July 20, 2007 Full Report
by: Lisa Springer, CFA
Energy Company Develops "Green" Solution to Enhance Oil Recovery
Platina Energy Group, Inc. (OTCBB:PLTG) is an independent exploration and production company with multiple oil and gas lease properties in North America and a proprietary enhanced recovery technology. The Company, headquartered in Cheyenne, Wyoming, owns proven reserves valued in excess of $60 million and is currently producing oil from wells on its Young County prospect in Texas.
Platina operates as a publicly-traded holding company for several acquired energy firms and properties. The Company’s strategy is to minimize risk by holding a diversified portfolio of energy and related investments. Through its subsidiaries, the Company currently owns oil and gas leases in the Palo Duro Basin in Texas, the Appalachian Basin in eastern Tennessee, and in Young County, Texas. With each acquisition, the Company has acquired new management talent as part of various restricted share incentive packages. Through its Permian Energy subsidiary, the Company also holds rights to a proprietary technology, Thermal Pulse Unit (TPU), designed for cost-effective and environmentally friendly oil well stimulation and enhanced recovery.
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Company Overview
An independent geologist report on the Company’s Appalachian Basin property indicates that proven reserves have a present value discounted over ten years exceeding $60 million. Estimated recoverable reserves associated with the Appalachian Basin property are substantially higher than $60 million. The Palo Duro Basin prospect, which is currently being evaluated for development, has been compared to the Barnett Shale discovery. Barnett Shale is estimated to contain some 30 trillion cubic feet of natural gas. Management believes Palo Duro could prove to be one of the largest natural gas deposits in North America. Platina has current production at modest levels from its Young County, Texas property and has formed a joint venture with Zone Petroleum for additional drilling expected to lead to greatly increased production from this prospect.
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