Kentucky Energy Inc. July 31, 2010, Year to Date Production Results
25 August 2010 - 2:20PM
Kentucky Energy Inc. (Pink Sheets:QMIN) (Kentucky Energy), a
Kentucky based operator of energy and mineral related
properties, today announced its financial results for its
second quarter ended June 30, 2010.
Second Quarter 2010 Highlights: Year to
date revenue was $1.48M compared to $0.33M in 2009.
Kentucky Energy coal revenues were $1,458,351 for the six months
ended June 30, 2010, as compared to $330,314 for the six months
ended June 30, 2009, an increase of approximately 341%. This
increase in revenues was due to an increased level of mining
operations in the first six months of 2010 versus 2009. Kentucky
Energy subsidiary Gwenco leases over 700 acres of coal mines, with
approximately 12,999,000 tons of coal in place in six seams.
Eugene Chiaramonte, Jr., President of Kentucky Energy, noted,
"The improved year to date revenue represents an important
milestone for our Company. This significant increase in revenue
resulted from our ability to mine on a more consistent basis as
compared to the prior period. As a percentage of net sales, our
production costs decreased, as our additional cost expenditures
resulted in more efficient and productive mining
operations. We added and upgraded equipment which allowed us
to be in production more consistently. In addition, as we advanced
further into the mine, the coal seam thickened, which resulted in
improved rates of recovery and a higher percentage of coal per
gross ton extracted."
"We continue to work toward our production goal of 10,000 clean
tons of coal per month. We are proud our coal meets sulfur
dioxide emission standards for air quality without the need for
flue-gas desulfurization," Mr. Chiaramonte concluded.
About Kentucky Energy, Inc.: Kentucky
Energy, Inc. acquires and operates energy and mineral related
properties in the southeastern part of the United States. The
Company focuses its efforts on properties that produce quality
compliance blend coal. For more information on Kentucky
Energy, Inc., please visit our
website: KentuckyEnergyInc.com.
Forward Looking Statement: This press
release contains items that may constitute forward-looking
statements with the meaning of the Private Securities Litigation
Reform Act of 1995. Although Kentucky Energy, Inc. believes
the expectations reflected in such forward-looking statements are
based on reasonable assumptions, it can give no assurances that its
expectations will be achieved. Factors that could cause actual
results to differ from expectations include, but are not limited
to, lack of revenue producing operations, lack of working capital,
debt obligations, judgment and lien claims against Kentucky Energy,
Inc. and certain of its assets, difficulties in refinancing short
term debt, difficulties identifying and acquiring complementary
businesses, fluctuations in coal, oil and gas, and other energy
prices, general economic conditions in markets in which Kentucky
Energy, Inc. does business, extensive environmental and stock and
other uncertainties and business issues that are detailed in its
filings with the Securities and Exchange Commission.
CONTACT: Kentucky Energy, Inc.
Eugene Chiaramonte, Jr.
973-684-0035