Platina Acquires Enhanced Oil Recovery From UTEK Corporation

UTEK Corporation, a leading Open Innovation services company, and Platina Energy Group, Inc., an exploration and production strategic reserve company, announced that Platina has acquired Enhanced Oil Recovery, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.

The technology transferred includes an exclusive worldwide license acquired from the University of Texas at Austin for a technology that utilizes a combination of an electrical submersible pump and a jet pump to separate liquid and gas streams. The potential benefit of this system is that it enables a submersible pump and a jet pump to be used in combination in a high gas-to-liquid ratio oil well without installing a gas vent line.

"Platina is pleased to be working with UTEK to develop our proprietary technology position," said Blair Merriam, Chief Executive Officer at Platina. "The company plans to install the licensed product in some of its production wells and sell the product to third parties."

"We are very enthusiastic about working with Platina as they help to develop and commercialize our technology," said Max Green, Licensing Specialist, Office of Technology Commercialization at the University of Texas at Austin.

"UTEK is pleased to consummate this technology transfer with Platina," said Joel Edelson, Vice President of Technology Licensing at UTEK Corporation.