Platino Annouces Strategic Acquisition of Llanos Basin Light Oil Producing Assets Further Enhancing Its Colombian Footprint

CALGARY, ALBERTA--(Marketwired - Oct. 14, 2014) -

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Platino Energy Corp. (TSX VENTURE:PZE) ("Platino" or the "Company"), is pleased to announce that it has entered into a definitive at arm's-length share purchase agreement dated October 13, 2014 (the "Share Purchase Agreement") whereby, subject to the satisfaction of certain customary closing conditions and adjustments, Platino will acquire 100% of Colombia Energy Development Company ("CEDCO"), for a total cash consideration of US$50 million (the "Purchase Price" and collectively the "Transaction"). The transaction has an effective date of August 1, 2014, and an expected closing date on or about November 28, 2014.

Strategic Rationale

The Transaction provides Platino with a light oil production, reserves and exploration base in Colombia's Llanos basin to complement its existing longer-term exploration focused portfolio in the Putumayo basin. The acquired assets are located adjacent or proximal to the producing assets sold by C&C Energia Ltd., Platino's predecessor company, in December 2012, allowing Platino's management to leverage its Llanos basin expertise into shareholder value creation from the acquired assets.

Acquisition summary

• 100% operated interests in two Agencia Nacional de Hidrocarburos contract blocks (Rio Verde and Los Hatos), and one Ecopetrol S.A. contract (Alcaravan) (collectively the "Llanos Assets") located in the Llanos basin, covering an area of approximately 31,000 gross acres.

• Oil production (Q2 2014) of approximately 950 barrels of oil per day (bopd) on a working interest before royalty basis.

• Proved + Probable audited Reserves (working interest before royalty) of approximately 2.1 million barrels of light and medium oil as of July 31, 2014¹.

• Operating netbacks of approximately US$51 per barrel in 2014².

• A potential near and medium term exploration portfolio in the Llanos basin including all required environmental licenses.

• Significant processing and gathering infrastructure assets in the Llanos.

1

GLJ Petroleum Consultants Ltd.; a qualified reserves evaluator; has prepared a report for Platino, dated effective July 31, 2014, evaluating the oil and gas reserves associated with the Llanos Assets. These reserves were evaluated in a manner consistent with the guidelines of the Canadian Oil and Gas Evaluation Handbook (COGEH). The estimates of reserves for individual properties may not reflect the same confidence levels as estimates of reserves for all properties due to the effects of aggregation.

2

Operating netback calculated for the 2014 period ending on the effective date as Revenue less operating expenditures less crude oil transportation costs

Tomas Villamil, President and Chief Executive Officer of Platino, stated, "The acquisition of CEDCO satisfies Platino's previously stated strategy of leveraging our existing cash balance and management expertise to complement our long-term Putumayo exploration portfolio with near to medium-term opportunities. The production and reserves from these assets position Platino to achieve significant shareholder value creation in Colombia."

The Transaction is subject to approval by Ecopetrol S.A. Additional details regarding the Transaction can be found in the Share Purchase Agreement, which will be filed on Platino's SEDAR profile at www.sedar.com.

Trading Halt

Trading of the Platino common shares has been halted by the TSXV and will remain halted in accordance with TSXV policies until all required documentation with respect to the Transaction has been received.

About Platino

Platino is a Calgary, Alberta headquartered resource company engaged in the exploration for, and the acquisition, development and production of hydrocarbons in Colombia.

About CEDCO

CEDCO, a wholly-owned subsidiary of Global Energy Development Plc, currently holds assets in the Llanos basin in Colombia.

Forward-Looking Statements

Certain statements contained in this news release constitute forward-looking information and statements within the meaning of applicable Canadian securities laws (collectively, "forward looking information"). The use of any of the words "expect", "anticipate", "may", "will", "intends" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the following: (i) the completion of the Transaction in accordance with the terms of the Share Purchase Agreement; (ii) the anticipated closing date of the Transaction; (iii) the complementary impact of the Transaction on Platino and the creation of significant shareholder value through the completion of the Transaction; and (ivi) other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.

Various material factors, expectations and assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information throughout this news release including, without limitation expectations and assumptions relating to: (i) the ability of the parties to receive regulatory, exchange and third party approvals, as applicable, necessary for the completion of the transaction and the timing of receipt of such approvals; (ii) future industry and economic conditions and areas for growth and development; (iii) the timing, manner and effectiveness of the integration of the Llanos Assets and operations into Platino's current business and operations; (iv) commodity prices, foreign currency exchange rates and interest rates; (v) capital expenditure programs and other expenditures; (vi) supply and demand for oil and natural gas; (vii) Platino's future operating and financial results; and (viii) treatment under governmental regulatory regimes and tax, environmental and other laws.

The forward-looking information included in this news release is not a guarantee of future performance and should not be unduly relied upon. Such information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information including, without limitation: (i) volatility in market prices for oil and natural gas; (ii) volatility in exchange rates for the U.S. dollar relative to other world currencies; (iii) liabilities and risks inherent in the oil and gas industry; (iv) competition for, among other things, capital, transportation capacity and skilled personnel; (v) changes in general economic, market and business conditions in Colombia and worldwide; (vi) actions by governmental or regulatory authorities (both domestic and foreign), including changes in tax laws and the risk of nationalization and expropriation of assets; (vii) the impact of adverse weather on the operations of Platino and its subsidiaries; and (viii) increases and overruns in operating costs. The outcome and timing of the proposed Transaction may differ from that currently anticipated by Platino and regulatory and exchange approvals may not be obtained on the timelines anticipated or at all. Platino cautions that the foregoing list of assumptions, risks and uncertainties 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.

In this news release, reserves and production data are commonly stated in barrels of oil equivalent ("boe") using a six to one conversion ratio when converting thousands of cubic feet of natural gas ("Mcf") to barrels of oil ("bbl") and a one to one conversion ratio for natural gas liquids. Such conversion may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 bbl may be misleading as an indication of value.

The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Neither the TSXV not its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.