CHEYENNE, Wyoming--(BUSINESS WIRE)--Platina Energy Group, Inc. (OTCBB:PLTG - News; FWB:O5Y) (BCN:O5Y) (GER:O5Y) (STU:O5Y) is pleased to announce that it has recently hired an independent third party to prepare an evaluation report for the Palo Duro Basin shale prospect. Current contract agreements held by Platina are for over 20,000 gross acres.
"The Palo Duro Basin shale formation has been a long time coming. Estimates by a Morgan Stanley report clearly indicate its potential viability, including additional pay-zones outside of the major natural gas reservoirs," said Mr. Blair Merriam, CEO of Platina Energy Group, Inc. "We will be providing additional information regarding this asset to shareholders as soon as it is available. The data that will be provided by the independent report should further confirm our reserve speculations for the property. We believe that the Company contract holdings could contain considerable recoverable reserves. Until we have enough information from reliable sources, it is just too early to know."
According to a Morgan Stanley report (Click Here For: Morgan Stanley Research Report, http://www.beaconequityresearch.com/report/PLTG_Morgan_Stanley.pdf) and subsequent recent data published in a major trade journal, the Palo Duro Basin shale formation may be as much or potentially more prolific than the Barnett Shale, a region famed for its significant natural gas reserves.
About Palo Duro Basin
Platina's Palo Duro Basin Prospect consists of considerable acreage in Texas -- over 20,000 acres under various arrangements. Platina's Management is of the opinion that the Palo Duro shale formation could be one of the largest natural gas deposits in America. The Company is in the process of properly evaluating the leasehold acreage and in discussions related to potential development of the property.
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 others must be understood.
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