Nogal Energy Inc (NGLE)

Description:

Blugrass Energy, Inc. was incorporated under the laws of the State of Nevada on May 19, 2006, as Coastal Media, Inc. On October 1, 2008, the Company amended its Article of Incorporation to change its name from Coastal Media Inc. to Blugrass Energy, Inc. It is an oil and gas exploration and development Company focusing on creating a portfolio of North American assets that exhibit consistent, predictable, and long-lived production capabilities. The Company plans to build value through the acquisition and development of gas and oil assets that contain proven reserves in domestic areas where reserves could be economically produced at a low risk to the Company relying on joint venture partners to supply most of the funds needed to explore or develop these properties. Its main emphasis would be to acquire production or revenue generating opportunities either by lease purchase or farmout, when available, with third parties and industry partners. It plans to engage in the exploration, acquisition, development, production, and sale of natural gas and crude oil, although the Company expects to generate most of its initial revenue from the production and sale of natural gas. Its path to success would be built around a three phase growth. Phase One of its business plan calls for investing in different lease holdings and properties with no current production. Phase Two of its business plan calls for purchasing interests in properties which contain proven reserves. Phase Three of its business plan calls for originating, developing and managing balanced, low-risk, highly-focused developmental drilling programs, with accredited investors and qualified partners, in area with low drilling costs and high success rates. Although conventional gas sources such as high permeability sandstones supply about 60% of the U.S. Demand (13 TCF in 1998), projections indicate a flat to declining supply through year 2015. The shortfall in conventional gas supply is expected to be taken up by production from un-conventional sources such as tight gas sandstones/shales, associated gas, and Coal Bed Methane (CBM). CBM production is similar to conventional natural gas production in terms of the physical production facilities and the product produced. The Company's operations are subject to local, state and federal laws and regulations governing environmental quality and pollution control.