SISM Research Issues Independent Report On Blugrass Energy

(Investrend Research Syndicate) -- Ernest C. Schlotter, a senior analyst with Zurich, Switzerland-based SISM Research and a four star analyst according to StarMine, has issued a nine-page report on Blugrass Energy, Inc. (OTC: BLUG) (OTC: BLUGD) dated June 3, 2011, which includes a 12- to 18-month stock target valuation and analyst's rating/recommendation.

The full report includes important disclosures, disclaimers and analyst information. SISM Research advises investors to exercise a reasonable degree of due diligence before trading in the equities of any public company, including carefully reading entire analyst reports and report disclosures, and then only in conjunction with advice from a registered financial advisor or broker. SISM Research further advises that any analyst rating, recommendation, target valuation, price target or opinion should be considered merely a portion of an investor’s total investigative process.

A complimentary copy of the report, which includes important disclosures, disclaimers and analyst’s qualifications, can be directly downloaded for a limited time via the Investrend Research Syndicate (at http://www.investrend.com/BLUG-Initial.pdf), and via SISM Research (at http://www.sism.com/researchreportsblug.htm).

According to analyst Schlotter’s report:

"In the spring of 2011 Blugrass Energy, Inc., acquired an 87.5% working interest on 4,807 acres of highly prospective oil and gas leases in the Val Verde Basin in Texas. The lease is geologically on trend with several giant gas fields currently under production by major oil and gas companies.”

"To date, more than $4 million has been spent on the property for leases and 3D-seismic, and three proven pay zones have been identified. The high quality 3D-seismic data, which has been interpreted by a geoscientist with a high-level of expertise in the Basin, identifies a minimum of 77 drilling locations.”

"It is obvious that this prospect represents an exceptional opportunity to develop significant conventional, long-lived gas reserves, based on the newest updated Economic Evaluation report that has formed the basic study for our Company analysis,”

"The estimated ultimate recovery (EUR) for the Childress Prospect has been calculated to be 235 Bcf of natural gas. According to the report, in a short time period Blugrass has secured an impressive inventory of multi-year drilling opportunities, with company-making potential.”

SISM Research

SISM Research (http://www.sism.com) is a private investment research firm, based in Zurich, Switzerland, offering independent, fundamental research on public companies since 1995. SISM Research publishes research on micro- to small-cap companies trading on the OTC, NASDAQ, AMEX and TSX stock exchanges. SISM research coverage platforms are geared toward institutional and individual investors in both North America and in Europe. SISM Research, as a member-provider of the FIRST Research Consortium, takes steps to ensure the independence and integrity of SISM’s published research that exceed those of the CFA Institute Code of Ethics and Standards of Professional Conduct and the CFA-NIRI Guidelines, by following the exacting "Standards for Independent Research Providers”, which are also in accordance with guidance set forth by U.S. Securities and Exchange Commission’s Advisory Committee on Smaller Public Companies.

Blugrass Energy

Blugrass Energy, Inc., is a development stage oil and gas development and exploration company based in the United States The goal of Blugrass is to grow through internally generated and developed prospects, participation with industry partners in oil and gas exploration and in targeted joint ventures. Additional information is available via the company’s website (at http://www.riograndepetroleum.com/).

The Investrend Research Syndicate

The Investrend Research Syndicate, a proprietary entity of Investrend Communications, Inc., distributes reports published by sources dedicated to unbiased, reliable analytics and complete transparency. The primary measure for determining those sources is the "Standards for Independent Research Providers.”

"Safe Harbor” Statement

This announcement may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements regarding potential sales, the success of the company's business, as well as statements that include the word "believe" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Blugrass Energy, Inc., to differ materially from those implied or expressed by such forward-looking statements. Such factors include, among others, the risk factors included in reports filed with the SEC under the Exchange Act. This press release speaks as of the date first set forth above and Blugrass Energy, Inc., management assumes no responsibility to update the information included herein for events occurring after the date hereof. Actual results could differ materially from those anticipated due to factors such as the lack of capital, timely development of products and services, inability to deliver products and services when promised, inability of potential customers to pay for ordered products and services, and political and economic risks inherent in international trade.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission permits resource companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We may use certain terms on this press release, such as those related to prospective resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. US investors are urged to consider closely the disclosure in our Form 10K. You can also obtain this form from the SEC by calling 1-800-SEC-0330. Additional information may be found at the SEC website.

Disclaimer

The OTC Bulletin Board Exchange has neither approved nor accepts responsibility for the adequacy or accuracy of the above news release.

Disclosures

SISM Research ("SISM") has researched and written the above-referenced report without any input, contact, advice, or review from the company. Information was gathered by SISM from public sources of information including, but not limited to press releases, company Web sites, and SEC filings. Blugrass Energy, Inc. ("Blugrass") has paid SISM five thousand U.S. dollars for continuing independent analyst coverage on Blugrass. In addition, Blugrass has paid Investrend Communications, Inc. ("Investrend”) two thousand three hundred fifty U.S. dollars for a "distribution and visibility” program, provided by the Investrend Research Syndicate in support of SISM's Blugrass research coverage. No promise of favorable point of view or opinion was or has been made by SISM or the analyst(s) writing for SISM, to the subject company. Further, it is SISM’s policy that neither the firm nor its principals, nor the firm's assigned and/or other writing analyst(s) own or trade shares of any subject companies or subject companies' "competitors". Additional information about Blugrass Energy is available via the company’s website (at http://www.riograndepetroleum.com/).