Kentucky Energy, an operator of energy and mineral related properties, has identified its first two drilling locations in the Rockcastle County, Kentucky lease.
The company has determined, in conjunction with its field operator US Energy, that the first well will be drilled on the Ricky Bullock Lease.
US Energy has completed the engineering survey maps required to be filed as a prerequisite to obtain drilling permits authorized by the Oil and Gas Division of the Kentucky Department of Mines and Minerals.
Four survey plats have been prepared for the 3,000 acre lease where the company plans to explore for oil and natural gas within the Knox Formation.
Kentucky Energy president Eugene Chiaramonte said that the company has the opportunity to diversify its revenue streams, and it believes oil and gas exploration improves shareholder value.