150bbls/Day Oil Lease Acquisition; Quitman, Texas

CHEYENNE, Wyo., Oct. 16 /PRNewswire-FirstCall/ — Platina Energy Group, Inc. (BULLETIN BOARD: PLTG) , (Symbol Frankfurt: O5Y.F) has entered into an earnest money contract to acquire 150 BOPD production in a 50% joint venture with Bowie Energy.

Purchase contract, bank and joint venture financing are being finalized for scheduled closing this quarter. According to Blair Merriam, President of Platina, “this acquisition essentially insures profitability for the Company, we could not be more excited.”

Blair Merriam additionally stated, “Quitman will give us steady cash flow, upside for reworking wells, and future new drilling locations. This is the first of a number of production acquisitions we are pursuing in East Texas. While waiting for the balance of support documentation on the previously announced letter of intent to acquire EWC, this is a nice opportunity that we did not expect to happen so quickly.”

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, Inc.

CONTACT: Blair Merriam of Platina Energy Group,InvestorRelations@platinagroup.com

Web site: http://www.platinaenergygroup.com/