Blugrass Energy in Discussions to Acquire Oil and Gas Production

       Blugrass Energy in Discussions to Acquire Oil and Gas Production

  PR Newswire

  DALLAS, Nov. 14, 2011

DALLAS, Nov. 14, 2011 /PRNewswire/ -- Blugrass Energy, Inc. (OTC: BLUG) is
pleased to announce that the Company is in discussions to acquire substantial
oil and gas production and accompanying cash flow from a privately held
company. The acquisition under discussion would require shareholder
authorization – including approval of a charter amendment to accommodate the
issuance of additional shares of common stock – and would also require that a
significant portion of the Company's debt be converted to equity.

In tandem with the acquisition under discussion, the Company has reached an
agreement in principle to convert a majority of its outstanding debt,
including a $3,500,000 note, to shares of common stock.

Commenting on these developments, CEO Abram Janz stated: "A significant
reduction in our debt, accompanied by an influx of productive resources, would
mark a major milestone in the Company's resource development plan."

Contact InformationAbram JanzPresident & CEOPhone: 972-404-9995
www.riograndepetroleum.com

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. 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.

SOURCE Blugrass Energy Inc.

Website: http://www.riograndepetroleum.com
 
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