CHEYENNE, Wyo., Nov. 19 /PRNewswire-FirstCall/ -- Platina Energy Group, Inc. (BULLETIN BOARD: PLTG) , (Symbol Frankfurt: O5Y.F) reports acquisition progress for recent weeks that includes revenues from multiple sources in the current quarter. The Company has made major strides in the consummation of several key acquisitions. This includes the retroactive accumulation of revenues since October from the Quitman property that the Company anticipates to complete before year end.
Additionally, Platina has successfully acquired an interest in an Oklahoma based disposal well including proven reserve property that has both disposal well revenues and other developmental well sites.
The Company further reports revenue from Young County as new wells come on line and expects to have the first natural gas wells in Tennessee completed and on line over the next several weeks. As management previously disseminated, the Company will be delivering and accumulating revenues in the current quarter and expects operational profitability in the subsequent quarter.
About Platina Energy Group
Platina Energy is a fast growing E&P Company. Since organization in 2005, the Company has acquired proven reserves in Oklahoma, Texas and Tennessee as well as other probable and possible reserves. It has recently announced new producing acquisitions of considerable size. The Company also owns rights to German inspired, oil extraction technology.
Contact Information:
Platina Energy Group
Blair Merriam
Information contained herein contains forward-looking statements which are not guarantees of future success.
The presence or recoverability of reserves for optimal and timely recovery 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.
Management believes the forward-looking statements contain reasonable assumptions but give no assurance results can be achieved. Unpredictable & unanticipated risks, or the potential inability to achieve cash flow or profits; 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.
As with all oilfield leases, certain terms and stipulations require obligations of the lessee including developmental milestones or there may be the risk of loss of future leasehold rights and underlying assets.
