Kentucky Energy said that the prospective buyers have credible assets and anticipate to complete the transaction within a 90-day period, which will allow the company to continue its transition into the oil and natural gas sector.
The company recently entered into a venture development agreement on over 3,000 acres in Rockcastle County, Kentucky, with United States Energy (USE) to participate in their drilling projects.
In anticipation to this agreement, USE has surveyed three drill sites and is in the process of preparing permits for the drill sites.
president of Kentucky Energy president Eugene Chiaramonte Jr said that this pending sale of the Slater’s Branch facility will result in a significant surplus of operating capital to commence its intended drilling efforts in the natural gas industry.
