Wholly owned by Platina’s newly formed Kentucky subsidiary, the company plans to expand current production through a combination of reworking existing wells coupled with the potential of over 100 new drilling sites.
Platina Energy stated that this proven producing developmental field, which consists primarily of natural gas with existing pipeline infrastructure, commands a premium pricing at the New York Mercantile Exchange because of its high BTU (British thermal unit) content.
Blair Merriam, president of Platina said: After extensive due diligence, cost and forecasting analysis, the prospects of this acquisition far exceeded our expectations and allow our local office to support the property development. We have already mobilized activity to begin the initial rework program on the field.
