The current drilling rig has already moved to the second location and has commenced drilling. An additional rig has become available due to corporate changes with another company. Platina has contracted for this rig and has been promised delivery within 1-2 weeks.
Expected cash flow from the Kentucky field alone will exceed $100,000 per month by the end of June or beginning of July 2008 and is projected to exceed $300,000 per month by end of summer in 2008.
Blair Merriam, president of Platina Energy, said: Platina has made radical production development advancements in response to shareholder demands for increased product sales from our properties. The company is targeting combined revenues to exceed $1 million per month by the third quarter, including the new pipeline connections in Tennessee for our most recent new wells drilled and completed.
