The acquisition represents a substantial increase to its current holdings in the Palo Duro Basin, raising the company's leased acreage by approximately 920 acres. As mentioned in a previous press release, a Morgan Stanley report compares Palo Duro Basin to Barnett Shale, the largest natural gas play in Texas. Mr. Blair Merriam, the CEO of the Company states, "We are pleased to have signed a deal for these options in particular, based on our opinion that these locations have the best potential."
Platina is an E & P company that owns several oil and gas prospects in Continental North America. The Company is currently in production in addition to owning considerable proven reserves for which it is in the process of obtaining drilling permits. Platina also owns rights to a German-inspired, proprietary oil recovery technology that provides exceptional performance at a fraction of industry standard costs.
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