Platina Energy Group Reports Technology Acquisition Description
Thursday April 17, 3:00 am ET
CHEYENNE, WY--(MARKET WIRE)--Apr 17, 2008 -- Platina Energy Group, Inc. (OTC BB:PLTG.OB - News) (Frankfurt:O5Y.F - News) recently acquired "down hole" oil field technology as part of a licensing agreement from the University of Texas. The patented technology solves a common problem in the oil and gas industry with certain types of wells whereby the ability to produce natural gas at the same time as oil, had previously been limited.
ADVERTISEMENT
According to experts in the field, when a specific well has oil reserves above a gas production zone, the gas pressure is often not sufficient to allow for simultaneous retrieval and essentially blocked by the oil. This technology uses a combination jet and submersible pump above the oil levels in the earth's crust and thereby allows it to pass without resistance.
The President, Blair Merriam commented, "This technology simultaneously brings up both oil and gas, which means you capture the gas instead of venting it off. Not only is this economically advantageous, it is also environmentally responsible. In addition to potential applications for the Company, we intend to offer sublicensing agreements to other Companies who can benefit from this technology."
