Bluegrass Energy Inc., an oil and gas development and exploration company, is focused on growing through internally generated and developed prospects, participation with industry partners in oil and gas exploration, and in targeted joint ventures. The company's objective is to identify and then develop oil and gas properties that have low geological risk.
The strategy used by Bluegrass is built around securing assets within known producing areas that offer opportunities to use historical results as a guideline, but allow the leveraging of today's science and technology to optimize reserve recovery. The company's initial acreage purchase will allow it to secure over 500,000 Bbls of oil and 1.5 Bcf of natural gas in proven reserves.
The company has begun securing leases in Breathitt and Magoffin Counties in Kentucky. Historically, both counties have had solid production histories. The acreage held by Bluegrass in Breathitt County lies on the Eastern edge of the largest producing oil field in the Eastern Unites States, the Big Sinking Oil field. To date, the oil field has produced more than 120 million barrels of oil.
The acreage being secured in Magoffin County, Kentucky holds the opportunity to produce both natural gas and oil. Two different public utilities have already laid pipelines to the areas of BEI's leasehold positions. Within the company's targeted areas, oil and natural gas have been produced from the Big Lime, the 3 known lenses of the Weir, the 3 different zones of the Coniferous, the Devonian Shale, and the Black River.
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