Platino Energy Corp. Announces Agreement to Increase Working Interest in the Coati and Andaquies Blocks and Release of First ...

Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE:PZE) is pleased
to provide an update on its operations, including an increase in its working
interest in two of its exploration properties. The Company also provides a
financial update as at the period ended March 31, 2013 and confirms the filing
of its financial statements and management's discussion and analysis ("MD&A")
for the three months ended March 31, 2013.


OPERATIONAL UPDATE

Coati Block - 100% Working Interest(1)

Platino has agreed with its partner, Canacol Energy Ltd. ("Canacol"), to amend
the terms of the existing farm-out agreement on the Company's Coati block,
located in the Putumayo basin of Colombia. Under the previous agreement, Canacol
would have earned a 40% working interest in return for paying 80% of the costs
of one exploration well plus an additional amount for seismic. Under the revised
agreement, the terms of the arrangement have been reduced by half, resulting in
Platino retaining an 80% working interest in the block and Canacol's
participation being reduced by half to 20% working interest in return for paying
40% of one exploration well plus an additional amount for seismic. 


The Company continues to make good progress on civil works for the Coati-1
exploration well. Bridge construction is complete, construction of 16 km of
roads is 55% complete and construction of the well site pad is 45% complete. Rig
mobilization to the drill site has begun as of this week. Platino expects to
spud the Coati-1 well in June 2013, as previously announced. 


"We are pleased to have reached satisfactory agreement on revised farm-out terms
with our partner," said Dr. Tomas Villamil, President and CEO of the Company.
"Coati is the largest potential prospect in the Company's portfolio, a block we
have been looking forward to drilling for several years, so we are happy to
re-acquire an increased participation in the block." Dr. Villamil adds "the
entire Platino team is focused on preparations for an anticipated June 2013 spud
date for the Coati-1 exploration well." The well will target the Caballos
formation at a total depth of approximately 10,500 feet. Results from the well
are anticipated in Q3 following an extensive planned testing program.




(1) Working interest will be reduced to 80% upon Canacol earning-in in      
    accordance with the farm-in agreement.                                  



Andaquies Block - 100% Working Interest

In connection with the amendment to the Coati block farm-out agreement between
Canacol and Platino, Canacol has also agreed to transfer to Platino its 36%
working interest in the Andaquies block, located in the Putumayo basin of
Colombia. As a result of the transfer, Platino's working interest increases from
64% to 100%.


The Company plans to shoot a 3D seismic survey around the previously drilled
Tardigrado-1 well drilled in 2012 by C&C Energia Ltd. and Canacol. Management
believes the partners may have missed the original reservoir target as a result
of drilling based only on 2D seismic data. Additionally, there are several other
features on the block the Company plans to study. Platino intends to seek out a
new partner for the block prior to carrying out any further exploration
activity. All required ANH commitment spending has been completed on the block,
allowing the Company until August 2016 to plan and execute a seismic survey and
any potential future drills.


FIRST QUARTER FINANCIAL RESULTS



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SELECTED FINANCIAL INFORMATION                                              
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(US$000s, except shares and data per share)    Quarter Ended March 31, 2013 
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Net Loss                                                             (1,235)
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Net Loss per Share                                                   ($0.02)
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Exploration Expenditures                                              1,991 
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                                                    March 31,   December 31,
As at,                                                   2013           2012
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Cash                                                   77,639         89,518
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Working capital surplus                                76,636         79,268
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Long-term debt                                              -              -
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Total assets                                          132,719        141,574
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Common shares                                      67,942,164     67,942,164
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Weighted average shares outstanding - Basic and                             
 Diluted                                           68,064,033     67,942,164
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The Company's financial statements and MD&A will be available on the Company's
website and at www.sedar.com.


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.


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", "intends" and
similar expressions is intended to identify forward-looking information
concerning the Company's future operations and performance, including its
drilling plans for the Coati-1 exploration well and exploration plans for the
Company's Andaquies 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
submission, in a timely manner, of regulatory and third party applications; the
receipt in a timely manner, of regulatory and third party approvals; the timing
and progress of work relating to Platino's assets; Platino's geological and
engineering estimates; future production levels; the regulatory framework with
respect to royalties, taxes, environmental matters, resource recovery and
securities matters in the jurisdiction in which Platino will conduct its
business; the geography of the areas in which Platino will conduct exploration
and development activities; the sufficiency of budgeted capital expenditures in
carrying out planned activities; the accuracy of testing results and seismic
data; and the accuracy of resource estimates and the general continuance of
current or, where applicable, assumed operational, regulatory and industry
condition. 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
early stage of development of Platino and its assets and the nature of the
exploration and development activities on such assets; 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 TSX-V, 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.


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]