Platina Energy Group Announces Subsidiary Profitability Report
Platina Energy Group, Inc. reports that the wholly owned subsidiary, Wildcat Energy, is now at an operational break-even point. The subsidiary is expected to be operationally profitable in March according to local field office reports. Although Wildcat's history as a wholly owned subsidiary is relatively short, the Company is reworking several existing wells and anticipates infill drilling to commence shortly.
"With all that is happening on a corporate level, the Company is growing by leaps and bounds. Appalachian Energy, our Tennessee prospect, is close to operational profitability -- perhaps by March; and we are pumping oil in Oklahoma and Young Counties and continuing with our rework and drilling programs. We could not be more thrilled with all of our progress," stated Blair Merriam, President of Platina Energy Group.
According to other reports to senior management by subsidiary leaders, the Company is in negotiations for additional reserve acreage and other prospect opportunities.
- Platina Reports Oklahoma Production for Beginning of April (Apr 24)
- Platina Acquires Enhanced Oil Recovery From UTEK Corporation (Apr 04)
- Platina Reports Oil Production of 1500 bbl/Month (Mar 25)