Platina Energy Group Inc.
Platina Energy Group Inc.: 150bbls/day Oil Lease Acquisition; Quitman, Texas
Platina Energy Group Inc. / Letter of Intent Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- Platina Energy Group, Inc. (OTC Bulletin Board: PLTG - News), (Symbol Frankfurt: O5Y.F) has entered into an earnest money contract to acquire 150 BOPD production in a 50% joint venture with Bowie Energy. Purchase contract, bank and joint venture financing are being finalized for scheduled closing this quarter. According to Blair Merriam, President of Platina, 'this acquisition essentially insures profitability for the Company, we could not be more excited.' Blair Merriam additionally stated, 'Quitman will give us steady cash flow, upside for reworking wells, and future new drilling locations. This is the first of a number of production acquisitions we are pursuing in East Texas. While waiting for the balance of support documentation on the previously announced letter of intent to acquire EWC, this is a nice opportunity that we did not expect to happen so quickly.' 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. Platina also holds exploratory lease acreage in the Palo Duro Basin. As of recent, the Company has announced a major acquisition mode. Platina Energy Group Blair Merriam InvestorRelations@platinagroup.com www.PlatinaEnergyGroup.com 16.10.2007 Financial News transmitted by DGAP ----------------------------------------------------------------------
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