This is very important report. You can also see a message from PLTG CEO:

http://platinagroup.com/2008%2003%20...

There are 4 parts very important here and here they are:

Our field developmental growth has outpaced our financial reporting reflection and it will take several quarters to catch up and provide a clear picture of the results. This includes certain internal milestones that will allow different accounting rules to apply, according to SEC stipulations, once we have changed from a designation as a "developmental" company category to a "production" company category.

First, those who do not properly investigate Platina’s holdings; they simply review our filed financial statements and do not get a clear picture of the Company’s true reserve worth. In terms of both new production coming on line that further validates reserve holdings, and net oil and gas assets as they exist, the Company could argue an appraised share value based on the net recoverable reserves alone in the $3-5 range.

With an aggressive growth campaign for the balance of 2008, we hope to hit several milestones including the potential application to the AMEX and full reporting status on the Frankfurt Exchange. Although management is a relatively lean commodity for Platina as compared to our estimated commodity reserve base, we have local support operations in each active field location. Our Kentucky prospect is now operationally profitable as of February 2008. Tennessee now has four new wells that we have drilled, of which two are producing natural gas at higher levels than forecasted. The other two are currently being completed and expected to be in production over the next couple of months while more wells will be drilled on the field.

Our Young County prospect is undergoing a new 2008 rework program and we are negotiating with another Company for new technology for increasing current production from the existing wells. This field last quarter allowed us to deliver our first meaningful revenues from operations—approximately $50,000.00. Although this is not a large revenue amount, our strategy and business model is to build a reserve based Company as opposed to a cash flow only Company. We believe this business model creates the best shareholder value for the capital invested. There are many examples of Companies that have used this strategy successfully and cashed out by selling reserves for very attractive profits as opposed to lower multiples for oil and gas companies that are solely cash flow driven.

Long and strong on PLTG!!!