Platino Energy Corp. Announces Operational Update, Filing of 2012 Year End Financial Statements and Reserves Evaluation

Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE: PZE) is pleased
to provide an update on its operations, announce the results of its independent
year-end reserves evaluation, and confirm the filing of its audited annual
financial statements and management's discussion and analysis ("MD&A") for the
year ended December 31, 2012.


As a result of the Company's formation in connection with the acquisition of C&C
Energia Ltd. ("C&C") by Pacific Rubiales Energy Corp. ("Pacific Rubiales"),
which closed on December 31, 2012, the Company did not conduct independent
operations during the period of January 1, 2012 to December 31, 2012. The
audited annual 2012 financial statements, MD&A, and information and reports
regarding the Company's reserves data and other oil and gas information, as
required under National Instrument 51- 101 Standards of Disclosure for Oil and
Gas Activities ("NI 51-101") relate to the business acquired by Platino from C&C
prior to the spin-off related to the acquisition of C&C by Pacific Rubiales, and
will be available on SEDAR at www.sedar.com.


(All amounts are in United States ("U.S.") dollars, unless otherwise stated and
all tabular amounts are in thousands of U.S. dollars, except share amounts or as
otherwise noted).


OPERATIONAL UPDATE

Coati Block - 100% Working Interest (1)

Platino is pleased to announce significant progress and provide a timing update
on the Coati-1 exploration well on the Coati block. In late 2012, the Company
received required environmental permits necessary to commence civil works and
drilling on the block, including upgrading of roads and bridges, and
construction of the drilling location.


Civil works on the block are progressing on schedule. To date all 5 bridges have
been upgraded completing all necessary bridge work. The Company expects to
complete the remainder of required road maintenance and drilling location
construction in the next two months. Civil works on the approximate 16 km of
road is 30% complete and 10% complete on the well site pad.


The current anticipated spud date is late June 2013. Platino plans to drill to
basement at approximately 10,500 feet, with the Caballos Formation as the main
target and the Villeta T, U and N sands as secondary targets. Platino expects
that the well will take 45 days to reach total depth, and once total depth is
reached, the company will commence an extensive testing program with results
anticipated in Q3 2013. "We are pleased with the continuing progress of the
Coati-1 civil works and drilling preparations", said Tomas Villamil, President
and Chief Executive Officer of the Company. "Our management team has viewed
Coati-1 as a high quality prospect since it was part of C&C's portfolio, however
permitting issues prevented it from being drilled. With these issues resolved,
we are excited to finally test the significant exploration potential of the
Coati block."


Putumayo-8 Block - 50% Working Interest

The Company and its partner Vetra Exploration and Production Colombia S.A.
("Vetra") continue to work with the results of the seismic acquired in late 2012
to select the first exploratory drill location on the block. The Company and
Vetra have identified several prospects on the northeastern portion of the block
and will likely target a 3-way closure against a fault identified through 3D
seismic as its first location. The T, U, and N Villeta sandstones will be the
primary targets, similar to the discoveries on the Platanillo field 3 km to the
east. Platino and Vetra are working through the environmental permitting process
prior to commencing civil works on the first drilling location. Platino
anticipates these permits will be obtained before the end of 2013 allowing for a
late 2013 or early 2014 spud date for the first exploratory well.


Platino and Vetra are jointly planning an additional seismic survey targeting
several geological features identified on the south west of the block adjacent
to the Cohembi field located within the Suroriente block. The additional seismic
program, in addition to the previously mentioned exploration well, will satisfy
the remaining work commitments on the Putumayo-8 block. Platino and Vetra plan
to complete the seismic program ahead of the current work phase expiration in
May 2014.


Morpho Block - 50% Working Interest

The Company and its partner Parex Resources Inc. are currently evaluating
development plans for the Morpho block.


Andaquies Block - 64% Working Interest

The focus for the Andaquies block for 2013 is re-processing existing seismic
data and performing further analysis of the test data gathered from the two
wells drilled on the block in 2012. The ANH commitments on the block were
satisfied with the drilling of the two wells in 2012.


FINANCIAL UPDATE

In connection with the reorganization transactions involving C&C, Platino and
their respective subsidiaries, Platino was initially capitalized with
approximately $88.5 million in cash, subject to reimbursement of certain
reorganization related costs and working capital adjustments. As of the date of
this press release, the Company had reimbursed expenses for approximately $10.2
million, including financial advisory, legal, engineering, audit and other
related costs and expenses attributable to Platino.


RESERVES UPDATE

Platino has received a report from its independent reserves evaluators, Lonquist
& Co. LLC ("Lonquist"), effective December 31, 2012, evaluating the oil reserves
of the Company's Morpho block in Colombia. The report indicates that the Company
has a total of 12,500 barrels of Proved Oil Reserves(2) and nil Probable Oil
Reserves (3) from one non-producing well on the Morpho block. The total before
tax net present value of future net revenues associated with the reserves,
discounted at 10%, is $178,000. Lonquist's report did not include an evaluation
of the Company's drilling prospects on exploration acreage. All reserve
estimates stated herein are derived from Lonquist's evaluation. For further
information and reports regarding the Company's reserves data and other oil and
gas information, as required under National Instrument 51-101 Standards of
Disclosure for Oil and Gas Activities ("NI 51- 101"), please refer to the
Company's profile on SEDAR at www.sedar.com.


PRIVATE PLACEMENT OF COMMON SHARES

Platino's board of directors has authorized a non-brokered offering (the
"Offering") of up to 550,000 common shares of the Company at an issue price of
Cdn$1.20 per share, for aggregate proceeds of up to Cdn$660,000. The Company
expects that employees, officers and directors of the Company will subscribe for
a portion of the common shares to be issued in the Offering. The Offering is
subject to regulatory approval including the approval of the TSX Venture
Exchange, and is expected to close before the end of April 2013. The Company
plans to use the proceeds of the Offering to assist in financing its exploration
program and for general working capital purposes.


OPTION GRANT

Platino also announces that pursuant to the provisions of its stock option plan,
it has granted an aggregate of 615,000 options to certain officers and new
employees of the Company. The options have an exercise price of $1.40 per share.
The options granted vest as to one third on the first anniversary of the date of
grant, one third on the second anniversary of the date of grant and the balance
on the third anniversary of the date of grant. The options will expire on April
16, 2018. All stock option grants of Platino are subject to the receipt of the
necessary regulatory approvals.


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.


1) Working interest will be reduced to 60% upon Canacol Energy Ltd. earning-in
in accordance with Farm-in Agreement.


2) Proved Oil Reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is likely that the actual remaining
volumes recovered will exceed the estimated Proved Oil Reserves.


3) Probable Oil Reserves are those additional reserves that are less certain to
be recovered than Proved Oil Reserves. It is equally likely that the actual
remaining volumes recovered will be greater or less than the sum of the
estimated Proved plus Probable Oil Reserves.


ADVISORIES REGARDING OIL RESERVES ESTIMATES

Estimated values of future net revenues do not represent fair market value. The
estimates of reserves and future net revenue for individual properties may not
reflect the same confidence level as estimates of reserves and future net
revenue for all properties due to the effects of aggregation.


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 operational and drilling plans at its Coati-1
exploration well, including with respect to the completion of civil works
thereon; exploration plans for the Company's other exploration blocks; and the
Company's plan to complete a private placement of common shares.


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.
Tyler Rimbey
Vice President, Business Development
403-262-6046