CHEYENNE, Wyo.--(BUSINESS WIRE)--Platina Energy Group, Inc. (OTCBB:PLTG - News; Frankfurt:O5Y - News) announced that it has added additional well production to its shallow well Young County Prospect by reworking wells that were previously shut-in when oil prices dropped below $10 per barrel, which made extracting oil economically unattractive at the time.
"We are very pleased to commence our reworking efforts on our Young County prospect with respect to these wells shut-in many years ago by faltering oil prices," said Mr. Blair Merriam, CEO of Platina Energy Group, Inc. "Oil currently trades at over $70 per barrel, hitting $77 per barrel yesterday, while continuing to rally to new highs. Reworking these oil wells to enhance production is more profitable than ever before."
Mr. Merriam continued, "Oil prices neared $77 a barrel on Thursday as speculative buying and concerns that a key oil terminal in Oklahoma would result in a drop in inventory spread. A recent report by the National Hurricane Center warning of possible coming storms has put the specter of $80 a barrel well within reach. Geopolitical events in the Middle East continue to unsettle the market, especially with the recent comments made by the President of Iran, in which he reaffirmed his country's commitment to nuclear power. These events, coupled with the extremely high demand for oil should work to keep prices inflated, which in turn will benefit companies like Platina Energy. We are confident that now is the time to rework these previously shut-in wells, and that these efforts will economically increase Platina's overall production from our Young County prospect as well as contribute to the Company's cash flow."
About Platina's Young County Prospect
Young County is a shallow well oil prospect located in West Texas. Platina Energy is producing oil from five (5) operating wells on 372 acres with more than 50 additional drilling locations. The Company can do turnkey drilling and completion on each well for $215,000-300,000. Return on Investment projections for the prospect are 4-7 times over the life of the wells based on Independent Geological Evaluations.
About Platina Energy Group
Platina is an E & P Company that owns numerous oil and gas lease properties in Texas and Tennessee. The Company is producing oil from one field. It owns oil and gas leases for proven and unproven reserves for which it is obtaining drilling permits. 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 through out the world.
SEC DISCLAIMER
Information may contain forward-looking statements which are not guarantees of future success or that there cannot be losses. The 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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