Platina Energy Group Announces Immediate Drilling Activity in Kentucky
Friday , October 03, 2008 16:05ET
DALLAS, TX -- (Marketwire) -- 10/03/08 -- Platina Energy Group, Inc. (OTCBB: PLTG) (FRANKFURT: O5Y) reports next well drilling to commence in Kentucky this weekend. The Company is in receipt of an upwardly revised engineering report estimate showing the potential of 30-60,000 BOE of recoverable reserves per new well on this field.
According to Blair Merriam, President, "We continue to work diligently to complete each of the previous ten (10) wells that we have drilled on this field, we have a couple of offset wells that are important to us that we will be starting immediately that could also be huge producers."
Historical and now new data for oil and gas wells in Laurel and Whitley Counties suggest some new strategies that the Company will be adding. Platina is eager to capitalize on this increased hydrocarbon potential that could result in large additional production on its existing lease acreage holdings.
About Platina Energy Group
Platina Energy is an environmentally responsible, fast growing E&P strategic reserve 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 developing and 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.