KS Energy Forms Atlantic Marine Services Pakistan BV

KS Energy has formed Atlantic Marine Services Pakistan BV for the purpose of providing drilling services to BP Pakistan. KS Energy previously announced entering a drilling contract with BP Pakistan for the supply and management of a 1500HP land drilling rig on June 26, 2007.

AMSP was incorporated in The Netherlands, with an authorized share capital of EUR 90,000 comprising 90,000 shares of EUR 1.00 each and with an issued and paid-up share capital of EUR 18,000.00. AMSP is now a wholly-owned company of KS Energy. The principal activities of AMSP are providing offshore and onshore rig services.

An internal resource funded the above-mentioned incorporation and is 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, 2007.