Kentucky Energy
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Kentucky Energy (KE) is a holding company for Quest Energy, Ltd., and Gwenco, Inc. KE acquires and operates energy and mineral related properties in the southeastern part of the United States. Gwenco leases over 700 acres of coal mines, with approximately 12,999,000 tons of coal in place. In 2007 Gwenco reopened Gwenco's deep mine at Pond Creek and has begun production at the Pond Creek seam, located at Slater's Branch, South Williamson, Kentucky.[1]
Kentucky Energy estimated that, as of December 31, 2006, it had total recoverable coal reserves of approximately twelve million tons consisting of both proven and probable reserves.[2]
In Feb. 2011, Kentucky Energy signed a letter of intent to sell its coal mining operations. The company 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 drilling for oil and gas on over 3,000 acres in Rockcastle County, Kentucky, with United States Energy (USE). President of Kentucky Energy president Eugene Chiaramonte Jr said the 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.[3]
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References
- ↑ "Kentucky Energy" Kentucky Energy Website, accessed Feb. 2011.
- ↑ "Kentucky Energy: Projects" Kentucky Energy Website, accessed Feb. 2011.
- ↑ "Kentucky Energy to sell coal mining operations" EBR, Feb. 8, 2011.
