Blugrass Board of Directors Resets Record Date; Drilling Plans

Blugrass Board of Directors Resets Record Date; Drilling Plans
Announced 
DALLAS, TX -- (Marketwire) -- 03/22/11 --   Blugrass Energy Inc.
(OTCQB: BLUG) (PINKSHEETS: BLUG), currently doing business as Rio
Grande Petroleum Inc., today announced that the Board of Directors
has delayed by 10 days, the record date for 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 reset for Friday
April 1st. 
As we noted earlier, we believe this to be in the best interest of
the company's stockholders, and consistent with our long-term plans
of moving the Company to a point of higher visibility within the
investment community.  
The company also announced plans to drill its first deep natural gas
well this summer, targeting the Ellenburger formation on the
company's newly-acquired lease acreage in Crockett County, Texas.
Upon confirmation of funding, the company will make a further
announcement setting a firm date for the drilling effort.  
CEO Mr. Janz commented, "We are very fortunate -- with the 3D seismic
work that has been completed on the entire acreage position, and the
excellent pipeline infrastructure nearby, the company has the liberty
to focus exclusively on its drilling and financing plans." 
We invite you to visit the company's website at
www.riograndepetroleum.com. 
FORWARD-LOOKING STATEMENTS SAFE HARBOR  
This news release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E
of the Securities Exchange Act of 1934. Forward-looking statements
give our current expectations or forecasts of future events. They
include our plans to drill oil and gas wells on the lease lands in a
search for economically recoverable reserves. Actual results could
differ materially as a result of a variety of risks and
uncertainties. See the description of risks related to our business
in the documents that the company files with the SEC on Forms 10-K,
10-Q and 8-K. We caution you not to place undue reliance on our
forward-looking statements, which speak only as of the date of this
news release, and we undertake no obligation to update this
information. 
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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