At this early stage it is too premature to accurately assess the value of the well, or the likely production, however preliminary indications are that production will meet or exceed original estimates.
The field crew is beginning the completion process while moving the primary drilling rig to the second location by next week.
Blair Merriam stated, "Today Platina Energy Group achieved a tremendous milestone. Last week we were able to expand the Young County funding to $5,000,000.00 to drill up to 50 wells. This week, our first well struck oil. If this is any indication of our coming good fortune, I can only imagine what the remainder of the prospect could yield. With the price of oil hovering in the $70 per barrel range, and with no relief in sight, we are on the way to becoming a major player in this segment of the industry."
"Months of planning and preparation to tap the proven reserves from the Young County prospect are paying off. With up to 49 more wells remaining to be drilled, with potentials of over 1.4 million barrels of recoverable oil, Platina's Young County prospect reserves are worth over $100 million at today's prices."
Platina is on track to drill and complete up to 50 wells on the Young County leases. Estimated initial production for completed wells in aggregate could be as much as $750,000.00 per month. According to our drilling contractor, "We have been very fortunate with this well. We met with little or no complications in the drilling process. Let's hope that our completion process is just as smooth."
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