Contact Information: For More Information Contact: Thomas Rozycki CJP Communications for Platinum Energy Resources, Inc. Public & Investor Relations 212-279-3115 x208 trozycki@cjpcom.com
Platinum Energy Resources, Inc. to Acquire Maverick Engineering
Will Add Robert Kovar as Chief Operating Officer
| Source: Platinum Energy
NEW YORK, NY--(Marketwire - March 18, 2008) - Platinum Energy Resources, Inc. ("Platinum")
(OTCBB : PGRIU ) (OTCBB : PGRI ) (OTCBB : PGRIW ) announced today that it agreed
to acquire Maverick Engineering, Inc. ("Maverick") for $11 million, with $6
million paid at closing and the remaining $5 million to be paid over the
next 6 years the timing of which is contingent upon performance. The
acquisition is expected to close in early April.
Established in 1993, Maverick has grown into a full-service engineering
service company with a team of over 250 employees including a staff of 70
engineers, consultants, surveyors, scientists and planners. Maverick is a
leading provider of project management, engineering, procurement, and
construction management services to both the public and private sectors.
Maverick is based in South Texas with offices in Corpus Christi, Victoria
and Houston. Platinum's corporate headquarters will be moved to Maverick's
Houston office.
Maverick's organization is divided into four operational units: Oil & Gas,
Industrial, Infrastructure and Surveying. Maverick offers cost effective
solutions to a wide range of engineering challenges, providing industrial,
commercial and public sector clients with responsive, practical and
economical strategies for completing projects on time and on budget.
Services include consulting, project management, engineering, procurement,
and construction management.
Robert Kovar, the founder and CEO of Maverick, will join Platinum as Chief
Operating Officer. Mr. Kovar's responsibilities will include oversight of
all operations, including engineering, drilling, and production. Mr. Kovar
has extensive experience in managing drilling and development programs,
midstream operations, compression, gas storage and optimization of mature
fields. He has over 20 years of experience, including field management
positions with the former Mobil Oil Corporation and running oil field
services and engineering companies.
Commenting on his role with Platinum, Mr. Kovar stated, "I am enthusiastic
about working with the Platinum management team to build a first class
energy company with a focus on growing production and cutting costs. I
intend to draw on Maverick's leadership team as well as outside resources
to build a world-class organization."
"We are very pleased to bring Mr. Kovar on board," said Barry Kostiner, CEO
of Platinum. "We have already begun the review and implementation of our
drilling and development program and have set our goal to reach a net
production of 2,000 boe per day by the end of 2008."
"Mr. Kovar and the Maverick management team will bring a wealth of
operating knowledge and industry experience to Platinum and its underlying
assets," stated Tim G. Culp, Chairman of Platinum. "We believe Mr. Kovar
and his team will compliment Platinum's existing management team in taking
the company to the next level."
Additional information on Maverick is available at
www.maverickengineering.com
About Platinum Energy
Platinum Energy, based in Montvale, New Jersey, is an oil and gas
exploration and production corporation that completed its first
acquisition, Tandem Energy, on October 26, 2007. Platinum Energy is seeking
to build a portfolio of assets using multiple acquisitions subsequent to
its first. Platinum Energy's strategy calls for the use of hedge financing
to maximize profit and reduce risk resulting from volatile energy markets.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning
of the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. In some cases, forward-looking statements can be identified by
words such as "believe," "expect," "anticipate," "plan," "potential,"
"continue," "intend" or similar expressions. Forward-looking statements
also include the assumptions underlying or relating to any of the foregoing
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expectations and beliefs and are subject to a number of factors and
uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. The forward-looking
statements contained in this press release may include statements about
future financial and operating results. These statements are not guarantees
of future performance, involve certain risks, uncertainties and assumptions
that are difficult to predict, and are based upon assumptions as to future
events that may not prove accurate. Therefore, actual outcomes and results
may differ materially from what is expressed herein. In any forward-looking
statement in which Platinum Energy expresses an expectation or belief as to
future results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis, but there can be no assurance that the
statement or expectation or belief will result or be achieved or
accomplished. All forward-looking statements included in this press release
are based on information available to Platinum Energy on the date hereof.
The following factors, among others, could cause actual results to differ
from those set forth in the forward-looking statements: business conditions
in the U.S. and abroad; changing interpretations of generally accepted
accounting principles; outcomes of government reviews; inquiries and
investigations and related litigation; continued compliance with government
regulations; legislation or regulatory environments, requirements or
changes adversely affecting the businesses in which Platinum Energy is
engaged; fluctuations in oil and gas prices and in customer demand;
management of rapid growth; intensity of competition; general economic
conditions; as well as other relevant risks detailed in Platinum Energy's
filings with the Securities and Exchange Commission. Platinum Energy does
not assume any obligation to update the information contained in this press
release.