SOURCE: Platina Energy Group, Inc

October 22, 2007 03:00 ET

Platina Energy Announces 63-Mile Natural Gas Pipeline Acquisition

CHEYENNE, WY--(Marketwire - October 22, 2007) - Platina Energy Group, Inc. (OTCBB: PLTG) (FRANKFURT: O5Y) has entered into a Letter of Intent to acquire a 63-mile pipeline in Texas, including 6 producing wells with cumulative total of 50 barrels of oil and 450 thousand cubic feet of natural gas per day.

The transaction is subject to agreement finalization and bank financing. Closing is expected in November. Platina will retain 50% of the acquisition and act as project manager.

Platina's President, Blair Merriam, stated, "This acquisition complements the shallow oil production recently acquired in East Texas. These wells are deeper Smackover formations that historically have produced several billion cubic feet of gas each. In addition to key drilling locations we'll own the only gas transmission pipeline for the area. This acquisition sets the stage for substantial growth in the four county areas between Oklahoma, Arkansas, Texas and Louisiana."

About Platina Energy Group

Platina Energy is a fast growing E & P Company. Since its organization in 2005, it has acquired proven producing and proven non-producing reserves. The Company owns rights to German inspired, oil extraction technology currently in the R & D phase. As of recent, the Company has announced the acceleration of a major acquisition mode.

RISK/SEC DISCLAIMER

Information contained herein contains forward-looking statements; not guarantees of future success.

The presence or recoverability of optimal or timely reserves, well costs, scheduling, 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 to be based on reasonable assumptions but gives no assurance results will be achieved. Unpredictable & unanticipated risks; trends; potential unprofitability; cash flow impairments; access to financing; and other risks must be understood.

Platina Energy assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. Issuances of shares for acquisitions, settlements or services may dilute future earnings.

Oilfield leases, certain terms and stipulations that may require obligations of the lessee including developmental or additional financial milestones for which the Company is not obligated to provide which could result in loss of future rights and underlying assets.

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