Platina Energy Group recently announced that it will be initiating engineering consultation on its new Quitman, TX acquisition to potentially double production. The company also reported that its proprietary Thermal Pulse Unit technology can be used to enhance extraction.
Blair Merriam, President and CEO of Platina, stated, “The Company anticipates a significant increase in production resulting in increased revenues in the fourth quarter. The Company will continue its focus on further acquisition of operational wells and anticipates closing other acquisitions later this quarter ahead of schedule.”
Platina Energy Group is aggressively acquiring drilling properties and related energy assets. Earlier this week the company announced that it signed a Letter of Intent to acquire a 63 mile pipeline in Texas, including 6 producing wells that produce a total of 50 barrels of oil and 450,000 cu. Ft. of natural gas each day.
In the PR announcing the Letter of Intent, the CEO stated, “This acquisition complements the shallow oil production recently acquired in East Texas. These wells are deeper Smackover formations that historically have produced several billion cubic feet of gas each. In addition to key drilling locations we’ll own the only gas transmission pipeline for the area. This acquisition sets the stage for substantial growth in the four county areas between Oklahoma, Arkansas, Texas and Louisiana.”
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