Platina Energy Group announced today that the management will be announcing several potential acquisitions under joint venture arrangements with various Investor Groups. The company has a good track record of completing potential acquisitions in the past, and is expected to meet its new acquisition goals.
The President and CEO of Platina stated, “We have about completed our due diligence on several producing field opportunities in Texas. Our intention is to make offers on these prospects with our joint venture partners providing the project financing allowing Platina to retain a carried interest for facilitating the acquisitions. According to Chip Langston, head of Platina Exploration Corp., a wholly owned subsidiary, our target is to have net interests from these acquisitions that would yield the equivalent of 500-1000 barrels per day of production to Platina by mid 2008.”
Industrial and technological developments have increased the demand for energy resources. According to the Energy Information Administration, the average US consumption is projected to reach approximately 26.1 barrels per day by 2025. However, most existing oil fields are mature and production from these fields is declining, which has created a need for exploration and development of new properties and workovers of existing wells. This situation provides companies such as Platina Energy Group with plenty of potential to grow.
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