drill sites.

Eugene Chiaramonte, Jr., President of Kentucky Energy, stated, "We are pleased to see all of the company's hard work rewarded as this pending sale of the Slater's Branch facility will result in a significant surplus of operating capital to commence our intended drilling efforts in the natural gas industry."

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