Platino Energy Corp. Announces A Transaction on the Morpho Block and an Update on Coati-1 Testing

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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Platino Energy Corp. - Bogota
Tomas Villamil
President & Chief Executive Officer
[phone]


Platino Energy Corp. - Calgary
Tyler Rimbey
Vice President, Business Development
[phone]
www.platinoenergy.com