PATERSON, N.J., Sept. 8, 2010 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of energy and mineral related properties, today announced its financial results for July 2010.
Kentucky Energy's July 2010 coal revenues were $263,805, as compared to $53,386, for July 2009, an increase of approximately 394%.
This substantial increase follows previously announced year to date revenue of $1.46M for the first six months of 2010 compared to $0.33M for the first six months of 2009, which represents a six month year to date increase of approximately 342%.
In total, Kentucky Energy revenues for 2010 through the end of July 2010 are $1,722,151, compared to $383,492 for the same period in 2009, which represents a revenue increase of 349%.
Eugene Chiaramonte, Jr., President of Kentucky Energy, noted, "I am delighted to report to shareholders that the revenue increase demonstrated for the first six months of 2010 are not only sustainable, they are improving. The fact that our July 2010 revenues improved by 394% over our July 2009 revenues demonstrates our ability to execute on our plan for increased and improved production.
"Our efficient and productive mining operations are evident from our revenue results. Upgraded equipment has allowed us to maintain consistency in production. Thickened coal seam has improved our rates of recovery and allowed us to sustain increased revenue."
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 with 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