SOURCE: Platina Energy Group, Inc.

May 14, 2007 06:00 ET

Platina Energy Group, Inc. Announces Signing of Joint Venture Deal for Young County, TX Prospect

CHEYENNE, WY -- (MARKET WIRE) -- May 14, 2007 -- Platina Energy Group, Inc. (OTCBB: PLTG), (FRANKFURT: O5Y), (BERLIN: O5Y), (XETRA: O5Y) (STUT: O5Y) is pleased to announce that it has agreed to the terms of an Exclusive Development Rights contract with Zone Petroleum LLC -- an innovative resource development group -- for the development of its Young County, Texas prospect and any additions to the prospect area.

The initial agreement calls for the drilling and completion of 35 wells in the first phase of development. Platina expects to spin the bit on "Platina #1" within the next 30 days. Zone Petroleum's escrowed funds are expected to be in place by Tuesday, May 15, 2007.

Blair Merriam, the CEO of Platina, is excited to begin this venture and intends to increase its leaseholds in this prospect area considerably over the next 12 - 24 months.


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.

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