Knight's Subsidiary Nabs 2 New Drilling Rigs

On July 8, 2008, Charles Hill Drilling, Inc., a wholly-owned subsidiary of Knight Energy Corp., purchased two
drilling rigs and related assets from an unrelated party. The drilling rigs were purchased for $1,500,000 with proceeds from a recently-completed $2,500,000 debt financing.

William J. Bosso, CEO of Knight, commented, "We are very pleased that we have been able to obtain additional rigging equipment. We intend to use one of these rigs to pursue drilling opportunities on our oil and gas properties."
 

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