Platina Energy Group, Inc. has negotiated a repurchase agreement of its 75% net revenue interests in its Tennessee field for the Devonian Shale prospect from Homestead Oil.
In 2007, the Company entered into an off balance sheet project financing contract that had originally resulted in Platina receiving a 25% net revenue interest in the field. Since that time, the Company commenced operations on four (4) permitted field sites and successfully drilled and completed two natural gas wells ready to go on line.
According to Blair Merriam, President, "the Company has made significant progress in 2007 and now will be in a better position to expand its drilling opportunities and receive full benefit for doing so with the advent of strategic debt. We are quite confident that this sound move will immediately increase our future profitability goal for early 2008. Scheduling for the next series of well spuddings (commencement of drilling) is currently our top priority in Tennessee."
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