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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 properties."

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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