Prospector
Profile
07.1154
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| Platina Energy Group, Inc. |
NAICS |
211111 |
| 1807 Capital Avenue, Suite 101 I
Cheyenne, WY 82001 |
Description |
Oil Exploration |
| (307) 637-3900 |
Employees |
5 |
| http://www.platinaenergygroup.com/ |
Revenue |
(mil) |
0.0180 |
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Income |
(mil) |
-1.1510 |
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Assets |
(mil) |
0.9990 |
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Liability |
(mil) |
1.1490 |
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(for the year ended 2007-03-31) |
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Category:
Audit Concerns
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Event:
Jonathan P. Reuben CPA raised doubts on the ability of Platina Energy Group, Inc. to continue as a going concern after auditing its financial statements. The auditor notes that the Company has accumulated operating losses since its inception. In addition, the Company has used ongoing working capital in its operations. At March 31, 2007, the Company's liabilities exceeded current assets by approximately $961,000, and the Company has an accumulated deficit of approximately $7,600,000.
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Intellectual Property:
In addition to acquisitions of oil and gas leases, the Company owns rights to a proprietary enhanced oil recovery technology known as the Thermal Pulse Unit (TPU). The TPU incorporates a patented hydraulically driven compressor technology, which creates 350F+ heat and 1,500+psi pressures for utilization in well cleanup, stimulation and production. [SEC Filing 10-KSB 07-13-07]
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Description:
The Company engages in the exploration and development of oil and gas properties.
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Officers:
Blair J. Merriam (Pres., CEO & Dir.); Daniel W. Thornton (VP, Sec. & Dir.)
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Auditor:
Jonathan P. Reuben CPA
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Securities:
Common Stock-Symbol PLTG.OB; OTC BB;
40,185,587 common shares outstanding as of July 9, 2007.
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