CHEYENNE, Wyo.--(BUSINESS WIRE)--Platina Energy Group, Inc. (OTCBB:PLTG - News), (FWB:O5Y) announced today that the Company has expanded its joint venture agreement with Zone Petroleum to include additional well sites and acreage in its shallow well Young County, Texas prospect. This expanded commitment will enable Platina Energy to secure and drill additional lease acreage.
Mr. Blair Merriam, CEO of Platina Energy Group, Inc., commented on the company's expansion of the agreement: "This decision to expand our joint partnership with Zone Petroleum serves as a testament to both our faith in our operations at the Young County Prospect as well as our ability to work together with Zone Petroleum to maximize our production capacity and build value for our shareholders. We are very pleased to be working with respected industry players such as Zone Petroleum, and consider that partnership to be a significant strategic asset."
A spokesperson for Zone stated that, "The partnership with Platina marks the first one of its kind outside of its focus on Central American opportunities. It was never our intention to allocate a considerable financial commitment to such a project outside of our core area but we have been very impressed with Platina and its management and particularly its field representatives that have done a very good job of being on time and under budget."
Mr. Merriam further commented that Platina Energy will continue to acquire more acreage in the Young County region and expand operations through additional joint venture partnerships with Zone or other industry players.
About Platina Energy Group
Platina is an E & P Company that owns several oil and gas lease properties in Texas and Tennessee. The Company is currently producing oil from one field. It also owns oil and gas leases for proven and unproven reserves for which it is in the process of obtaining drilling permits. Additionally, Platina owns rights to a German inspired, proprietary oil recovery technology that allows for the cost effective recovery of certain types of untapped reserves that exist throughout the world.
SEC DISCLAIMER
Information contained herein may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The actual presence or recoverability of reserves for optimal and timely recovery, well costs or schedules 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 are based on current reasonable assumptions but can give no assurance that results will be achieved. Unpredictable & unanticipated risks, trends and uncertainties including inability to accurately forecast operating results; the potential inability to achieve profits or have cash flow; access to financing; and other must be understood.
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