PLATINUM ENERGY
RESOURCES, INC.
ANNOUNCES RECORD
DATE FOR STOCKHOLDER VOTE
Company extends merger
agreement to August 31, 2006
NEW YORK (July 6, 2006) — Platinum Energy Resources, Inc. (“Platinum
Energy”) (OTCBB: PGRIU.OB, PGRI.OB, PGRIW.OB), announced today it has amended
its merger agreement with Tandem Energy Holdings, Inc., relating to its
previously announced merger with Tandem to extend the date by which the closing
of the agreement must occur to August 31, 2006.
Platinum Energy also
announced today that it has established a record date for a special meeting of
its stockholders to vote on, among other things, a proposal to approve the
previously announced merger with Tandem. Platinum stockholders of record at the
close of business on Friday, July 21, 2006, will be entitled to notice of, and
to vote at, the special meeting. We currently anticipate that the special
meeting will be held on Tuesday, August 29, 2006.
Platinum Energy, a special purpose acquisition corporation focused
on the energy industry, previously announced that it had entered into a
definitive merger agreement to acquire Tandem Energy Holdings, Inc., an independent oil and gas
exploration and production company headquartered in
For additional information, including links to a Web cast of the
Company's IPAA presentation from April 10, 2006, as well as the revised
preliminary proxy statement, please visit the Platinum Energy Resources web
site at http://www.platenergy.com/.
About Platinum Energy
On
January 26, 2006, Platinum Energy (OTC BB: PGRI, PGRIW, PGRIU) announced that
it had entered into a merger agreement to acquire Tandem Energy Holdings, Inc.
Tandem is an independent oil and gas exploration and production company
headquartered in Midland, Texas.
Platinum has filed with the Securities and Exchange Commission a
revised Preliminary Proxy Statement seeking approval of its stockholders of, among
other things, its previously announced proposed merger with Tandem Energy
Holdings, Inc. ("Tandem").
Platinum Energy
Resources, based in
Platinum Energy was
incorporated in April 2005 to acquire an operating business in the energy
industry. Platinum Energy completed its initial public offering on October 24,
2005, receiving net proceeds of approximately $106 million through the sale of
14.4 million units of its securities at $8.00 per unit. Each unit is comprised
of one share of Platinum Energy common stock and one redeemable and convertible
common stock purchase warrant with an exercise price of $6.00. Platinum Energy
holds over $105 million in a trust account maintained by an independent
trustee, which will be released to Platinum upon the closing of the merger
(less any amounts returned to Platinum Energy stockholders who elect to convert
their shares to cash in accordance with Platinum Energy's charter).
Forward-Looking
Statements
This press release
contains forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, about Platinum Energy, Tandem and
their combined business after completion of the proposed merger.
Forward-looking statements are statements that are not historical facts. Such
forward-looking statements, based upon the current beliefs and expectations of
Platinum Energy's and Tandem's management, are subject to risks and
uncertainties, which could cause actual results to differ from the
forward-looking statements. 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 Tandem 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. The information regarding
Tandem contained in this press release has been provided by Tandem. Further,
the information set forth herein should be read in light of such risks. Neither
Platinum Energy nor Tandem assumes any obligation to update the information
contained in this press release.
Additional Information
Platinum Energy
stockholders are urged to read the proxy statement regarding the proposed
transaction because it contains important information. Copies of filings by
Platinum Energy, which will contain information about Platinum Energy and
Tandem, will be available without charge, when filed, at the Securities and
Exchange Commission's internet site (http://www.sec.gov/),
and, when filed, will be available from Platinum Energy, without charge, by
directing a request to Platinum Energy Resources, Inc.,
The respective directors
and executive officers of Platinum Energy and other persons may be deemed to be
participants in the solicitation of proxies in respect of the proposed merger.
Information regarding Platinum Energy's directors and executive officers is
available in the revised Preliminary Proxy Statement filed with the Securities
and Exchange Commission on June 5, 2006. Other information regarding the
participants in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, will be contained in
other relevant materials to be filed with the Securities and Exchange
Commission when they become available.
For more information contact: Alan Katz, CJP Communications for Platinum Energy Resources, Inc. Public & Investor Relations 212-279-3115 x211 alan@cjpcom.com
Source: Platinum
Energy Resources, Inc.