Second Gas Well Reaches Total Depth in TN; Excellent Indications
CHEYENNE, Wyo., Oct. 11 /PRNewswire-FirstCall/ — Platina Energy Group, Inc. (BULLETIN BOARD: PLTG) , (Symbol Frankfurt: O5Y.F) reaches total depth on second natural gas well in Tennessee. Management reports excellent initial indications.
The second well drilled by Appalachian Energy, a wholly owned subsidiary of Platina, will now enter the completion phase prior to production. According to Blair Merriam, President, “We have been on a roll since summer having drilled five (5) wells on time and on budget. As the completion processes continue, we will be adding to our production such that operational profitability is just around the corner-perhaps as early as next quarter.”
Plans to move the drilling rig to the next well site in Tennessee have already begun. The Company asks investors to watch for additional announcements relative to production acquisition activity.
About Platina Energy Group
Platina Energy is a fast growing E & P Company. Since its organization in 2005, it has acquired proven producing and proven non-producing reserves. The Company owns rights to German inspired, oil extraction technology currently in the R & D phase. Platina also holds exploratory lease acreage in the Palo Duro Basin. As of recent, the Company has announced a major acquisition mode.
Contact Information: Platina Energy Group Blair Merriam InvestorRelations@platinagroup.com http://www.platinaenergygroup.com/ RISK/SEC DISCLAIMER
Information contained herein contains forward-looking statements; not guarantees of future success.
The presence or recoverability of optimal or timely reserves, well costs, scheduling, or other matters cannot be promised. This release contains “Safe Harbor” provisions of the US Private Securities Litigation Reform Act of 1995 & involves risks and uncertainties, which could cause actual results to differ materially from those estimated herein.
Platina Energy believes the forward-looking statements to be based on reasonable assumptions but gives no assurance results will be achieved. Unpredictable & unanticipated risks; trends; potential unprofitability; cash flow impairments; access to financing; and other risks must be understood.
Platina Energy assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Issuances of shares for acquisitions, settlements or services may dilute future earnings.
Oilfield leases, certain terms and stipulations that may require obligations of the lessee including developmental or additional financial milestones for which the Company is not obligated to provide which could result in loss of future rights and underlying assets.
Platina Energy Group
CONTACT: Blair Merriam of Platina Energy Group, +1-307-637-3900,InvestorRelations@platinagroup.com
Web site: http://www.platinaenergygroup.com/