PLTG...Huge volume today pre-announcement. Obviously someone knew this was coming...
Platina Energy Group Connects More Wells to Pipeline in Kentucky
Thursday June 19, 4:05 pm ET
DALLAS, TX--(MARKET WIRE)--Jun 19, 2008 -- Platina Energy Group, Inc. (OTC BB:PLTG.OB - News), (Frankfurt:O5Y.F - News) reports as of the close of business on Thursday, June 19, 2008, more gas wells have been connected to the pipeline for purchase by a major supplier.
Blair Merriam, President of Platina stated, "Combined production should range in the 750-1000 mcf/day. At current gas pricing, annualized revenue run-rate should rise to exceed $4,000,000+ from the new connections by the end of June. We are only part way done with our present developmental program in Kentucky, but expect to enjoy cash flows beginning in July and a healthy revenue stream from these wells for years to come."
According to Joel Patton, field management for Platina, "We've been working at top speed to get these wells on line in Kentucky as in addition to our Tennessee field. We're very excited about the revenues that these wells will deliver as both areas have long histories of consistent production."
About Platina Energy Group
Platina Energy is an environmentally responsible, E&P strategic reserve and development Company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company also owns rights to German Inspired oil extraction technology. The Company continues to be aggressive in developing and acquiring new and existing producing fields. |
