Platinum Energy Resources, Inc. Announces Extension of Merger Agreement to November 30, 2006
Thursday August 17, 4:33 pm ET
Company Also Announces Acceptance of Employee Offers
NEW YORK, NY--(MARKET WIRE)--Aug 17, 2006 -- Platinum Energy Resources, Inc. ("Platinum Energy") (OTC BB:PGRIU.OB - News) (OTC BB:PGRI.OB - News) (OTC BB:PGRIW.OB - News) announced today it has amended its merger agreement with Tandem Energy Holdings, Inc. ("Tandem"), relating to its previously announced merger with Tandem to extend the date by which the closing of the agreement must occur to November 30, 2006. A new date for the special meeting of Platinum stockholders to vote on, among other things, a proposal to approve the merger has not yet been set.
The senior management team of Tandem Energy has accepted employment and consulting offers from Platinum Energy. These offers are subject to entering into employment or consulting agreements. As part of their compensation package, they will receive stock options on PGRI that vest after two years of employment with Platinum Energy. The following members of the management team have accepted offers:
-- Michael Cunningham Chief Financial Officer
-- Todd Yocham, PE Senior Vice President, Reserve Engineering
-- Toben Scott, PE Vice President, Operations
-- Jack Chambers Advisor, Field Operations
Platinum Energy, a special purpose acquisition corporation focused on the energy industry, previously announced that it had entered into a definitive merger agreement to acquire Tandem Energy Holdings, Inc., an independent oil and gas exploration and production company headquartered in Midland, Texas.
For additional information, please visit the Platinum Energy Resources web site at platenergy.com. The web site includes an interview of Mr. Kostiner on CNBC Closing Bell with Maria Bartiromo from August 4, 2006. The web site also contains a webcast of the Company's IPAA presentation from April 10, 2006, as well as the revised preliminary proxy statement.
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