Kentucky USA Energy Sees Productive Year, Spuds 2 Wells
Kentucky USA Energy has begun drilling at two additional wells located on its leasehold in western Kentucky. The Company has rigged up and spudded-in at the Francis Grace #3 location, presently drilling at a depth of 1,368 feet. The Company's drilling contractor has also mobilized a second rig to the Golden Eagle #1 location and is expected to spud-in at that well later today.
The Company expects to file its Annual Report on Form 10-K for its fiscal year ended October 31, 2008, early next week. The delay in filing this Annual Report has been due to a delay in the Company’s receipt of an updated engineering report relating to proved reserves on the Company's 2,200 acres leasehold property in western Kentucky. An "E" has been added to the Company's stock symbol to indicate that the filing is late and the Company expects that the "E" will be removed as soon as the Company successfully files its 10-K.
"I apologize to our shareholders for any confusion or concerns that may have arisen due to the symbol change and our late filing of our Form 10-K annual report. In these days of increased regulation and transparency, Kentucky USA Energy remains committed to maintaining accurate and timely filing of all required financial reports," said Steven Eversole, CEO of Kentucky USA Energy. "We are looking forward to a productive and exciting year," Mr. Eversole added.