Platino Energy Corp.
TSX VENTURE : PZE

Platino Energy Corp.

March 06, 2015 13:32 ET

Platino Swaps Putumayo Working Interest for Royalty

CALGARY, ALBERTA--(Marketwired - March 6, 2015) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Platino Energy Corp. (TSX VENTURE:PZE) ("Platino" or the "Company") is pleased to announce that it has entered into an agreement with Vetra Exploracion y Produccion Colombia S.A.S ("Vetra"), on the Put-8 block.

Subject to approval by Colombia's National Hydrocarbon Agency ("ANH"), Platino will assign it's 50% working interest in the Put-8 block to Vetra in return for a 7% Gross Over Riding Royalty ("GORR"). The 7% GORR would be calculated on 100% of the block's production post deduction of any government royalties.

In addition, this agreement is subject to other customary closing conditions which would have to be met by July 31, 2015.

About Platino

Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements within the meaning of applicable Canadian securities laws (collectively, "forward looking information"). The use of any of the words "expect", "anticipate", "may", "will", "intends" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the following: (i) the completion of the transaction; (ii) the potential for oil and gas production from the Put-8 block; (iii) the approval of the transaction by the ANH and the completion of various closing conditions set in the agreement by July 31, 2015; and (iv) other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.

Various material factors, expectations and assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information throughout this news release including, without limitation expectations and assumptions relating to: (i) the ability of the parties to receive regulatory and third party approvals, as applicable, necessary for the completion of the transaction and the timing of receipt of such approvals; (ii) future industry and economic conditions and areas for growth and development; (iii) commodity prices, foreign currency exchange rates and interest rates; (iv) capital expenditure programs and other expenditures; (v) supply and demand for oil and natural gas; (vi) Platino's future operating and financial results; and (viii) treatment under governmental regulatory regimes and tax, environmental and other laws.

The forward-looking information included in this news release is not a guarantee of future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation: (i) volatility in market prices for oil and natural gas; (ii) volatility in exchange rates for the U.S. dollar relative to other world currencies; (iii) liabilities and risks inherent in the oil and gas industry; (iv) competition for, among other things, capital, transportation capacity and skilled personnel; (v) changes in general economic, market and business conditions in Colombia and worldwide; (vi) actions by governmental or regulatory authorities (both domestic and foreign), including changes in tax laws and the risk of nationalization and expropriation of assets; (vii) the impact of adverse weather on the operations of Platino and its subsidiaries; and (viii) increases and overruns in operating costs. The outcome and timing of the proposed transaction may differ from that currently anticipated by Platino and regulatory and exchange approvals may not be obtained on the timelines anticipated or at all. Platino cautions that the foregoing list of assumptions, risks and uncertainties is not exhaustive.

Additional information on these and other factors that could affect the operations or financial results of Platino are included in the Listing Application (Form 2B) of Platino filed with the TSX Venture Exchange ("TSXV"), which has been filed with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Platino undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV not its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Platino Energy Corp. - Bogota
    Tomas Villamil
    President & Chief Executive Officer
    +57(1) 235-0007

    Platino Energy Corp. - Calgary
    Rafi Khouri
    Vice President, Business Development
    +1(403) 262-6046