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 
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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