DALLAS, TX--(MARKET WIRE)--Oct 20, 2008 -- Platina Energy Group, Inc. (OTC BB:PLTG.OB - News ) (Frankfurt:O5Y.F - News ) reports drilling results in Wyoming indicating excellent hydrocarbon log records . Field data has confirmed that there is significant oil and possible gas from the recently drilled well.
According to Blair Merriam, President, "The Wyoming Field has a lot of hydrocarbon potential . Although we have an older producing well that has been online for some time, there are other surrounding wells with good history that we are doing our best to offset in hopes of completing a big one. Obviously it is too early to tell, but we remain excited about the potential of this well ."
Prior developments on this field indicate significant reservoirs of oil. There are initial field challenges relative to the completion of this well but several experts have confirmed that this new well should be a good one but will require additional completion efforts.
Great news from Wyoming and lately we had great news from Oklahoma and Kentucky, expect more news from these sites in comming weeks and 10QSB-Filing wich will have some good production numbers. We should have a good few weeks ahead and if the Market will be enough stable then pltg should see some higher sp. I expect today 0.06$ again and hopefully we will see next month 0.1$ again. After all sp target is 0.3$. Anyway this stock is on the bottom and can go only up!!! Also Opec will cut the production, Oil will go up, winter is comming and people needs NG so only good things are comming for this stock!!