KS Energy Incorporates 2 Subsidiaries in Singapore

The Board of Directors of KS Energy Services have announced the incorporation of 2 wholly-owned subsidiaries as follows:

KS TECHNICAL RESOURCES PTE LTD ("KSTR")

KSTR is incorporated in Singapore with an issued and paid up share capital of US$1.00 and will increase to US $75,000.00. The principal activity is investment holding to own companies which supply qualified personnel and other related services to the upstream and downstream oil and gas companies.

SPECIALIST RESOURCES INTERNATIONAL PTE LTD ("SRI")

SRI is incorporated in Singapore with an issued and paid up share capital of US $1.00 and will increase to US $50,000.00. The principal activity is to supply qualified personnel and services to the upstream and downstream oil and gas companies.

The aforesaid establishments were funded by internal resources. The aforesaid establishments 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 December 31, 2008.

None of the directors or substantial shareholders has any interest, directly or indirectly, in the aforesaid investments save for their shareholdings in KS Energy.
 

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