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Blugrass Board of Directors Votes to Reduce Authorized Shares


Blugrass Board of Directors Votes to Reduce Authorized Shares

DALLAS, TX -- (Marketwire) -- 03/18/11 -- Blugrass Energy Inc. (OTCQB: BLUG) (PINKSHEETS: BLUG), currently doing business as Rio Grande Petroleum Inc., today announced that the Board of Directors has approved a 5-to-1 reduction in the number of shares of the company's authorized common stock, and a corresponding 5-to-1 decrease in the number of issued and outstanding shares of the company's common stock.

The record date for the share reduction has been set for Tuesday, March 22nd.

Commenting on the share reduction, CEO Mr. Janz stated, "We believe this to be in the best interest of the Company's stockholders, and is consistent with our long-term plans of moving the Company to a point of higher visibility with the investment community."

We invite you to visit the company's website at www.riograndepetroleum.com.

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 releases.

INVESTOR CONTACTS: Abram Janz President & CEO Blugrass Energy Inc.

Tony R. Collins Investor Relations 877.511.0110

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