Platina Energy Group Reports Acreage Expansion in Kentucky
Posted on: Tuesday, 5 August 2008, 15:00 CDT
Platina Energy Group, Inc. (OTCBB: PLTG) (FRANKFURT: O5Y) is pleased to report that the Company has acquired an additional 15-20 drilling locations in Kentucky. Our immediate strategy is to expand growth in proven geographical areas from which we are already producing oil and gas.
According to Blair Merriam, President of Platina, "The additional lease acreage should increase our potential reserves by at least 25%, which is considerably more than the recent temporary decline in gas and oil prices. It is important for investors to understand that we calculate our internal forecasts using $6 natural gas and $70 oil. Being as though current market pricing is more than 50% higher than these bench marks, we are considerably ahead of where we could otherwise be."
Platina will increase its oil and gas lease holdings in the Appalachian area as its core strategy for growth over the foreseeable future. Production remains on or ahead of targeted quantities despite unstable stock market conditions.
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 & 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 & 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, that may require performance by the lessee. This could result in loss of future rights and underlying assets.
Contact Information: Platina Energy Group Blair Merriam Email Contactwww.PlatinaEnergyGroup.com
SOURCE: Platina Energy Group, Inc.
Source: MARKET WIRE
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