Platino Energy Corp. Provides Operations Update

Platino Energy Corp. ("Platino" or the "Company") (TSX VENTURE:PZE) is pleased
to provide an update on the ongoing testing of the Coati-1 well, an operations
update regarding the Company's exploration properties and a year-end 2013
capital outlook. 


Coati Block - 100% Working Interest(1)

The Coati-1 well was cased to a total planned depth of 10,800 feet in late July
2013 after 42 days of drilling. Testing activity with the rig has been
extensive, including preliminary tests of the Caballos and Villeta U Sandstones
and the Caliza A Limestone. The Company is currently completing the Coati-1 well
for further production testing using sliding sleeves and a jet pump to test
production independently from the upper and lower Caballos Sandstones, the
Villeta U Sandstone and the Caliza A Limestone. 


Production testing undertaken in the coming weeks will determine whether
commercial volumes of oil can be produced from these formations. The drilling
rig has been released and testing will continue via wireline. A jet pump will be
installed to perform an extended test on the Caliza A Limestone followed by
extended testing of the two Caballos Sandstones. Platino will release test
results upon completion of the extended testing program.


Depending on results from the extended testing of Coati-1, Platino and its
partner Canacol Energy Ltd. ("Canacol") will define an appraisal program for the
Coati structure. The Nasua structure, north of Coati-1, was upgraded to a
prospect based on the Coati-1 well results. The licensing process is underway to
drill and potentially shoot a 3D seismic survey over the Nasua structure in
2014. 


Platino currently holds a 100% working interest in the Coati block, with its
interest reducing to 80% once Canacol earns a 20% interest pursuant to agreed
farm-in terms. 




(1)   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 from the ANH (as     
      defined below) to be recognized as operator of record of the Coati    
      block.                                                                



Putumayo-8 Block - 50% Working Interest

Platino and its operating partner, Vetra Exploracion y Produccion S.A.S.
("Vetra"), are continuing work for the first exploration well and design of the
seismic program for the remaining 112 km2 of 3D seismic commitment as required
under the first phase of the Putumayo-8 exploration and production contract. Due
to delays in environmental licensing, the Company expects the drilling of the
first exploration well to be delayed until the latter half of 2014. The
expiration of the first phase is May 2014, necessitating the operator to request
an extension of the current phase from the Agencia Nacional de Hidrocarburos
("ANH"), which the Company does not anticipate being problematic.


Vetra announced on July 30, 2013 that it will be jointly acquired by Capital
International Private Equity Fund VI, L.P. and an affiliate of Acon Investments
LLC. 


Andaquies Block - 100% Working Interest

The previously announced transfer of Canacol's 36% working interest in the
Andaquies block to Platino has been completed, and Platino's working interest is
now 100%. 


The Company is actively pursuing a new partner for the Andaquies block, after
which it plans to shoot a 3D seismic survey. All required ANH commitment
spending has been completed on the Andaquies block, allowing the Company until
August 2016 to plan and execute a seismic survey and any potential future
drills.


Morpho Block

As previously announced, Platino has assigned (subject to ANH approval) its 50%
interest and operatorship in the Morpho block to Parex Resources Inc. in return
for a 4% net profit interest royalty in the block. 


2013 Capital Outlook and Financial Liquidity

As a result of licensing delays at the Putumayo-8 block and the transfer of the
Company's working interest in the Morpho block, the Company expects capital
spending to be limited to the Coati block for the remainder of 2013. A summary
of estimated spending for the remainder of 2013 is presented below. Based on
current cash and cash equivalents (including short-term investments) and the
activities projected for the remainder of 2013, the Company estimates it will
exit 2013 with approximately US$60 million in available funds.




----------------------------------------------------------------------------
(US$ millions)                                 H1 2013A  H2 2013E    2013E  
----------------------------------------------------------------------------
  Civil & HSEC                                    2.6        -        2.6   
----------------------------------------------------------------------------
  Drilling                                        3.2       2.3       5.5   
----------------------------------------------------------------------------
  Completion & initial testing                     -        4.4       4.4   
----------------------------------------------------------------------------
  Long-term testing (1)                            -        2.4       2.4   
----------------------------------------------------------------------------
  Other                                           0.9        -        0.9   
----------------------------------------------------------------------------
Total Capital Investments                        $6.7      $9.1      $15.8  
----------------------------------------------------------------------------
  General and administration (2)                  2.6       3.0       5.6   
----------------------------------------------------------------------------
Total                                            $9.3      $12.1     $21.4  
----------------------------------------------------------------------------
(1)   Does not include revenue associated with production sales during      
      testing                                                               
                                                                            
(2)   Includes acquisition related costs of approximately $0.2 million.     



About Platino Energy

Platino is a Calgary, Alberta headquartered resource company engaged, through
its subsidiaries, 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", "estimates", "anticipate" and similar expressions is intended to
identify forward-looking information concerning the Company's future operations
and performance, including the exploration results and further exploration and
testing plans for the Coati Block; the testing and drilling plans for the
Coati-1 well and the timing thereof; the operatorship of the Coati Block; and
the approval of the ANH.


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; the accuracy of testing results and seismic data; the geography of the
areas in which Platino will conduct exploration and development activities; the
receipt of ANH approval in respect of (i) the transaction with Parex, (ii) the
transfer of operatorship of the Coati Block, and (iii) the extension of the
timing for the current phase on the Putumayo-8 Block; the sufficiency of
budgeted capital expenditures in carrying out planned activities and the
Company's estimated spending and cash flow for the remainder of 2013; 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 TSX Venture Exchange, 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]