SOURCE: Platina Energy Group, Inc.

July 09, 2007 01:00 ET

Permit Approval for Young County Lease

CHEYENNE, WY--(Marketwire - July 9, 2007) - Platina Energy Group, Inc. (OTCBB: PLTG), (FRANKFURT: O5Y), (BERLIN: O5Y), (XETRA: O5Y) (STUT: O5Y) is pleased to announce that its joint venture with Zone Petroleum has received permit approval for drilling on the Young County prospect. The Company has contracted with a local driller to drill the first well as quickly as possible. Based on timetable estimations by the driller, Platina expects to have a rig at the site before month end. Drilling should commence shortly thereafter.

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 in one field. It also owns 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 through out the world.

Web Site: www.platinaenergygroup.com

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 other must be understood. Platina Energy assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events. As with all oilfield leases, certain terms and stipulations require obligations of the lessee including developmental milestones or there may be the risk of loss of future leasehold rights and underlying assets.

Contact Information

  • Contact:
    Platina Energy Group, Inc.
    Phone: 307-637-3900
    Email Contact