Platino Spuds the First Exploration Well on the Coati Block

Source: www.gulfoilandgas.com 6/7/2013, Location: South America

Platino Energy Corp is pleased to announce the spud of its first exploration well on the Coati Block in the Southern Putumayo Basin of Colombia. The planned total depth ("TD") of the well is approximately 10,500 feet with the primary target being the Caballos Formation with secondary targets in the shallower Villeta sandstones. The planned drilling time to reach TD is expected to be approximately 45 days using a 1,500 HP electric top-drive Pioneer rig. Once TD is reached, the Company plans to conduct an extensive test program on multiple zones. It is expected that results from the well will be released in Q3 2013.

According to Dr. Tomas Villamil, President & CEO of Platino, "The Coati-1 well is targeting what we believe to be the largest prospect within the Platino portfolio, and one of the most significant conventional exploration targets in Colombia this year."

Platino currently holds a 100% working interest in the Coati Block with its interest reducing to 80% once its partner, Canacol Energy Ltd., earns a 20% interest pursuant to an amended farm-in agreement announced in May 2013.


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