Platina Energy Group, Dallas, (OTCBB: PLTG) has filed for Chapter 11 bankruptcy in the Southern District of Texas.

Platina operates in Texas, Oklahoma, Tennessee, Kentucky and Wyoming. As of March 31, the company owned interests in approximately 8,600 gross acres, as well as working interests in 73 gross wells. It had estimated net proved reserves of 2.9 million barrels of oil and 21.6 billion cubic feet of gas. The company, formerly known as Windom Inc., was incorporated in 1988.

In an online letter to shareholders dated Nov. 20, president and chief executive Blair Merriman said, “These are obviously trying times for anyone involved in the capital markets.  The last year has seen wealth significantly eroded due to decrease in equity values in the public markets.  Platina has partly been a victim of these circumstances, although to no surprise of mine.”

Merriman said the bulk of his net worth and liquid cash is invested in the company, and “I will continue to do what is necessary to support the company and its efforts in any way that I can to the best of my ability.”

He said the company has fallen short of financial commitments due to delays in bringing on production.

“Our current target is to focus on the productivity of the wells that we have drilled in Kentucky, Tennessee and Young County, and secondarily to focus on the wells in Wyoming and Oklahoma. The drilling of the wells in Kentucky resulted in much excitement, but later presented new challenges causing us to have to change our strategy for finishing them. These recent events are not uncommon for the oil and gas industry, and we already have a strategy in place to resolve the issues at hand. However, this takes access to resources that we continue to pursue and target for field development success.”

He adds, “I’m optimistic that we are very close to having the needed formula to harness all of the hydrocarbons that our engineers have validated over the past year or more held in our leases. We are still very much alive and have a viable opportunity to grow out of these pains but we need tenacity, a good plan and dedicated shareholders…to prevail.”