CALGARY, ALBERTA--(Marketwired - Aug. 1, 2013) - Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE:PZE) is pleased to announce that it has entered into an agreement with Parex Resources Inc. ("Parex") in relation to the Company's Morpho Block located in the Middle Magdalena Valley Basin of Colombia, whereby Platino will assign (subject to ANH approval) its 50% working interest in the Morpho Block⁽¹⁾ to Parex in return for a 4% net profit interest royalty in the Morpho Block.

Tomas Villamil, President & Chief Executive Officer of Platino said, "I am pleased with this transaction for Platino shareholders. The Morpho Block is not a traditional play type and does not currently fit into Platino's exploration portfolio or capital program. This transaction sees Platino paying no future capital, while allowing the Company to participate in any material upside through a royalty structure." Dr. Villamil said further, "We had budgeted approximately US$8 million in capital for the Morpho Block this year and next, which can now be allocated toward more near-term, traditional light oil opportunities which Platino is currently pursuing."

Coati-1 Update

As previously announced, the Coati-1 exploration well on the Coati Block in the Southern Putumayo Basin of Colombia has been successfully drilled to a planned total depth of approximately 10,800 feet. The Company has subsequently cased the well through to the bottom of the target Caballos formation and commenced a comprehensive testing program which is planned to include multiple formations and continue for several weeks. As previously announced, the Company plans to release preliminary well results at the end of the program, which is scheduled to conclude in August, 2013.

Platino currently holds a 100% working interest in the Coati Block⁽²⁾ with its interest reducing to 80% once its partner, Canacol Energy Ltd. ("Canacol"), earns a 20% interest pursuant to agreed farm-in terms.

⁽¹⁾ Platino's interest in the Morpho Block is a result of the spin-off of certain exploration assets formerly belonging to C&C Energia Ltd. to Platino, which is being reviewed by the ANH. 

⁽²⁾ Platino's interest in the Coati Block is a result of the spin-off of certain exploration assets formerly belonging to C&C Energia Ltd. to Platino. Platino is pursuing regulatory approval to be recognized as operator of record of the Coati Block.

About Platino Energy

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

For further information please refer to Platino's website at www.platinoenergy.com.

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" and similar expressions is intended to identify forward-looking information concerning the Company's future operations and performance, including the completion of the transaction with Parex in respect of the Morpho Block; the drilling plans for the Coati-1 well and the timing thereof; the operatorship of the Coati Block; the terms of the farm-in agreement with Canacol; and exploration plans for the Company's Coati Block.

The forward-looking information in this news release is based on certain key expectations and assumptions made by Platino, including assumptions as to: the timing and progress of work relating to Platino's Coati-1 well and the Coati Block; Platino's geological and engineering estimates; taxes; the geography of the areas in which Platino will conduct exploration and development activities; the ability to complete the transaction with Parex and the receipt of ANH approval in respect of the transaction with Parex; the sufficiency of budgeted capital expenditures in carrying out planned activities; the accuracy of testing results and seismic data; the receipt of regulatory approval for the transfer of operatorship of the Coati Block; and the accuracy of resource estimates and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions. 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: the inability to secure necessary regulatory or other third party approvals; the nature of the exploration and development activities on Platino's assets; and 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.

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