OTC News Archive
Platina Energy Group, Inc. acquires Enhanced Oil Recovery, Inc. from UTEK Corporation
April 4, 2008
UTEK Corporation, a leading Open Innovation services company, and Platina Energy Group, Inc., an exploration and production strategic reserve company, are pleased to announce that Platina has acquired Enhanced Oil Recovery, Inc., a wholly owned subsidiary of UTEK, in a stock transaction.
The technology transferred includes an exclusive worldwide license acquired from The University of Texas at Austin for a technology that utilizes a combination of an electrical submersible pump and a jet pump to separate liquid and gas streams. The potential benefit of this system is that it enables a submersible pump and a jet pump to be used in combination in a high gas-to-liquid ratio oil well without installing a gas vent line.
“Platina is pleased to be working with UTEK to develop our proprietary technology position,” said Blair Merriam, Chief Executive Officer at Platina. “The company plans to install the licensed product in some of its production wells and sell the product to third parties.”
“We are very enthusiastic about working with Platina as they help to develop and commercialize our technology,” said Max Green, Licensing Specialist, Office of Technology Commercialization at The University of Texas at Austin.
“UTEK is pleased to consummate this technology transfer with Platina,” said Joel Edelson, Vice President of Technology Licensing at UTEK Corporation.
About The University of Texas at Austin
The Office of Technology Commercialization (OTC) at The University of Texas at Austin is a bridge between the research community at the University and commercialization partners, ensuring a smooth and fast transfer of intellectual property created at the university. The University of Texas has been a highly prolific research institution for years. OTC’s primary goal is to stay on the cutting edge of technology by carefully assessing and effectively commercializing the university’s Intellectual Property. For more information about The University of Texas at Austin, visit its website at www.otc.utexas.edu.
About Platina Energy Group, Inc.
Platina Energy is an environmentally responsible, E&P strategic reserve company. Since organization in 2005, it has acquired proven producing and proven non-producing reserves in addition to other possible reserves. The Company continues to be aggressive in acquiring new and existing producing fields. For more information about Platina, please visit its website at www.platinaenergygroup.com.
About UTEK Corporation
UTEK® is a leading Open Innovation services company. UTEK’s services enable clients to become stronger innovators, rapidly source externally developed technologies and create value from their intellectual property. UTEK is a business development company with operations in the United States, United Kingdom, and Israel. For more information about UTEK, please visit its website at www.utekcorp.com.