Blugrass Engages Investment Banking Firm

Blugrass Engages Investment Banking Firm 
DALLAS, TX -- (Marketwire) -- 03/16/11 --  Blugrass Energy Inc.
(OTCQB: BLUG) (PINKSHEETS: BLUG), currently doing business as Rio
Grande Petroleum Inc., is pleased to announce that it has engaged
Timeless Capital, LLC ("TC") to provide strategic and financial
advisory services and spearhead financing efforts for the company.
David Wareikis, Managing Director of TC commented, "Our firm is
pleased to have been selected as strategic and financial advisor for
Rio Grande Petroleum. We are excited about the prospects for this
emerging company and look forward to working with the Rio Grande
About TC: TC is an investment banking firm based in Dallas, Texas,
and brings high-caliber expertise to both public and private
companies with a variety of investment banking and financial advisory
services. TC specializes in providing independent advice to companies
with respect to mergers and acquisitions, private debt and equity
financings, operational consulting and financial advisory services.
Over the years, TC principals have accelerated the success of
numerous public and private companies. 
Rio Grande Petroleum is also pleased to announce that SISM Research &
Investment Services ("SISM Research"), a private independent research
firm founded in 1995, has agreed to provide institutional quality
research coverage of the company.  
About SISM Research: Based in Zurich, Switzerland, SISM Research
gears its coverage toward institutional and individual investors in
both North America and in Europe, and since 1998 has been renowned
for its particular expertise in the oil and gas industry. SISM
Research takes steps to ensure independence, in part by exclusively
utilizing analysts who abide by the CFA Institute Code of Ethics and
Standards of Professional Conduct, the CFA-NIRI Guidelines, the
exacting "Standards for Independent Research Providers" and guidance
set forth by the U.S. Securities and Exchange Commission's Advisory
Committee on Smaller Public Companies. Additionally, SISM Research
analysts do not trade in any security issued by companies under
Rio Grande Petroleum is also pleased to announce that it has
appointed Whitley Penn LLP ("Whitley Penn") as the Company's
independent registered public accounting firm.  
About Whitley Penn: Based in Dallas, Texas, Whitley Penn is a
distinguished regional accounting firm with approximately 200 total
personnel, providing a variety of audit, tax and professional
advisory services to its public and private clients. Whitley Penn has
earned a listing on the "Best of the Best" list of INSIDE Public
Accounting's rankings of the top 25 public accounting firms in the
U.S., for each of the last 10 years. 
We invite you to visit the company's website at 
Further information will be available on the company's website, where
the company will routinely post announcements, updates, events,
investor information and presentations, and all recent press
Abram Janz
President & CEO
Blugrass Energy Inc. 
Tony R. Collins
Investor Relations
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