Oxford, MS 3/31/2011 (Penny PayDay) -- Blugrass Energy Inc. (PINK:BLUG), currently doing business as Rio Grande Petroleum Inc., recently announced, in a press release, 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. Shares of Blugrass Energy closed yesterday at $0.03 per share and average just over 724,000 shares traded per day. The company has a 52-week range between $0.02 and $0.45 per share.The record date for the share reduction has been reset for Friday April 1st.
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."
For more information, please visit: www.riograndepetroleum.com.
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