Platina Energy Group, Inc. Announces Signing of Another Lease Deal in the Oil and Gas Industryadmin
Platina Energy Group, Inc., announced the closing of its acquisition of a second oil and gas lease by signing an agreement with West Texas Royalties, Inc. This agreement brings an additional asset into the Company located in the Palo Duro Basin, recognized as one of the newest shale gas plays in the United States. The Palo Duro Basin has had approx 10 exploratory wells drilled and to date there has only been one dry hole. Bcf Gas in place per section (one square mile) is estimated at 72 to 112 as reported by other companies drilling in the basin. This new acquisition has approx 20,000 ac (gross) under 2 year option agreements which will need to be exercised in the near future. Additionally, the acquisition includes 250 plus acres of lease production with infield drilling potential in Young County. Current production is 2.25 BOPD with more coming online soon. Further, there is an option to purchase an additional 23 Wells on 400 acres. These leases are currently producing 4 BOPD with potential of more production with infield drilling potential and reentry into existing wells to bring up production in these fields.
These recent acquisitions by the Company not only establish a foundation for growth, but are evidence of the Company’s commitment to create sustainable growth in earnings and shareholder value. The CEO of the Company, Mr. Blair Merriam states, “This acquisition when combined with the recently acquired Tennessee play, creates a portfolio of assets with the potential to launch the Company into major revenues and profits.” When asked about the relatively unchanging stock price of the Company, Mr. Merriam states, “Clearly the market has not yet responded to the overall significance of these acquisitions. If it did, the price of the stock in my opinion would be much higher. I believe this is a great opportunity for investors to get involved because the stock is significantly under priced.” Mr. Merriam went on to say, “The Company has for the first time in its history, built a solid foundation for growth based on tried and true principles in the oil and gas industry. We simply need to develop these assets by drilling the wells and thereby generating revenue and profits.” Those interested should contact the Company’s CEO, Mr. Blair Merriam for further details.
Contact: Blair Merriam, Chairman & CEO Platina Energy Group, Inc. Cheyenne, Wyoming
Certain information and statements included in this release constitute “forward-looking statements” within the meaning of the Federal Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied in such forward-looking statements.
Source: Platina Energy Group, Inc.