July 11, 2007 - 4:00 AM EST
Proven Non-Producing Estimated Reserve Report (PV10) Value $62,755,268.00 for Tennessee Lease
Platina Energy Group, Inc. (OTCBB: PLTG) (FRANKFURT: O5Y) (BERLIN: O5Y) (XETRA: O5Y) (STUT: O5Y) is pleased to announce an independent estimated reserve report for its P. Hawkins Gas Lease in Tennessee performed by a petroleum engineer and further collaborated by a local geologist. This report indicates over a $60 million net present value based on the industry standard of a ten-year discounted analysis. This report does not take into account recent energy price fluctuations or the ability to hedge pricing in the http://www.wallstreet-online.de/produkte/brokerage/futures market that could significantly increase this valuation. Furthermore, this report is for the P. Hawkins Lease alone and does not represent the potential reserves from other properties. The net asset value per share for the estimated P. Hawkins reserves alone is significantly higher than the current share price, giving the Company considerable potential hidden value not capable of being reflected in SEC approved GAAP accounting.
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 throughout the world.
SEC DISCLAIMER
Information contained herein may contain forward-looking statements which are not guarantees of http://www.wallstreet-online.de/produkte/brokerage/futures 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:
Platina Energy Group, Inc.
Phone: 307-637-3900
Email Contact
Web Site: www.platinaenergygroup.com
Source: Market Wire (July 11, 2007 - 4:00 AM EST)
