Platina Energy Group reports filing for reorganization. The Company believes this course of action, under the auspices of Chapter 11, will provide for the creation of a comprehensive creditor plan.

The Company plans to work with its creditors under acceptable terms to serve the highest and best purposes for all involved. Stock market deterioration along with a sharp drop in commodity pricing has created the need for such a strategic plan.

According to Blair Merriam, President of Platina, "I am convinced that we have considerable reserve assets and that a decisive plan will allow for the profitable recovery of underlying hydrocarbons in our key fields."

The Company produces hydrocarbons on several fields, but not in sufficient quantities to service its obligations. Management anticipates emerging from Chapter 11 promptly.

Tags: Platina Energy Group