Platina Energy Group Replaces Previous Financing for Triple Original Revenue Stake
Posted on: Monday, 14 January 2008, 03:00 CST
CHEYENNE, Wyo., Jan. 14 /PRNewswire-FirstCall/ -- Platina Energy Group, Inc. (BULLETIN BOARD: PLTG) , (Frankfurt: O5Y.F) has secured debt financing for $1,500,000.00 to triple its previous working interests across its Devonian Shale Field. This replaces previous joint venture financing for further development of the property.
"We had postponed pipeline connections on this field for the first two completed wells until these negotiations were finalized. Ironically, our decision to do so coincided with end user pipeline maintenance and expansion work. In addition to significant benefit for shareholders, this strategic move also eliminated potential dissent over the actual production amounts by waiting a few more days," commented Blair Merriam, President of Platina Energy.
The Company expects to drill and complete four additional wells with this debt facility on the Tennessee prospect. As previously reported, the Company will continue development of other fields using other financial arrangements. Platina will subsequently apply for expansion of this facility or replace it with a larger one based on future current field production.
About Platina Energy Group
Platina Energy is a fast growing E&P Company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company also owns rights to German Inspired oil extraction technology. The Company continues to be aggressive in acquiring new and existing producing fields.
RISK/SEC DISCLAIMER
Information contained herein contains forward-looking statements, not guarantees of future success. The presence or recoverability for optimal/timely reserves, costs, scheduling, etc., cannot be promised. This release contains "Safe Harbor" provisions of the US Private Securities Litigation Reform Act of 1995 and involves risks and uncertainties that could cause actual results to differ materially from those estimated herein. Platina Energy believes the forward-looking statements to be based on reasonable assumptions; however, no assurances are made. Unpredictable and 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 contain certain terms and stipulations, often developmental or financial, which may require performance by the lessee. This could result in loss of future rights and underlying assets.
Contact Information: Platina Energy Group Blair Merriam InvestorRelations@PlatinaGroup.com http://www.platinaenergygroup.com/
Platina Energy Group, Inc.
CONTACT: Blair Merriam of Platina Energy Group, +1-307-637-3900,InvestorRelations@PlatinaGroup.com
Web site: http://www.platinaenergygroup.com/
Source: PRNewswire-FirstCall
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