|By Marketwired .||
|April 17, 2013 07:00 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 04/17/13 -- Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE: PZE) is pleased to provide an update on its operations, announce the results of its independent year-end reserves evaluation, and confirm the filing of its audited annual financial statements and management's discussion and analysis ("MD&A") for the year ended December 31, 2012.
As a result of the Company's formation in connection with the acquisition of C&C Energia Ltd. ("C&C") by Pacific Rubiales Energy Corp. ("Pacific Rubiales"), which closed on December 31, 2012, the Company did not conduct independent operations during the period of January 1, 2012 to December 31, 2012. The audited annual 2012 financial statements, MD&A, and information and reports regarding the Company's reserves data and other oil and gas information, as required under National Instrument 51- 101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") relate to the business acquired by Platino from C&C prior to the spin-off related to the acquisition of C&C by Pacific Rubiales, and will be available on SEDAR at www.sedar.com.
(All amounts are in United States ("U.S.") dollars, unless otherwise stated and all tabular amounts are in thousands of U.S. dollars, except share amounts or as otherwise noted).
Coati Block - 100% Working Interest (1)
Platino is pleased to announce significant progress and provide a timing update on the Coati-1 exploration well on the Coati block. In late 2012, the Company received required environmental permits necessary to commence civil works and drilling on the block, including upgrading of roads and bridges, and construction of the drilling location.
Civil works on the block are progressing on schedule. To date all 5 bridges have been upgraded completing all necessary bridge work. The Company expects to complete the remainder of required road maintenance and drilling location construction in the next two months. Civil works on the approximate 16 km of road is 30% complete and 10% complete on the well site pad.
The current anticipated spud date is late June 2013. Platino plans to drill to basement at approximately 10,500 feet, with the Caballos Formation as the main target and the Villeta T, U and N sands as secondary targets. Platino expects that the well will take 45 days to reach total depth, and once total depth is reached, the company will commence an extensive testing program with results anticipated in Q3 2013. "We are pleased with the continuing progress of the Coati-1 civil works and drilling preparations", said Tomas Villamil, President and Chief Executive Officer of the Company. "Our management team has viewed Coati-1 as a high quality prospect since it was part of C&C's portfolio, however permitting issues prevented it from being drilled. With these issues resolved, we are excited to finally test the significant exploration potential of the Coati block."
Putumayo-8 Block - 50% Working Interest
The Company and its partner Vetra Exploration and Production Colombia S.A. ("Vetra") continue to work with the results of the seismic acquired in late 2012 to select the first exploratory drill location on the block. The Company and Vetra have identified several prospects on the northeastern portion of the block and will likely target a 3-way closure against a fault identified through 3D seismic as its first location. The T, U, and N Villeta sandstones will be the primary targets, similar to the discoveries on the Platanillo field 3 km to the east. Platino and Vetra are working through the environmental permitting process prior to commencing civil works on the first drilling location. Platino anticipates these permits will be obtained before the end of 2013 allowing for a late 2013 or early 2014 spud date for the first exploratory well.
Platino and Vetra are jointly planning an additional seismic survey targeting several geological features identified on the south west of the block adjacent to the Cohembi field located within the Suroriente block. The additional seismic program, in addition to the previously mentioned exploration well, will satisfy the remaining work commitments on the Putumayo-8 block. Platino and Vetra plan to complete the seismic program ahead of the current work phase expiration in May 2014.
Morpho Block - 50% Working Interest
The Company and its partner Parex Resources Inc. are currently evaluating development plans for the Morpho block.
Andaquies Block - 64% Working Interest
The focus for the Andaquies block for 2013 is re-processing existing seismic data and performing further analysis of the test data gathered from the two wells drilled on the block in 2012. The ANH commitments on the block were satisfied with the drilling of the two wells in 2012.
In connection with the reorganization transactions involving C&C, Platino and their respective subsidiaries, Platino was initially capitalized with approximately $88.5 million in cash, subject to reimbursement of certain reorganization related costs and working capital adjustments. As of the date of this press release, the Company had reimbursed expenses for approximately $10.2 million, including financial advisory, legal, engineering, audit and other related costs and expenses attributable to Platino.
Platino has received a report from its independent reserves evaluators, Lonquist & Co. LLC ("Lonquist"), effective December 31, 2012, evaluating the oil reserves of the Company's Morpho block in Colombia. The report indicates that the Company has a total of 12,500 barrels of Proved Oil Reserves(2) and nil Probable Oil Reserves (3) from one non-producing well on the Morpho block. The total before tax net present value of future net revenues associated with the reserves, discounted at 10%, is $178,000. Lonquist's report did not include an evaluation of the Company's drilling prospects on exploration acreage. All reserve estimates stated herein are derived from Lonquist's evaluation. For further information and reports regarding the Company's reserves data and other oil and gas information, as required under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51- 101"), please refer to the Company's profile on SEDAR at www.sedar.com.
PRIVATE PLACEMENT OF COMMON SHARES
Platino's board of directors has authorized a non-brokered offering (the "Offering") of up to 550,000 common shares of the Company at an issue price of Cdn$1.20 per share, for aggregate proceeds of up to Cdn$660,000. The Company expects that employees, officers and directors of the Company will subscribe for a portion of the common shares to be issued in the Offering. The Offering is subject to regulatory approval including the approval of the TSX Venture Exchange, and is expected to close before the end of April 2013. The Company plans to use the proceeds of the Offering to assist in financing its exploration program and for general working capital purposes.
Platino also announces that pursuant to the provisions of its stock option plan, it has granted an aggregate of 615,000 options to certain officers and new employees of the Company. The options have an exercise price of $1.40 per share. The options granted vest as to one third on the first anniversary of the date of grant, one third on the second anniversary of the date of grant and the balance on the third anniversary of the date of grant. The options will expire on April 16, 2018. All stock option grants of Platino are subject to the receipt of the necessary regulatory approvals.
ABOUT PLATINO ENERGY
Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.
1) Working interest will be reduced to 60% upon Canacol Energy Ltd. earning-in in accordance with Farm-in Agreement.
2) Proved Oil Reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining volumes recovered will exceed the estimated Proved Oil Reserves.
3) Probable Oil Reserves are those additional reserves that are less certain to be recovered than Proved Oil Reserves. It is equally likely that the actual remaining volumes recovered will be greater or less than the sum of the estimated Proved plus Probable Oil Reserves.
ADVISORIES REGARDING OIL RESERVES ESTIMATES
Estimated values of future net revenues do not represent fair market value. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties due to the effects of aggregation.
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", "intends" and similar expressions is intended to identify forward-looking information concerning the Company's operational and drilling plans at its Coati-1 exploration well, including with respect to the completion of civil works thereon; exploration plans for the Company's other exploration blocks; and the Company's plan to complete a private placement of common shares.
The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino, including assumptions as to: the submission, in a timely manner, of regulatory and third party applications; the receipt in a timely manner, of regulatory and third party approvals; the timing and progress of work relating to Platino's assets; Platino's geological and engineering estimates; future production levels; the regulatory framework with respect to royalties, taxes, environmental matters, resource recovery and securities matters in the jurisdiction in which Platino will conduct its business; the geography of the areas in which Platino will conduct exploration and development activities; the sufficiency of budgeted capital expenditures in carrying out planned activities; the accuracy of testing results and seismic data; and the accuracy of resource estimates and the general continuance of current or, where applicable, assumed operational, regulatory and industry condition. 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: the inability to secure necessary regulatory or other third party approvals; the early stage of development of Platino and its assets and the nature of the exploration and development activities on such assets; 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 TSX-V, 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
Platino Energy Corp.
Vice President, Business Development
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
Dec. 22, 2014 11:00 AM EST Reads: 3,044
The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
Dec. 22, 2014 11:00 AM EST Reads: 2,242
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Dec. 21, 2014 02:00 PM EST Reads: 3,181
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 21, 2014 01:00 PM EST Reads: 2,671
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
Dec. 21, 2014 11:30 AM EST Reads: 3,201
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
Dec. 21, 2014 10:00 AM EST Reads: 2,803
ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ -- IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...
Dec. 21, 2014 06:15 AM EST Reads: 3,342
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 20, 2014 08:00 AM EST Reads: 2,370
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Dec. 18, 2014 09:45 PM EST Reads: 2,122
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 18, 2014 09:00 AM EST Reads: 2,439
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
Dec. 18, 2014 06:00 AM EST Reads: 1,456
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
Dec. 17, 2014 11:15 PM EST Reads: 2,367
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 11:00 PM EST Reads: 2,366
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 17, 2014 08:00 PM EST Reads: 2,335
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Dec. 17, 2014 06:30 PM EST Reads: 2,340
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
Dec. 17, 2014 11:45 AM EST Reads: 2,421
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Dec. 16, 2014 11:45 PM EST Reads: 2,327
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
Dec. 15, 2014 11:45 PM EST Reads: 2,726
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 15, 2014 10:30 AM EST Reads: 8,279
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
Dec. 15, 2014 10:00 AM EST Reads: 3,385