KS Energy Incorporates Two New Subsidiaries



KS Energy Services says that two new wholly-owned subsidiaries have been incorporated in Hong Kong on November 7, 2007. The names of the two new wholly-owned subsidiaries are KS Discovery (HK) Limited and KS Land Rig Services (HK) Limited.

KS Discovery (HK) Limited

The principal activities are those of owning and chartering jack up rigs and provision of services for oil and gas industry. The authorized capital is HK$10,000.00 and the issued and paid up capital is HK$1.00.

KS Land Rig Services (HK) Limited

The principal activities are those of owning and chartering land rigs and provision of services for oil and gas industry. The authorized capital is HK$10,000.00 and the issued and paid up capital is HK$1.00.

The abovementioned incorporations were funded by internal resources. The abovementioned incorporations are not expected to have any material effect on the earnings per share and net tangible assets per share of the Company for the financial year ending 31 December 2007.

None of the directors or substantial shareholders of the Company has any interest, direct or indirect on the abovementioned incorporations.

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