Platina Energy Group recently announced that the Company and Bow Energy intend to sign a $16 million producing production transaction on two major leases in Texas. The transaction could be worth tens of millions in revenues for Platina Energy once the agreement has been completed.
Blair Merriam, President of Platina, stated, “This transaction has many moving parts but has evolved from initial discussions, to one that we are quite certain that we will be able to close on. All of the parties concerned have made their best efforts to work together harmoniously and in a professional manner in order to conclude this new piece of business for Platina. In addition to immediate production, developmental opportunities on this acquisition are also vast and will make great future prospects for the Company and its strategic partners.”
Platina is focused on aggressively acquiring drilling properties and related energy assets. Through its subsidiary, the Company owns the rights to a technology for oil recovery and paraffin build-up reduction. The Thermal Pulse Unit is a cost-effective and environmentally friendly solution for enhanced recovery, and provides a significantly lowered cost basis per barrel for recovery without the problems connected with existing technologies. Platina plans to deploy the Unit in its own fields to enhance production in addition to signing joint ventures to commercialize the technology.
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