Platinum energy resources, Inc. Acquires Maverick Engineering, INC
PLATINUM ENERGY RESOURCES, INC. ACQUIRES MAVERICK ENGINEERING, INC.FOR IMMEDIATE RELEASE:
VICTORIA, TEXAS (MARCH 19, 2008)
Maverick Engineering, Inc. ("Maverick") announced today that it agreed to merge with Platinum Energy. The transaction has been signed and is expected to close in early April. Maverick will become a wholly owned subsidiary of Platinum and will retain the name Maverick Engineering, Inc.
This transaction will provide new opportunities for Maverick to pursue projects of greater scale across a much more diverse geographic area. Platinum is a public company based in New Jersey focused on the energy industry. It has holdings in E&P assets, oilfield service assets and, with the acquisition of Maverick, project management and engineering services. Maverick will continue to aggressively pursue the clients and industry groups it currently serves. Maverick also will use the industry and investor relationships that Platinum has to lever its business into totally new geographic areas and potentially new product lines.
Robert L. Kovar, P.E., the founder and CEO of Maverick, will join Platinum as Chief Operating Officer and continue to serve as Maverick's President. Mr. Kovar's responsibilities will include oversight of all operations, including engineering, drilling, and production. 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."
Platinum Energy Resources, Inc. ("Platinum") (OTCBB: PGRIU) (OTCBB: PGRI) (OTCBB: PGRIW), 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. Additional information on Platinum is available at www.platenergy.com
Maverick Engineering, Inc. (Maverick) is a leading provider of project management, engineering, procurement and construction management services to oil & gas, industrial and infrastructure clients. Additional information on Maverick Engineering, Inc. can be found on the Web at: www.maverickengineering.com
CONTACTS:
Brandi Barthels (361) 576-0180
Email: brandi.barthels@maverickengineering.com