Blugrass Board of Directors Announces Near-Term Business Plan

Blugrass Board of Directors Announces Near-Term Business Plan 
DALLAS, TX -- (Marketwire) -- 04/01/11 --   Blugrass Energy Inc.
(OTCQB: BLUG) (PINKSHEETS: BLUG), currently doing business as Rio
Grande Petroleum Inc., today announced that the Board of Directors
has formulated a near-term business plan for the company. 
The company earlier 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. 
To supplement those drilling plans, the company is actively pursuing
involvement in the following opportunities: one or more third-party
oil project investments; a natural gas well recompletion; and
acquisition of oil-producing properties having oil production
sufficient to support refinancing of the production. 
Commenting on these plans, CEO Mr. Janz stated, "Our business plan is
fully consistent with our earlier announcements, of focusing
exclusively on our drilling and financing plans. We are striving to
build a portfolio of oil and natural gas projects -- that range from
seismic-supported exploration projects, to fully producing
We invite you to visit the company's website at 
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
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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