PATERSON, N.J., Sept. 21, 2010 (GLOBE NEWSWIRE) -- Kentucky Energy, Inc. (Pink Sheets:QMIN) (Kentucky Energy), a Kentucky based operator of energy and mineral related properties, today announced the release of a Chairman's Letter to Shareholders. The full text of the letter appears below:
Kentucky Energy, Inc.
Chairman's Letter to Shareholders - September 21, 2010
I believe our company faces a bright future. As you have noticed, our coal revenues have been stable.
In total, Kentucky Energy revenues for 2010 through the end of August 2010, are $2,049,799, compared to $442,499 for the same period in 2009, which represents a revenue increase of 363%.
We currently have ongoing developments that we believe will enhance our production. Our productive mining operations are evident from our revenue results. Upgraded equipment has allowed us to maintain consistency in production. A thickened coal seam has improved our rates of recovery and allowed us to sustain increased revenues.
As you know, Gwenco leases over 700 acres of coal mines, with approximately 12,999,000 tons of coal in place. In 2007, Gwenco reopened their deep mine and began production at the Pond Creek seam. This seam of high quality compliance coal is located at Slater's Branch, South Williamson, Kentucky.
Kentucky Energy is also seeking to diversify its operations into other sectors of the energy industry, including the oil and gas sector. Kentucky Energy management believes that a successful diversification into the oil and gas field would provide Kentucky Energy with an opportunity to improve its results of operations while hedging on coal production and prices.
I remain excited about our future and I ask for your support through your personal investments in the company as well as those from your friends and families.
Eugene Chiaramonte, Jr.
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