Exhibit
99.1





Williamson
Petroleum Consultants, Inc.




Texas
Registered Engineering Firm F-81




303
Veterans Airpark Lane, Suite 1100




Midland,
Texas 79705




Phone:
432-685-6100




Fax:
432-685-3909




E-Mail:
wpc@wpc-inc.com




March 31,
2010





Platinum
Energy Resources, Inc.


11490
Westheimer Road, Suite 1000


Houston,
Texas 77077





Attention
Mr. Al Rahmani





Gentlemen:





Subject:
            Evaluation
      of Oil and Gas ReservesTo
      the Interests ofPlatinum
      Energy Resources, Inc.Effective
      December 31, 2009For
      Disclosure to theSecurities
      and Exchange CommissionWilliamson
      Project 0.9395








Williamson
Petroleum Consultants, Inc. (Williamson) has performed the subject engineering
evaluation effective December 31, 2009 at your request for the purpose of an
annual update of the subject properties and is to be used in Securities and
Exchange Commission (SEC) filings. This evaluation was completed March 30, 2010.
Properties evaluated are located in the states of Montana, New Mexico, North
Dakota and Texas. It is our understanding that the properties evaluated
represent 100 percent of the value of oil and gas interests owned by Platinum
Energy Resources, Inc. (Platinum).




Proved
reserves and future net revenue from oil and gas properties were evaluated in
accordance with the Definitions of Oil and Gas Reserves from 17 CFR § 210.4-10.
Following is a summary of the results of the proved evaluation effective
December 31, 2009:




PROVED
                  DEVELOPED
                  PRODUCING
                
                
                PROVED
                  DEVELOPED
                  NONPRODUCING
                
                
                PROVED
                  UNDEVELOPED
                
                
                TOTAL
                  PROVEDNet Reserves to theEvaluated Interests:Oil/Condensate,
      MBBL
                
                
                1,234.751
                
                
                
                51.300
                
                
                
                901.641
                
                
                
                2,187.692Gas,
      MMCF
                
                
                3,307.865
                
                
                
                604.597
                
                
                
                9,764.827
                
                
                
                13,677.292Future
      Net Revenue, M$:Undiscounted
                
                
                32,777.352
                
                
                
                3,047.866
                
                
                
                35,968.875
                
                
                
                71,794.102Discounted
      Per Annumat
      10.00 Percent
                
                
                21,636.938
                
                
                
                1,945.670
                
                
                
                15,325.297
                
                
                
                38,907.914





Note: Due
to the method of rounding in ARIES, Total Proved may not equal PDP + PDNP +
PU




No study
was made to determine the existence of oil and gas reserves that would be
categorized as probable or possible. Oil reserves are expressed in thousands of
United States (U.S.) barrels (MBBL) of 42 U.S. gallons. Gas volumes are
expressed in millions of cubic feet (MMCF) at 60 degrees Fahrenheit and at the
legal pressure base that prevails in the state in which the reserves are
located. No adjustment of the individual gas volumes to a common pressure base
has been made.




Net
income to the evaluated interests is the future net revenue after consideration
of royalty revenue payable to others, taxes, operating expenses, investments,
salvage values, abandonment costs, and net profit interests, as applicable. The
future net revenue is before federal income tax and excludes consideration of
any encumbrances against the properties if such exist. No estimate of fair
market value was made.




All data
utilized in the preparation of this report with respect to interests,
reversionary status, oil and gas prices, gas contract terms, operating expenses,
investments, salvage values, abandonment costs, net profit interests, well
information, and current operating conditions, as applicable, were provided by
Platinum. Production data were obtained from both public records and the client.
The dates of first production for nonproducing properties were based on
estimates by Platinum and the actual dates may vary from those
estimated.




Average
first of the month index prices for January through December 2009 of $61.18 per
barrel of oil and $3.833 per MMBTU of gas were used in this evaluation. Lease
prices were determined using oil and gas differentials calculated using wellhead
prices provided by Platinum.




All
capital and operating costs were provided by Platinum. Operating expenses were
provided for the 12-month period December 2008 through November 2009. All
available data for each property were used to determine average recurring
expenses which are billable to the working interest owners. Expenses for
workovers, well stimulations, and other maintenance were not included in the
operating expenses unless such work was expected on a recurring basis. Judgments
for the exclusion of the nonrecurring expenses were made by Platinum. For new
and developing properties where data were unavailable, operating expenses were
estimated by Williamson based on analogy with similar properties.




State
production taxes have been deducted at the published rates as
appropriate.   Average county ad valorem taxes were either
deducted separately or were included in the operating expenses depending on data
provided by Platinum.




Williamson
used all engineering and geological evaluation methods and procedures considered
necessary to prepare this evaluation. The estimates of reserves contained in
this report were determined by accepted industry methods. Methods utilized in
this report include extrapolation of historical production trends, analogy to
similar properties, and volumetric calculations. Where sufficient production
history and other data were available, reserves for producing properties were
determined by extrapolation of historical production trends or through the use
of material balance determinations. Analogy to similar properties or volumetric
calculations was used for nonproducing properties and those producing properties
which lacked sufficient production history and other data to yield a definitive
estimate of reserves. Reserves projections based on analogy are subject to
change due to subsequent changes in the analogous properties or subsequent
production from the evaluated properties. Volumetric calculations are often
based upon limited log and/or core analysis data and incomplete reservoir fluid
and formation rock data. Since these limited data must frequently be
extrapolated over an assumed drainage area, subsequent production performance
trends or material balance calculations may cause the need for significant
revisions to the estimates of reserves.





The
reserves projections in this evaluation are based on the use of the available
data and accepted industry engineering methods. Future changes in any
operational or economic parameters or production characteristics of the
evaluated properties could increase or decrease their reserves. Unforeseen
changes in market demand or allowables set by various regulatory agencies could
also cause actual production rates to vary from those projected. It should be
emphasized that with the current economic uncertainties, fluctuation in market
conditions could significantly change the economics of the properties included
in this report.




All data
have been reviewed for reasonableness and, unless obvious errors were detected,
have been accepted as correct. It should be emphasized that revisions to the
projections of reserves and economics included in this report may be required if
the provided data are revised for any reason. No inspection of the properties
was made as this was not considered within the scope of this evaluation. No
investigation was made of any environmental liabilities that might apply to the
evaluated properties, and no costs are included for any possible related
expenses. Platinum did not request Williamson to assess the risks associated
with regulatory issues for the properties evaluated.Neither salvage values nor
abandonment costs were included in this evaluation.




Williamson
reserves the right to alter any of the reserves projections and the associated
economics included in this evaluation in any future evaluations based on
additional data that may be acquired.




Williamson
is an independent consulting firm and does not own any interests in the oil and
gas properties covered by this report. No employee, officer, or director of
Williamson is an employee, officer, or director of Platinum. Neither the
employment of nor the compensation received by Williamson is contingent upon the
values assigned to the properties covered by this report.




Yours
very truly,





WILLIAMSON
PETROLEUM CONSULTANTS, INC.





/s/ John
D. Savage


John D.
Savage, P.E.


Executive
Vice President