Kingslake Energy Inc.

KINGSLAKE ENERGY INC      



Kingslake Energy Inc. Sets Ten More Locations
2/14/2008      

DALLAS, Feb 14, 2008 (BUSINESS WIRE) --
Kingslake Energy Inc. (OTC: KGLJ) announces that it has permitted four locations and picked six others for a total of 10 natural gas well locations on its 20,000 acres of oil and gas leases located in the highly active Devonian Shale Area, in Morgan County, Kentucky.

The Company, ahead of schedule, has drilled eight natural gas wells. Four wells have just been placed in production and four wells are in completion phase.

Kinglake's president James Pagnum commented, "Our extensive geology study shows a uniform deposition of Devonian Shale across the lease holdings. It is not uncommon for these highly stable wells to produce at a steady rate for decades. We are confident that in light of efficient recovery technology and soaring energy prices, our progress in the Devonian Shale represents a tremendous investment opportunity for our company and shareholders."

ABOUT KINGSLAKE ENERGY INC.

Kingslake Energy, Inc. Plans to become a significant presence in the multi-billion dollar US natural gas exploration and production market. The Company explores and drills in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia.

SAN ANTONIO--(BUSINESS WIRE)--Kingslake Energy Inc. (Pink Sheets: KGLJ - News) announced today that it has drilled and completed its first producing natural gas well in the proven Devonian Shale formation.
Kingslake Energy recently acquired 20,000 acres of strategic lease hold properties in the prolific Devonian Shale of the Appalachian Basin. The highly active formation is located in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia, where significant natural gas reserves have been confirmed on the property.

Kingslake is taking advantage of recent advances in drilling and completion techniques, which has made the Devonian shale gas a viable, profitable, and critical part of energy production in the United States.

Kingslake Energy plans to drill more than 200 wells on its more than 20,000 acres within the Devonian Shale. As the Company completes its drilling objectives, each well is expected to produce at the following rates:

A minimum of 50 mcf of gas per day
An initial net price of 80% of the NYMEX monthly Spot price
Daily gross (August/Sept. price) would equal $5.50 X 300 mcf totaling $1,650 per well, or $50,200 per well, per month


James R. Pagnum, President of Kingslake Energy, Inc. stated: “The Devonian Shale acquisition and corresponding discoveries confirms the Company’s position as a growing independent presence in the multi-billion dollar US natural gas exploration and production market.

“This recent purchase will significantly increases the Company’s revenues and net asset value for our shareholders. Further, Three additional seismic lines have confirmed the presence of still deeper natural gas zones within the lease block for future testing.

SAN ANTONIO--(BUSINESS WIRE)--Kingslake Energy Inc. (Pink Sheets: KGLJ - News) announced today that it has drilled and completed its first producing natural gas well in the proven Devonian Shale formation.
Kingslake Energy recently acquired 20,000 acres of strategic lease hold properties in the prolific Devonian Shale of the Appalachian Basin. The highly active formation is located in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia, where significant natural gas reserves have been confirmed on the property.

Kingslake is taking advantage of recent advances in drilling and completion techniques, which has made the Devonian shale gas a viable, profitable, and critical part of energy production in the United States.

Kingslake Energy plans to drill more than 200 wells on its more than 20,000 acres within the Devonian Shale. As the Company completes its drilling objectives, each well is expected to produce at the following rates:

A minimum of 50 mcf of gas per day
An initial net price of 80% of the NYMEX monthly Spot price
Daily gross (August/Sept. price) would equal $5.50 X 300 mcf totaling $1,650 per well, or $50,200 per well, per month


James R. Pagnum, President of Kingslake Energy, Inc. stated: “The Devonian Shale acquisition and corresponding discoveries confirms the Company’s position as a growing independent presence in the multi-billion dollar US natural gas exploration and production market.

“This recent purchase will significantly increases the Company’s revenues and net asset value for our shareholders. Further, Three additional seismic lines have confirmed the presence of still deeper natural gas zones within the lease block for future testing.

Kingslake Energy Projects First Producing Gas Well to Generate Minimum of $50,000 Per Month
Eight Additional Wells are Currently in Final Stages of Completion

Kingslake Energy Inc. (Pink Sheets: KGLJ) announced today that it has drilled and completed its first producing natural gas well in the proven Devonian Shale formation.

Kingslake Energy recently acquired 20,000 acres of strategic lease hold properties in the prolific Devonian Shale of the Appalachian Basin. The highly active formation is located in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia, where significant natural gas reserves have been confirmed on the property.

Kingslake is taking advantage of recent advances in drilling and completion techniques, which has made the Devonian shale gas a viable, profitable, and critical part of energy production in the United States.

Kingslake Energy plans to drill more than 200 wells on its more than 20,000 acres within the Devonian Shale. As the Company completes its drilling objectives, each well is expected to produce at the following rates:

A minimum of 50 mcf of gas per day  
An initial net price of 80% of the NYMEX monthly Spot price  
Daily gross (August/Sept. price) would equal $5.50 X 300 mcf totaling $1,650 per well, or $50,200 per well, per month  

James R. Pagnum, President of Kingslake Energy, Inc. stated: “The Devonian Shale acquisition and corresponding discoveries confirms the Company’s position as a growing independent presence in the multi-billion dollar US natural gas exploration and production market.

Kingslake Energy Outlines 4-Point Growth Strategy
Kingslake Energy, Inc. (Pink Sheets:KGLJ) announces a four-point growth strategy. The natural gas exploration and development company’s current projects are located in the prolific Appalachian Basin. The area encompasses Kentucky, Tennessee, West Virginia, and Virginia. Kingslake holds strategic oil and gas leases in Kentucky covering 20,000 acres, more or less. The natural gas rich Devonian Shale formation underlies the entire lease area.

“We have embarked on an aggressive four-point growth strategy focused on acquiring and developing promising natural gas leases while maintaining our financial strength,” commented James R. Pagnum, president of Kingslake Energy, Inc. “We believe that adherence to these four principles will guide us as we continue to expand our portfolio of oil and gas properties in our mission to create sustainable, long-term growth.”

The four-points of Kingslake’s growth plan are:

Identify and Develop Unconventional Resources
Explore in High-potential, Proven Basins
Ensure Financial Discipline and Flexibility
Growth by the drill bit
ABOUT KINGSLAKE ENERGY INC.

Kingslake Energy, Inc. plans to become significant presence in the multi-billion dollar US natural gas exploration and production market. The Company explores and drills in the prolific Appalachian Basin, an area encompassing Kentucky, Tennessee, West Virginia, and Virginia.