Welcome!

News Feed Item

Platino Energy Corp. Announces an Operational, Financial and Strategic Update, First Quarter Financial Results, Results of the Annual General Meeting, and an Updated Corporate Presentation

CALGARY, ALBERTA -- (Marketwired) -- 05/14/14 -- Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE: PZE) announces a number of items, including a corporate operations, financial and strategic update, first quarter financial results, annual general meeting results, and an updated corporate presentation.

OPERATIONAL AND FINANCIAL UPDATE

Coati Block

The Company recently received approval for a long-term test of the Coati-1 well and is currently preparing a test program to be initiated in the second quarter of 2014. The planned test will involve a re-entry of the Coati-1 well utilizing rented facilities and a jet-pump with a slick-line unit, targeting production of the U Sandstone. The Coati-1 well originally encountered 10 feet gross/8 feet net of pay (13% porosity) in the U Sandstone and tested 141 barrels of oil per day of 27 degrees API oil over a 19 hour period. The reservoir is not pressure depleted and produced minimal water. The planned U Sandstone re-entry will assist management in determining whether commercial quantities of oil can be produced from the reservoir and will satisfy Agencia Nacional de Hidrocarburos ("ANH") requirements to retain the Coati-1 evaluation area, which must be completed by the end of June 2014. The capital investment for the U Sandstone re-entry is expected to be minimal.

The Company has applied for a global block environmental license on the Coati block. All new exploration activities will be suspended until the application process is completed, which is expected to be in the third quarter of 2015.

Putumayo-8 Block

Expected exploration activity in 2014 on the Putumayo-8 block has been delayed due to issues related to community negotiations and the environmental licensing process. As a result of these delays, Platino and its partner do not expect to begin civil works on the first Putumayo-8 exploration well until late in 2015. In addition, the partners are evaluating the potential to convert the remaining 112 km2 seismic commitment to the ANH in respect of the block to an additional exploration well to be drilled in 2016.

Block Activity Summary


----------------------------------------------------------------------------
Block      Working Interest Activity                     Expected Timing
----------------------------------------------------------------------------
Coati      100%(1)          Coati-1 re-entry to produce  Q2 2014
                            U-sand
                            ------------------------------------------------
                            Environmental license        Q2 2014 to Q3 2015
                            process
                            ------------------------------------------------
                            Drill Nasua exploration well Q4 2015
----------------------------------------------------------------------------
Putumayo-8 50%              Environmental license        Q2 2014 to Q3 2015
                            process
                            ------------------------------------------------
                            Drill first exploration well Q4 2015
----------------------------------------------------------------------------
Andaquies  100%             Evaluating further           As early as Q3 2014
                            exploration plans
----------------------------------------------------------------------------
(1) Working interest will be reduced to 80% upon Canacol Energy Ltd.
("Canacol") earning-in in accordance with farm-in agreement

General & Administrative Expenses

Platino has significantly reduced general and administrative ("G&A") expenses to match the current level of operations to ensure that the Company preserves cash balances for use in potential asset purchases, farm-ins or other transactions. Management estimates full year 2014 G&A to be between US$3 million and US$4 million, with a go-forward annualized run-rate of approximately US$2.5 million.

2014 Full Year Budget & Change in Cash


----------------------------------------------------------------------------
Item                                                     US$ MM
----------------------------------------------------------------------------
Dec 31, 2013 Cash & Short Term Investments                $54.7
----------------------------------------------------------------------------
                                               Lower Spend    Higher Spend
----------------------------------------------------------------------------
Capital Expenditures                             ($3.5)          ($5.0)
----------------------------------------------------------------------------
G&A Expenses                                     ($3.0)          ($4.0)
----------------------------------------------------------------------------
Estimated Dec 31, 2014 Cash & ST Investments      $48.2           $45.7
----------------------------------------------------------------------------

The estimated year-end 2014 cash position equates to C$0.69 to C$0.77(2) per basic share in cash.

STRATEGIC FOCUS

The Company has continued to pursue transactions with the goal of generating near-term catalysts and management is focused on three key areas:

1.  Utilizing Platino's strong financial position.
    --  March 31, 2014 cash and short-term investments of US$53 MM (approx.
        C$0.84(2) per basic share)
    --  No debt
    --  Low ANH commitments
    --  Reduced annualized G&A run rate of approx. $2.5 MM
2.  Maintaining the ability to act quickly on strategic opportunities.
3.  Developing a prospective long-term portfolio.
    --  Three Putumayo blocks with high working interests
    --  Past production of oil at Coati with well re-entry expected in the
        second quarter of 2014
    --  Minimal required capital spend in 2014


(2) CAD/USD exchange rate of 1.1055 as at March 31, 2014

SUMMARY OF FIRST QUARTER FINANCIAL RESULTS

The Company's unaudited consolidated financial results for the quarter ended March 31, 2014, together with management's discussion and analysis in respect thereof are available on the Company's website at www.platinoenergy.com and under the Company's SEDAR profile at www.sedar.com.


----------------------------------------------------------------------------
SELECTED FINANCIAL INFORMATION
----------------------------------------------------------------------------
(US$000s, except shares and data per  Three Months Ended Three Months Ended
 share)                                   March 31, 2014     March 31, 2013
----------------------------------------------------------------------------
Net Loss                                          (1,523)            (1,235)
----------------------------------------------------------------------------
Basic and diluted net loss per share              ($0.02)            ($0.02)
----------------------------------------------------------------------------
Weighted average shares outstanding -
 Basic and Diluted                            69,492,164         67,942,164
----------------------------------------------------------------------------
Expenditures on E&E Assets                           449              1,991
----------------------------------------------------------------------------

----------------------------------------------------------------------------
----------------------------------------------------------------------------
As at (US$000s):                          March 31, 2014  December 31, 2013
----------------------------------------------------------------------------
Cash and equivalents, and short term
 investments                                      52,975             54,659
----------------------------------------------------------------------------
Working capital surplus                           51,592             53,564
----------------------------------------------------------------------------
Long-term debt                                         -                  -
----------------------------------------------------------------------------
Total assets                                     111,178            112,302
----------------------------------------------------------------------------
Common shares                                 69,492,164         69,492,164
----------------------------------------------------------------------------

ANNUAL GENERAL MEETING VOTING RESULTS

At the annual general meeting of shareholders of the Company, which took place in Calgary, Alberta on May 14, 2014, all of the nominees proposed as directors and listed in the Company's information circular dated April 11, 2014, were elected as directors of the Company.

All other resolutions brought before the Meeting were approved by shareholders, including the appointment of Deloitte LLP as auditors and re-approval of the Company's stock option plan.

CORPORATE PRESENTATION

Platino has posted an updated corporate presentation regarding its assets and operations on its website at www.platinoenergy.com.

About Platino Energy Corp.

Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.

Advisory Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "plans", "expects", "estimates", and similar expressions is intended to identify forward-looking information concerning the Company's future operations and performance including, but not limited to: the re-entry of the Coati-1 well; determination of the production potential of Platino's assets; the suspension of exploration activities on the Coati Block pending the Company's environmental license application in respect thereof; future exploration activity and drilling program, including the Block Activity Summary; regulatory applications; future G&A expenses; estimated year-end 2014 cash position.

The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino. Although Platino believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Platino can give no assurance that it will prove to be correct.

The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others: risks that Platino will face unbudgeted expenses or payment obligations that would affect its year-end cash position; the nature of the exploration and development activities on Platino's assets; risks that actual operating and capital costs will be greater than expected; risks as to the ability of the Company's industry partners to satisfy their obligations under their agreements with the Company, as well as other difficulties encountered during the exploration for, delineation, development and production of oil. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on these and other factors that could affect the operations or financial results of Platino are included in the Listing Application (Form 2B) of Platino filed with the TSXV, which has been filed with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Platino undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contacts:
Platino Energy Corp.
In Bogota:
Tomas Villamil
President & Chief Executive Officer
+57 (1) 235-0007

Andres Cuenca
Controller & Interim Chief Financial Officer
+57 (1) 235-0007

In Calgary:
Tyler Rimbey
Vice President, Business Development
+1 (403) 262-6046
www.platinoenergy.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
You know you need the cloud, but you're hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You're looking at private cloud solutions based on hyperconverged infrastructure, but you're concerned with the limits inherent in those technologies. What do you do?
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
Recently, WebRTC has a lot of eyes from market. The use cases of WebRTC are expanding - video chat, online education, online health care etc. Not only for human-to-human communication, but also IoT use cases such as machine to human use cases can be seen recently. One of the typical use-case is remote camera monitoring. With WebRTC, people can have interoperability and flexibility for deploying monitoring service. However, the benefit of WebRTC for IoT is not only its convenience and interopera...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Continuous Delivery makes it possible to exploit findings of cognitive psychology and neuroscience to increase the productivity and happiness of our teams. In his session at 22nd Cloud Expo | DXWorld Expo, Daniel Jones, CTO of EngineerBetter, will answer: How can we improve willpower and decrease technical debt? Is the present bias real? How can we turn it to our advantage? Can you increase a team’s effective IQ? How do DevOps & Product Teams increase empathy, and what impact does empath...
"I focus on what we are calling CAST Highlight, which is our SaaS application portfolio analysis tool. It is an extremely lightweight tool that can integrate with pretty much any build process right now," explained Andrew Siegmund, Application Migration Specialist for CAST, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
As many know, the first generation of Cloud Management Platform (CMP) solutions were designed for managing virtual infrastructure (IaaS) and traditional applications. But that's no longer enough to satisfy evolving and complex business requirements. In his session at 21st Cloud Expo, Scott Davis, Embotics CTO, explored how next-generation CMPs ensure organizations can manage cloud-native and microservice-based application architectures, while also facilitating agile DevOps methodology. He expla...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
DevOps promotes continuous improvement through a culture of collaboration. But in real terms, how do you: Integrate activities across diverse teams and services? Make objective decisions with system-wide visibility? Use feedback loops to enable learning and improvement? With technology insights and real-world examples, in his general session at @DevOpsSummit, at 21st Cloud Expo, Andi Mann, Chief Technology Advocate at Splunk, explored how leading organizations use data-driven DevOps to close th...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...
Sanjeev Sharma Joins June 5-7, 2018 @DevOpsSummit at @Cloud Expo New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.