Platinum
Energy Resources, Inc. to Acquire Maverick Engineering
Will Add Robert Kovar as Chief Operating Officer
Tuesday, March 18, 2008 -- NEW YORK, NY--(MARKET WIRE) -- Platinum Energy
Resources, Inc. ("Platinum") (OTC BB:PGRIU.OB - News)
(OTC BB:PGRI.OB - News)
(OTC BB:PGRIW.OB - News)
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
statements. Such forward-looking statements are based upon current 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.
Contact:
For More Information Contact:
Thomas Rozycki
CJP Communications for
Platinum Energy Resources, Inc.
Public & Investor Relations
212-279-3115 x208
trozycki@cjpcom.com