Attached files
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| 8-K - PLATINUM ENERGY RESOURCES INC | v209657_8k.htm |
Exhibit
99.1
Platinum
Energy Resources, Inc. Announces the Ruling in the Robert L. Kovar v. Platinum
Energy Resources, Inc. Litigation
Houston,
Texas – February 2, 2011 -- Platinum Energy Resources, Inc. ("Platinum Energy")
(PGRI.PK), today announced that it has received a ruling in Robert L. Kovar v. Platinum
Energy Resources, Inc. Judge Peeples, the presiding judge in
the case, ruled in favor of Platinum Energy denying Mr. Kovar’s claim for breach
of his employment agreement and concluding that Mr. Kovar did not have “good
reason” to terminate his employment with Platinum Energy.
About
Platinum Energy
Platinum,
based in Houston, Texas, is an oil and gas exploration and production company
with approximately 37,000 acres under lease in relatively long-lived fields with
well established production histories and is currently engaged in drilling,
developing and exploiting these properties to provide long-term growth in
stockholder value.
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 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 on the date hereof. The following factors,
among others, could cause actual results to differ from those set forth in the
forward-looking statements: volatility of oil and gas prices, the need to
develop and replace reserves, the substantial capital expenditures required to
fund operations, exploration risks, uncertainties about estimates of reserves,
competition, government regulation, costs and results of drilling new projects,
and mechanical and other inherent risks associated with oil and gas production.;
as well as other relevant risks detailed in Platinum's filings with the
Securities and Exchange Commission. Platinum does not assume any obligation to
update the information contained in this press release.
Contact:
Stephen
Fuerst
Platinum
Energy Resources, Inc.
(281)
649-4500
sfuerst@platenergy.com