Platina Energy Group Reports Young County Production Thursday November 6, 9:00 am ET
DALLAS, TX--(MARKET WIRE)--Nov 6, 2008 -- Platina Energy Group, Inc. (OTC BB:PLTG.OB - News ) (Frankfurt:O5Y.F - News ) reports 200 barrels of high-grade oil in two weeks from Young County. The Company has repaired the electrical and mechanical field problems over the past few weeks and now has seven operational wells that have outperformed initial estimates.
Blair Merriam, President of Platina, stated, "We had hoped to have 7-10 barrels per day of production from this field and within the first two weeks of reconnections we already have 200 barrels. That's almost double what we had estimated. Now that we are back on track with the field, we hope to drill additional wells as finances allow."
Field progress in Young County is now operating commensurately with Tennessee and Kentucky along with Oklahoma and Wyoming . Production continues to out pace the decline in oil and gas prices though recent market activity is reflecting seasonal demands due to cold weather.