Drilling Commences on First New Young County Well
CHEYENNE, Wyo.--(BUSINESS WIRE)--Platina Energy Group, Inc. (OTCBB:PLTG - News; Frankfurt:O5Y - News) proudly reports today that it has begun drilling its first new Young County well having secured sufficient funding to develop the Company's Young County property to its maximum potential. Under the terms of the jv funding commitment, the Company may proceed with its aggressive drilling program.
The Young County prospect is one of two primary proven reserve fields owned by Platina. Independent third-party reports show that this property has proven reserves of over 1.4 million barrels across 50 potential wells.
The drilling of the Company's first new Young County well is on target with the Company's forecasts for its 2007 drilling program, whereby initial net revenues to Platina Energy's interest could exceed $750,000 per month.
The Company also announced today that preparations for the next Young County well is already under way. The Company is anticipating this well to be drilled, completed, and online also within the next few weeks. Subsequently, the next well permits should be available to allow drilling to continue in rapid succession.
The Company anticipates drilling the entire field over the next 9-18 months depending on rig and completion infrastructure availability.
Blair Merriam stated, "Today Platina Energy Group reached a tremendous milestone. Securing all the funding required to develop our Young County Field is a significant milestone for the Company. We believe Platina Energy Group will immediately benefit from the many months of planning and preparation and begin to capitalize on the enormous proven reserves from the Young County prospect. With 50 potential wells housing over 1.4 million barrels of recoverable oil, Platina Energy's Young County prospect has reserves worth well over $100 million at today's prices."
About Platina Energy Group
Platina is an oil and gas exploration and production Company focused on acquiring and developing oil and gas properties with substantial proven reserves. The Company owns several oil and gas leases in Continental North America that are either currently in production or are being developed for production. Platina also owns the rights to a German-inspired, proprietary oil recovery technology. This technology delivers exceptional performance for certain geological formations for a fraction of industry comparable costs.
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