IRVING, Texas, July 10 /PRNewswire-FirstCall/ -- On July 8, 2008 Charles
Hill Drilling, Inc. ("Hill"), a wholly-owned subsidiary of Knight Energy Corp.
("Knight") (OTC: KNEC) (Frankfurt IG1A.F), purchased two drilling rigs and
related assets from an unrelated party. The drilling rigs were purchased for
$1,500,000 with proceeds from a recently-completed $2,500,000 debt financing.
William J. Bosso, CEO of Knight, commented, "We are very pleased that we
have been able to obtain additional rigging equipment. We intend to use one
of these rigs to pursue drilling opportunities on our oil and gas properties."
About Knight Energy Corp.
Knight Energy Corp. ("Knight") was formed in March 2006 for the purpose of
operating and developing energy-related businesses and assets. The Company,
together with its wholly-owned subsidiary, Charles Hill Drilling, Inc., owns
oil and gas leases covering 1,240 acres in Stephens and Eastland Counties,
Texas, and it has the right of first refusal on approximately 2,900 more acres
in the same area. The Company also owns three drilling rigs and approximately
1,000 undeveloped oil and gas leasehold acres in the Salt Creek Prospect area
of Oklahoma.
As of May 15, 2008, Knight had a 100% working interest in 20 producing oil
and/or gas wells, with seven additional wells awaiting completion. The
Company is currently reviewing further acquisitions and investments in the oil
and gas industry as well as other energy related businesses and assets.
Additional information is available at Knight's website at
www.knightenergycorp.com .
Forward-Looking Statements:
The Private Securities Litigation Reform Act of 1995 provides a safe
harbor for forward-looking statements made on behalf of the Company and its
subsidiaries. All such forward-looking statements are, by necessity, only
estimates of future results and actual results achieved by the Company may
differ materially from these statements due to a number of factors. Any
forward-looking statements speak only as of the date made. Statements made in
this document that are not purely historical are forward-looking statements,
including any statements as to beliefs, plans, expectations, or intentions
regarding the future. Risk factors that may cause results to differ from
projections include, without limitation, loss of suppliers, loss of customers,
inadequate capital, competition, loss of key executives, declining oil and gas
prices, and other economic factors. The Company assumes no obligations to
update these forward-looking statements to reflect actual results, changes in
assumptions or changes in other factors affecting such statements. Potential
investors should independently investigate and fully understand all risks
before making investment decisions.
SOURCE Knight Energy Corp.
Jesse Blum of Friedland Capital, Inc, +1-303-468-1287,
Jesse@friedlandcapital.com
