Platina Energy Group, Inc. (PLTG.OB) Continues to Apply its Environmentally-Friendly Approach to New LocationsMonday, October 6th, 2008
Platina Energy Group, Inc. (PLTG.OB) is a diversified independent oil and gas exploration and production company based in Dallas, Texas. Through a combination of organic growth and acquisitions, Platina has become one of the fastest-growing domestic exploration and production (E&P) companies. It has been able to build a group of solid assets and cash flow through the application of a number of financing structures utilized in its acquisition and property development phases.
Led by President and CEO Blair Merriam since its inception in 2005, Platina has applied an environmentally and socially responsible approach to its well site remediation. The company owns certain exclusive rights to the Thermal Pulse Unit (TPU), which is a German-inspired oil extraction technology. The use of the TPU results in a significantly lower cost-per-barrel basis for recovery, and improves the potentially recoverable reserve, which might not otherwise be extractable.
“The TPU allows for high pressure and heat to be forced down-hole thereby reducing paraffin deposits and viscosity of oil for better flow rates,” said Dan Thorton, VP of Business Development at one of Platina’s subsidiaries. “Companies involved in this technology understand that the Thermal Pulse Unit device is innovative, yet reliable, because it is made from readily available and proven components.”
Platina recently reported the delivery of a 2500 mcf/day compressor to one of its fields in Kentucky. The site had previously been limited to only 500 mcf/day of natural gas, but the new compressor will allow a dramatic increase of daily capacity. With the introduction of the new compressor, the company will upgrade the initial completions of the new wells and also incorporate full steam into the existing production.
Platina has also recently been able to acquire an additional 1000-acre oil and gas lease in Laurel County, Kentucky. On its original 1,700 acres at the location, the company has already drilled 10 successful wells. At this time, four of the ten wells are fully completed and are producing oil and gas daily. Therefore, the potential of the additional acreage is highly promising. Platina anticipates up to 70 potential well locations will be developed on the property.
The company has established properties in Northeast Tennessee, West Texas, and Central Texas, and is expanding its development efforts into East Texas, Kentucky, Wyoming, and Oklahoma. With some of its sites already in production, Platina will continue to keep a diversified portfolio of geological and geographic sites to ensure that it maintains positive growth for its stockholders.
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