SOURCE: Blugrass Energy Incorporated

March 16, 2011 08:57 ET

Blugrass Engages Investment Banking Firm

DALLAS, TX--(Marketwire - March 16, 2011) - Blugrass Energy Inc. (OTCQB: BLUG) (PINKSHEETS: BLUG), currently doing business as Rio Grande Petroleum Inc., is pleased to announce that it has engaged Timeless Capital, LLC ("TC") to provide strategic and financial advisory services and spearhead financing efforts for the company. David Wareikis, Managing Director of TC commented, "Our firm is pleased to have been selected as strategic and financial advisor for Rio Grande Petroleum. We are excited about the prospects for this emerging company and look forward to working with the Rio Grande team."

About TC: TC is an investment banking firm based in Dallas, Texas, and brings high-caliber expertise to both public and private companies with a variety of investment banking and financial advisory services. TC specializes in providing independent advice to companies with respect to mergers and acquisitions, private debt and equity financings, operational consulting and financial advisory services. Over the years, TC principals have accelerated the success of numerous public and private companies.

Rio Grande Petroleum is also pleased to announce that SISM Research & Investment Services ("SISM Research"), a private independent research firm founded in 1995, has agreed to provide institutional quality research coverage of the company. 

About SISM Research: Based in Zurich, Switzerland, SISM Research gears its coverage toward institutional and individual investors in both North America and in Europe, and since 1998 has been renowned for its particular expertise in the oil and gas industry. SISM Research takes steps to ensure independence, in part by exclusively utilizing analysts who abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, the CFA-NIRI Guidelines, the exacting "Standards for Independent Research Providers" and guidance set forth by the U.S. Securities and Exchange Commission's Advisory Committee on Smaller Public Companies. Additionally, SISM Research analysts do not trade in any security issued by companies under coverage.

Rio Grande Petroleum is also pleased to announce that it has appointed Whitley Penn LLP ("Whitley Penn") as the Company's independent registered public accounting firm. 

About Whitley Penn: Based in Dallas, Texas, Whitley Penn is a distinguished regional accounting firm with approximately 200 total personnel, providing a variety of audit, tax and professional advisory services to its public and private clients. Whitley Penn has earned a listing on the "Best of the Best" list of INSIDE Public Accounting's rankings of the top 25 public accounting firms in the U.S., for each of the last 10 years.

We invite you to visit the company's website at

Further information will be available on the company's website, where the company will routinely post announcements, updates, events, investor information and presentations, and all recent press releases.

Contact Information

    Abram Janz
    President & CEO
    Blugrass Energy Inc.

    Tony R. Collins
    Investor Relations