CALGARY, ALBERTA--(Marketwired - May 14, 2014) - Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE:PZE) announces a number of items, including a corporate operations, financial and strategic update, first quarter financial results, annual general meeting results, and an updated corporate presentation.

OPERATIONAL AND FINANCIAL UPDATE

Coati Block

The Company recently received approval for a long-term test of the Coati-1 well and is currently preparing a test program to be initiated in the second quarter of 2014. The planned test will involve a re-entry of the Coati-1 well utilizing rented facilities and a jet-pump with a slick-line unit, targeting production of the U Sandstone. The Coati-1 well originally encountered 10 feet gross/8 feet net of pay (13% porosity) in the U Sandstone and tested 141 barrels of oil per day of 27° API oil over a 19 hour period. The reservoir is not pressure depleted and produced minimal water. The planned U Sandstone re-entry will assist management in determining whether commercial quantities of oil can be produced from the reservoir and will satisfy Agencia Nacional de Hidrocarburos ("ANH") requirements to retain the Coati-1 evaluation area, which must be completed by the end of June 2014. The capital investment for the U Sandstone re-entry is expected to be minimal.

The Company has applied for a global block environmental license on the Coati block. All new exploration activities will be suspended until the application process is completed, which is expected to be in the third quarter of 2015.

Putumayo-8 Block

Expected exploration activity in 2014 on the Putumayo-8 block has been delayed due to issues related to community negotiations and the environmental licensing process. As a result of these delays, Platino and its partner do not expect to begin civil works on the first Putumayo-8 exploration well until late in 2015. In addition, the partners are evaluating the potential to convert the remaining 112 km2 seismic commitment to the ANH in respect of the block to an additional exploration well to be drilled in 2016.

Block Activity Summary

BlockWorking InterestActivityExpected Timing
Coati 100%(1) Coati-1 re-entry to produce U-sand Q2 2014
Environmental license process Q2 2014 to Q3 2015
Drill Nasua exploration well Q4 2015
Putumayo-8 50% Environmental license process Q2 2014 to Q3 2015
Drill first exploration well Q4 2015
Andaquies 100% Evaluating further exploration plans As early as Q3 2014
(1) Working interest will be reduced to 80% upon Canacol Energy Ltd. ("Canacol") earning-in in accordance with farm-in agreement

General & Administrative Expenses

Platino has significantly reduced general and administrative ("G&A") expenses to match the current level of operations to ensure that the Company preserves cash balances for use in potential asset purchases, farm-ins or other transactions. Management estimates full year 2014 G&A to be between US$3 million and US$4 million, with a go-forward annualized run-rate of approximately US$2.5 million.

2014 Full Year Budget & Change in Cash

ItemUS$ MM
Dec 31, 2013 Cash & Short Term Investments $54.7
Lower SpendHigher Spend
Capital Expenditures ($3.5) ($5.0)
G&A Expenses ($3.0) ($4.0)
Estimated Dec 31, 2014 Cash & ST Investments$48.2$45.7

The estimated year-end 2014 cash position equates to C$0.69 to C$0.77(2) per basic share in cash.

STRATEGIC FOCUS

The Company has continued to pursue transactions with the goal of generating near-term catalysts and management is focused on three key areas:

  1. Utilizing Platino's strong financial position.
    • March 31, 2014 cash and short-term investments of US$53 MM (~C$0.84(2) per basic share)
    • No debt
    • Low ANH commitments
    • Reduced annualized G&A run rate of ~$2.5 MM
  2. Maintaining the ability to act quickly on strategic opportunities.
  3. Developing a prospective long-term portfolio.
    • Three Putumayo blocks with high working interests
    • Past production of oil at Coati with well re-entry expected in the second quarter of 2014
    • Minimal required capital spend in 2014
(2) CAD/USD exchange rate of 1.1055 as at March 31, 2014

SUMMARY OF FIRST QUARTER FINANCIAL RESULTS

The Company's unaudited consolidated financial results for the quarter ended March 31, 2014, together with management's discussion and analysis in respect thereof are available on the Company's website at www.platinoenergy.com and under the Company's SEDAR profile at www.sedar.com.

SELECTED FINANCIAL INFORMATION
(US$000s, except shares and data per share)Three Months Ended
March 31, 2014		Three Months Ended
March 31, 2013
Net Loss (1,523 ) (1,235 )
Basic and diluted net loss per share ($0.02 ) ($0.02 )
Weighted average shares outstanding - Basic and Diluted 69,492,164 67,942,164
Expenditures on E&E Assets 449 1,991
As at (US$000s):March 31, 2014December 31, 2013
Cash and equivalents, and short term investments 52,975 54,659
Working capital surplus 51,592 53,564
Long-term debt - -
Total assets 111,178 112,302
Common shares 69,492,164 69,492,164

ANNUAL GENERAL MEETING VOTING RESULTS

At the annual general meeting of shareholders of the Company, which took place in Calgary, Alberta on May 14, 2014, all of the nominees proposed as directors and listed in the Company's information circular dated April 11, 2014, were elected as directors of the Company.

All other resolutions brought before the Meeting were approved by shareholders, including the appointment of Deloitte LLP as auditors and re-approval of the Company's stock option plan.

CORPORATE PRESENTATION

Platino has posted an updated corporate presentation regarding its assets and operations on its website at www.platinoenergy.com.

About Platino Energy Corp.

Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.

Advisory Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable securities laws. The use of any of the words "will", "plans", "expects", "estimates", and similar expressions is intended to identify forward-looking information concerning the Company's future operations and performance including, but not limited to: the re-entry of the Coati-1 well; determination of the production potential of Platino's assets; the suspension of exploration activities on the Coati Block pending the Company's environmental license application in respect thereof; future exploration activity and drilling program, including the Block Activity Summary; regulatory applications; future G&A expenses; estimated year-end 2014 cash position.

The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino. Although Platino believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Platino can give no assurance that it will prove to be correct.

The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors which may cause actual results to differ materially from those expressed or implied in the forward-looking information. Such risks, uncertainties and factors include, among others: risks that Platino will face unbudgeted expenses or payment obligations that would affect its year-end cash position; the nature of the exploration and development activities on Platino's assets; risks that actual operating and capital costs will be greater than expected; risks as to the ability of the Company's industry partners to satisfy their obligations under their agreements with the Company, as well as other difficulties encountered during the exploration for, delineation, development and production of oil. As a result of the foregoing, readers should not place undue reliance on the forward-looking information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive.

Additional information on these and other factors that could affect the operations or financial results of Platino are included in the Listing Application (Form 2B) of Platino filed with the TSXV, which has been filed with applicable securities regulatory authorities and may be accessed through the SEDAR website www.sedar.com. The forward-looking information contained in this news release is made as of the date hereof and Platino undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.