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
Security, data privacy, reliability, and regulatory compliance are critical factors when evaluating whether to move business applications from in-house, client-hosted environments to a cloud platform. Quality assurance plays a vital role in ensuring that the appropriate level of risk assessment, verification, and validation takes place to ensure business continuity during the migration to a new cloud platform.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
UpGuard has become a member of the Center for Internet Security (CIS), and will continue to help businesses expand visibility into their cyber risk by providing hardening benchmarks to all customers. By incorporating these benchmarks, UpGuard's CSTAR solution builds on its lead in providing the most complete assessment of both internal and external cyber risk. CIS benchmarks are a widely accepted set of hardening guidelines that have been publicly available for years. Numerous solutions exist t...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"Software-defined storage is a big problem in this industry because so many people have different definitions as they see fit to use it," stated Peter McCallum, VP of Datacenter Solutions at FalconStor Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
"We're bringing out a new application monitoring system to the DevOps space. It manages large enterprise applications that are distributed throughout a node in many enterprises and we manage them as one collective," explained Kevin Barnes, President of eCube Systems, in this SYS-CON.tv interview at DevOps at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...