UNITED STATES SECURITIES
				AND EXCHANGE COMMISSION
				Washington, D.C. 20549

				      FORM 10-QSB

	(Mark One)
	[x] QUARTERLY REPORT UNDER SECTION 13 OF 15(d)OF THE SECURITIES
	EXCHANGE ACT OF 1934

	For the quarterly period ended June 30, 2006

	[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

	For the transition period from __________ to _________


				Platina Energy Group Inc.
		____________________________________________________________
	   		(Name of Small Business Issuer in its charter)

					Delaware
		____________________________________________________________
	     (State or other jurisdiction of incorporation or organization)

				   84-1080043IRS
		____________________________________________________________
				(Employer Identification No.)

			      200 W. 17th Street, Suite 240
				Cheyenne, Wyoming 82001
		____________________________________________________________
			(Address of principal executive offices)

				    (866)  932-2628
		____________________________________________________________
				(Issuer's telephone number)

		____________________________________________________________
	(Former name, former address, and former fiscal year, if changed since last
	report)

	Indicate by check mark whether the Issuer (1) has filed all reports required
	to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934
	during the preceding 12 months (or for such shorter periods that the
	registrant was required to file such reports), and (2) has been subject to
	such filing requirements for the past 90 days.

				   Yes [X]    No [ ]

			APPLICABLE ONLY TO CORPORATE ISSUERS

	Indicate the number of shares outstanding of each of the issuer's classes
	of common stock, as of the latest practical date:

	Common Stock, $.001 Par Value, 17,629,731 shares as of August 15, 2006:



					(1)




<page>


				Platina Energy Group INC.
		(Formerly Federal Security Protection Services, Inc.)


TABLE OF CONTENTS

Page PART I--FINANCIAL INFORMATION
Item 1.  Financial Statements------------------------------------------ 3
Consolidated Balance Sheet--------------------------------------------- 3
Consolidated Statement of Operations----------------------------------- 4
Consolidated Statements of Cash Flows---------------------------------- 7
Notes to Financial Statements------------------------------------------ 9
Item 2.  Management's Discussion and Analysis or Plan of Operation----- 15
Item 3. Controls and Procedures---------------------------------------- 16
PART II  OTHER INFORMATION--------------------------------------------- 16
Item	1.  Legal Proceedings------------------------------------------ 16
Item	2.  Unregistered Sales of Equity Securities & Use of Proceeds-- 16
Item	3.  Defaults Upon Senior Securities---------------------------- 16
Item	4.  Submission of Matters to a Vote of Security Holders-------- 16
Item	5.  Other Information------------------------------------------ 16
Item	6.  Exhibits and Reports--------------------------------------- 16
Signatures------------------------------------------------------------- 17


					(2)


<page>


PART I--FINANCIAL INFORMATION

Item	1.  Financial Statements.

<TABLE>
PLATINA ENERGY GROUP INC.
CONSOLIDATED BALANCE SHEETS
<CAPTION>
								June 30
								-----------
								2006
								(Unaudited)

<S>    								<C>

Assets

Property and equipment (net of accumulated
	depreciation of $9,461)				$	 47,303

Other assets
	Security deposits					  1,312
	Intangible asset subject to amortization		285,446
								-----------

		Total assets				$	334,061


Liabilities and Stockholders' deficit

  Current liabilities
	Cash overdraft					$	  3,540
	Accounts payable and accrued expenses			 53,488
	Accrued compensation due officers			293,000
	Notes payable to related parties			429,576
	Notes payable - other 					160,447
								-----------
		Total current liabilities			940,051


Commitments and Contingencies

Stockholders' Deficit
	Preferred stock, par value of $.001,
	 20,000,000 shares authorized;
	 70,000 shares designated as Series A, no
	 shares issued and outstanding. Aggregate
	 liquidation preference of $100,000. One
	 share of Series A preferred convertible
	 into ten shares of common stock.			         0
	Preferred stock, 100,000 shares designated
	 Series B, 20,000 shares issued and outstanding.
	 Aggregate liquidation preference of
	 $2,000,000. 						        20
	Preferred stock, 10,000 shares designated
	 Series C and no shares issued and outstanding
	 at June 30, 2006. Aggregate liquidation
	 preference of $380,000.		       		         0
	Common stock; $.001 par value; 100,000
	 shares authorized; 17,629,731 shares issued
	 and outstanding.					    17,630
	Additional paid in capital				 5,955,396
	Accumulated deficit					(6,579,036)
								-----------
Total stockholders' deficit					  (605,990)

Total liabilities and stockholders' deficit		$	   334,061

</TABLE>


					- Unaudited -

			See accompanying notes to financial statements


					(3)

<page>

<TABLE>
PLATINA ENERGY GROUP INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
<CAPTION>


								Three Months Ended	Three Months Ended
								June 30,		June 30,
								2006			2005
								-----------		-----------
								(Unaudited)		(Unaudited)
											(restated)

<S>    								<C>    			<C>

Net Revenue 		 				$	-	 	$	   4,900

Operating Expenses
	Testing costs associated with Thermal Pump 		 - 			  45,929
	General and administrative expenses		 	  84,210		 187,044
			 					-----------		-----------
Loss from operations		 				  84,210		 232,973


Other Income (Expense)
	 Interest expense 		 		$	(12,773)  	$	 (11,121)

Net Loss						$	(96,983)  	$	(239,194)
								-----------		-----------


Per share data
	Basic loss per share				$	(.001)	  	$	(.002)
								-----------		-----------

	Weighted average common shares
	 outstanding						17,647,313		14,458,852
								-----------		-----------

</TABLE>

					- Unaudited -

			See accompanying notes to financial statements


					(4)

<page>


<TABLE>
PLATINA ENERGY GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>

									Three Months Ended	Three Months Ended
									June 30,		June 30,
									2006			2005
									-----------		-----------
									(Unaudited)		(Unaudited)
												(restated)

<S>    									<C>    			<C>


Cash Flows from Operating Activities
  Net Loss							$	(96,983) 	$	(239,194)
  Adjustments to reconcile net loss to
   net cash used in operating activities:
	Amortization							 12,412			  12,412
	Depreciation expense						  2,027			   1,352
	Common stock issued for services				      -			  22,000
	Changes in liabilities
		Increase (decrease) in accounts payable
		 and accrued expenses					(28,179)		  73,102
		Increase in accrued compensation
		 due related parties					 18,000			  40,534
		Increase in accrued interest on
		 licensing note						  3,414			   3,004
		Increase in short-term borrowings			  9,359			   7,988
									-----------		-----------

	Net cash provided by (used in) operating activities		(79,950)		 (78,802)
									-----------		-----------


Cash Flows from Investing Activities
	Cash advance for license purchase				      -			 (10,000)
	Purchase of equipment						      -			 (56,764)
									-----------		-----------

		Net cash used in investing activities			      -			 (66,764)
									-----------		-----------


Cash Flows from Financing Activities
	Proceeds from sale of common stock				 61,250			 160,000
	Advances from related parties					 12,500			  10,000
									-----------		-----------

		Net cash provided by financing activities		 73,750			 170,000
									-----------		-----------


Net Increase (Decrease) in Cash and Cash Equivalents			(6,200)			  24,434

Cash and Cash Equivalents - Beginning of Period				 6,200			  24,077
									-----------		-----------


Cash and Cash Equivalents - End of Period			$	      -		$	  48,511
									-----------		-----------

</TABLE>



			See accompanying notes to financial statements

					(5)

<page>



<TABLE>
PLATINA ENERGY GROUP INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS - Continued
<CAPTION>
									Three Months Ended	Three Months Ended
									June 30,		June 30,
									2006			2005
									-----------		-----------
									(Unaudited)		(Unaudited)

<S>    									<C>    			<C>

Supplemental Disclosures of Cash Flow Information

	Cash paid during the year for:

		Interest 					$	-		$	-
		Income Taxes					$	-		$	-

</TABLE>


Non-Cash financing and Investing information:

	On April 6, 2005, the Company completed its purchase of rights and licenses
	from Permian Energy Services LP in connection with the marketing of a certain
	pump in the oil and gas industry.  In consideration for the assets purchased,
	the Company agreed to issue 2,250,000 shares of its common stock and pay
	$250,000 evidenced by a promissory note. Of the 2,250,00 shares issued,
	2,025,000 shares were returned in April 2006, pursuant to a settlement
	agreement with the Company and Permian Energy Services LP.  In addition,
	the Company issued a consultant 750,000 in connection with the asset
	purchase. The Company did not assign any value to the 2,250 shares due to
	the fact that the issuance of these shares had no commercial substance. The
	Company assigned the value of 750,00 shares at the market price on the
	effective date of the asset purchase of $97,500. Therefore the license was
	valued at $347,500 ($250,000 obligation under the note and the fair value of
	the 750,000 shares of $97,500 - see note 3 to the financial statements).

	On May 30, 2005, a note holder converted $10,070 of indebtedness due him by
	the Company into 53,000 shares of the Company's common stock.

	On June 23, 2005, a preferred stockholder converted 10,000 shares of Series A
	stock into 100,000 shares of the Company's common stock.

	On June 23, 2005, a preferred stockholder converted 3,800 shares of Series C
	preferred stock into 380,000 shares of the Company's common stock.

	As discussed above, in April 2006, the Company entered into a settlement
	agreement with Permian Energy Services LP under which 2,025,000 shares of the
	Company's common stock were returned to the Company for cancellation and
	paid the LP $53,823 of which $38,923 was charged against the balance owed the
	LP for past services and $14,900 was charged to operations.  The Company also
	agreed to assign the remaining balance of the Obligation due the LP ($227,640,
	including accrued interest) to a corporation wholly owned by the Company's
	President (see notes 3 and 5 to the financial statements).




			See accompanying notes to financial statements



					(6)

<page>

PLATINA ENERGY GROUP, INC.
(Formerly Federal Security Protection Services, Inc.)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS


NOTE 1.  Basis of Presentation and Organization

Organization and Business

Platina Energy Group, Inc. ("the Company"), a Delaware Corporation, was
incorporated on January 19, 1988 as Windom, Inc.   After several failed
business attempts, the Company changed its name to Federal Security
Protection Services, Inc. on March 12, 2002 and acquired Iris Broadband,
Inc. on September 6, 2002.  The Company reversed its merger with Iris
Broadband, Inc. in 2003 and, as a result, discontinued business operations.
On June 15, 2005, the Company changed its name to Platina Energy Group Inc.

On March 30, 2005, the Company formed Permian Energy International, Inc.,
a Nevada Corporation and acquired all of its outstanding common stock.
On April 6, 2005, the Company completed its purchase of rights and licenses
from Permian Energy Services LP in connection with the marketing of a
certain proprietary thermal pulsing pump in the oil and gas industry.
The assets acquired from the LP were transferred into Permian Energy
International, Inc.

Basis of Presentation

The accompanying interim financial statements have been prepared by the
Company pursuant to the rules and regulations of the Securities and Exchange
Commission (the "SEC") for interim financial reporting.  These interim
financial statements are unaudited and, in the opinion of management, include
all adjustments (consisting of normal recurring adjustments and accruals)
necessary to present fairly the balance sheet, operating results and cash
flows for the periods presented in accordance with accounting principles
generally accepted in the United States of America ("GAAP").  Operating
results for the three months ended June 30, 2006 are not necessarily
indicative of the results that may be expected for the year ending March
31, 2007 or for any other interim period during such year.  Certain
information and footnote disclosures normally included in financial statements
prepared in accordance with GAAP have been omitted in accordance with the
rules and regulations of the SEC.  These interim financial statements should
be read in conjunction with the audited financial statements and notes thereto
contained in the Company's Form 10-KSB for the year ended March 31, 2006.

The Company's financial statements are prepared using the accrual method of
accounting in accordance with accounting principles generally accepted in the
United States of America and have been prepared on a going concern basis,
which contemplates the realization of assets and the settlement of liabilities
in the normal course of business. The Company has sustained operating losses
since its inception (January 19, 1988).  In addition, the Company has used
substantial amounts of working capital in its operations.  At June 30, 2006
current liabilities exceeded current assets by approximately $940,000, and the
Company has an accumulated deficit amounting to approximately $6,579,000.

In view of these matters, the continuation of the Company's operations is
dependent on funds advanced by its management and the raising of capital
through the sale of its equity instruments or issuance of debentures.
Management has purchased certain rights and licenses from Permian Energy
Services LP ("Permian"), a related party (see Note 7), in connection with the
marketing of a proprietary thermal pulsing pump in the oil and gas industry.
Although Management believes the marketing of the pump will be successful and
should generate sufficient revenue to fund the Company's future operations, no
assurances can be made that the marketing of the pump will be successful or
that the Company will be able to raise capital through other sources enabling
it to continue funding operations.  These financial statements do not include
any adjustments relating to the recoverability and classification of recorded
assets or liabilities that might be necessary should the Company be unable to
continue as a going concern.

Restatement of June 30, 2005 Net Loss

The accompanying statements of operations for the three months ended June 30,
2005 have been restated to reflect amortization of certain licensing rights as
of June 30, 2005.  These licensing rights were originally capitalized on April
5, 2005 and determined to have an indefinite useful life.  The restated
financial statements reflect amortization over an estimated useful life of
seven years (see Note 3).

A reconciliation of the net loss as restated for the three months ended June
30, 2005 is as follows:

	Net loss as originally reported			$	(226,782)
	Amortization of licensing rights			 (12,412)
		Net loss as restated			$	(239,194)

	 Net loss per share:
		As originally reported			$	(0.02)
		Adjustment for increased expense		(0.00)

		As restated				$	(0.02)

In addition, the accompanying consolidated statement of cash flows for the
three months ended June 30, 2005 has been restated to reflect the above
adjustments.

					(9)

<page>


NOTE 2.  Summary of Significant Accounting Policies


Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the
Platina Energy Group Inc. and its wholly owned subsidiary, Permian Energy
Incorporated Inc. Intercompany transactions and balances have been eliminated
in consolidation.


Use of Estimates

The preparation of financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Accordingly, actual results could differ from those
estimates.


Cash Equivalents

For purposes of the statements of cash flows, the Company considers cash
equivalents to include highly liquid investments with original maturities
of three months or less.


Property and Equipment

Property and equipment are stated at cost.  Major renewals and improvements
are charged to the asset accounts while replacements, maintenance, and repairs
that do not improve or extend the lives of the respective assets are
expensed.  At the time property and equipment are retired or otherwise
disposed of, the asset and related accumulated depreciation accounts are
relieved of the applicable amounts.  Gains or losses from retirements or
sales are credited or charged to income.


Equipment consisted of the Company's thermal pump (which was acquired in 2005)
and computer and phone equipment, which were depreciated over their estimated
useful lives using the straight-line method.  Depreciation expense for the
three months ended June 30, 2006 and 2005 amounted to $2,027 and $1,352,
respectively.

Long-Lived Assets

The Company accounts for its long-lived assets in accordance with SFAS No.
144, "Accounting for the Impairment or Disposal of Long-Lived Assets."  SFAS
No. 144 requires that long-lived assets be reviewed for impairment whenever
events or changes in circumstances indicate that the historical cost carrying
value of an asset may no longer be appropriate.  The Company assesses
recoverability of the carrying value of an asset by estimating the future net
cash flows expected to result from the asset, including eventual disposition.
If the future net cash flows are less than the carrying value of the asset,
an impairment loss is recorded equal to the difference between the asset's
carrying value and fair value or disposable value. As of June 30, 2006, the
Company did not deem any of its long-term assets to be impaired.


Income Taxes

The Company accounts for income taxes under the provisions of SFAS No. 109,
"Accounting for Income Taxes."  Under SFAS No. 109, deferred tax assets and
liabilities are recognized for future tax benefits or consequences
attributable to temporary differences between the financial statement carrying
amounts of existing assets and liabilities and their respective tax bases.
Deferred tax assets and liabilities are measured using enacted tax rates
expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled.  A valuation allowance
is provided for significant deferred tax assets when it is more likely than
not that such assets will not be realized through future operations.

The Company has total net operating loss carryforwards at June 30, 2006 of
approximately $6,600,000 for federal income tax purposes.  These net operating
losses have generated a deferred tax asset of approximately $2,244,000 on
which a valuation allowance equaling the total tax benefit has been provided
due to the uncertain nature of it being realized. Net operating loss
carryforwards expire in various years through March 31, 2027 for federal tax
purposes.

					(10)

<page>

Net Loss per Share

The Company adopted the provisions of SFAS No. 128, "Earnings Per Share"
("EPS").  SFAS No. 128 provides for the calculation of basic and diluted
earnings per share.   Basic EPS includes no dilution and is computed by
dividing income or loss available to common shareholders by the weighted
average number of common shares outstanding for the period.  Diluted EPS
reflects the potential dilution of securities that could share in the earnings
or losses of the entity, arising from the exercise of options and warrants and
the conversion of convertible debt.  If such shares were included in diluted
EPS, they would have resulted in weighted-average common shares of 27,642,003
and 24,219,561, for the three months ended June 30, 2006 and 2005,
respectively.


Fair Value of Financial Instruments

The Company's financial instruments consist of cash and cash equivalents,
accounts payable, accrued expenses, and notes payable.  Pursuant to SFAS No.
107, "Disclosures About Fair Value of Financial Instruments," the Company is
required to estimate the fair value of all financial instruments at the
balance sheet date.  The Company considers the carrying values of its
financial instruments in the financial statements to approximate their fair
values.


Recent Accounting Pronouncements

In February 2006, FASB issued SFAS No. 155, "Accounting for Certain Hybrid
Financial Instruments". SFAS No. 155 amends SFAS No 133, "Accounting for
Derivative Instruments and Hedging Activities", and SFAF No. 140, "Accounting
for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities".  SFAS No. 155, permits fair value remeasurement for any hybrid
financial instrument that contains an embedded derivative that otherwise would
require bifurcation, clarifies which interest-only strips and principal-only
strips are not subject to the requirements of SFAS No. 133, establishes a
requirement to evaluate interest in securitized financial assets to identify
interests that are freestanding derivatives or that are hybrid financial
instruments that contain an embedded derivative requiring bifurcation,
clarifies that concentrations of credit risk in the form of subordination are
not embedded derivatives, and amends SFAS No. 140 to eliminate the prohibition
on the qualifying special-purpose entity from holding a derivative financial
instrument that pertains to a beneficial interest other than another
derivative financial instrument.  This statement is effective for all
financial instruments acquired or issued after the beginning of the Company's
first fiscal year that begins after September 15, 2006.  The Company plans on
adopting this statement on April 1, 2007, and does not believe that it will
have a significant impact on its operations.

					(11)

<page>


In May 2005, the FASB issued FASB Statement 154, Accounting Changes and Error
Corrections.  This Statement replaces APB Opinion No. 20, Accounting Changes,
and FASB Statement No. 3, Reporting Accounting Changes in Interim Financial
Statements, and changes the requirements for the accounting for and reporting
of a change in accounting principle. Opinion 20 previously required that most
voluntary changes in accounting principle be recognized by including in net
income of the period of the change the cumulative effect of changing to the
new accounting principle.  This Statement requires retrospective application
to prior periods' financial statements of changes in accounting principle,
unless it is impracticable to determine either the period-specific effects or
the cumulative effect of the change.  The provisions in Statement 154 are
effective for accounting changes and corrections of errors made in fiscal
years beginning after December 15, 2005.  The Company adopted this statement
on January 1, 2006, and does not believe that it will have a significant
impact on its operations.


NOTE 3. Acquisition of Licensing Rights

On April 6, 2005, the Company completed its purchase of rights and licenses
from Permian, a related party, in connection with the marketing of a certain
pump in the oil and gas industry.  In consideration for the assets purchased,
the Company originally agreed to issue 2,250,000 shares of its common stock
and pay $250,000 as evidenced by a promissory note with interest accruing at
an annual rate of 6%.  Under the terms of the note, accrued interest is due
one year from the date of the note and all principal and additional accrued
interest is due two years from the date of the note.  Throughout much of
fiscal 2006, the Company was in dispute with the President of Permian on
certain amounts due to him.  The Company valued the intangible assets
purchased at $347,500, which consists of the $250,000 obligation plus the fair
value of the 750,000 shares issued to a consultant in connection with the
acquisition.  The Company valued the shares issued as of April 6, 2005
(See Note 5).

In April 2006, the Company entered into a settlement agreement with Permian
Energy Services L.P. and Robert Clark ("Clark"), the former president of
Permian Energy International Inc. Under the terms of the settlement agreement,
the Company has agreed to dismiss its lawsuit against Clark. The Company has
also agreed to pay Clark $53,823 in exchange for Clark returning the 2,025,000
shares it received under the April 6, 2005 asset purchase agreement and
cancelling the $214,963 obligation due it.

In order to bring the negotiations with Clark to a successful conclusion,
Wyoming Energy Corp. had to return to Permian Energy Services LP, its 10%
ownership interest in the LP. In consideration for the loss of Wyoming's
interest in the LP, the Company transferred its obligation to the LP to
Wyoming under the same terms and conditions. Wyoming Energy Corp. is
wholly-owned by the Company's president.

Clark also agreed not to engage in the business of providing downhole oil
or gas well stimulation as referenced and defined in the PES-BI-Comp
agreement, which was assigned to the Company by Clark in April 2005 pursuant
to the Asset Purchase Agreement for a period of three years.

The Company is amortizing the licensing rights over its expected useful life
of seven years. Amortization expense charged to operations for the three
months ended June 30, 2006 and 2005 amounted to $12,412 and $12,412,
respectively.

Estimated amortization expense for the next five years is as follows:

Year ending June 30,

		2007		$	 49,643
		2008		     	 49,643
		2009		     	 49,643
		2010		     	 49,643
		2011		     	 49,643

				$ 	248,215



NOTE 4. Notes Payable - Other

The Company owed five individuals a total of $160,447 as of June 30, 2006,
including accrued interest. The loans are assessed interest at an annual
rate of 12% and are evidenced by five separate promissory notes. Interest
charged to operations on these obligations during the three months ended
June 30, 2006 and 2005 totaled $4,673 and $4,653, respectively.

Under the terms of the modified loan agreements, until the loans and accrued
interest are paid in full, each holder has the right to convert the obligation
due them, including accrued interest, into shares of the Company's common
stock at a price per share equal to the average of the bid price of the
Company's common stock for the thirty day trading period prior to the written
notice of conversion.  In May 2005, a note holder converted $10,070 of
indebtedness due him by the Company into 53,000 shares of the Company's common
stock. The five indicated notes matured on February 28, 2006 and are in
default.

					(12)

<page>

NOTE 5. Due to Related Parties


Note Payable to Affiliate

As discussed in Note 3, Wyoming Energy Corp, a corporation wholly owned by
the Company's President, returned its 10% interest in Permian Energy Services
LP in order to bring the settlement with Permian to a successful conclusion.
In consideration for the loss of Wyoming's interest in the LP, the Company
transferred its obligation to the LP to Wyoming under the same terms and
conditions.

Under the terms of the note, accrued interest is due on April 5, 2006, which
is one year from the date of the note. All principal and additional accrued
interest is due two years from the date of the note.  Interest on this
obligation accruing during the three months ended June 30, 2006 was $3,414,
which was charged to operations. The total balance of this obligation at
June 30, 2006 was $231,054. The Company failed to pay the accrued interest
when due and the note is currently in default.


Note Payable to Officer

As of June 30, 2006, the Company owed its President for a total of $198,522
under various loan obligations, including accrued interest.  The loans are
assessed interest at an annual rate of 12% and are evidenced by a promissory
note.  Interest charged to operations for the three months ended June 30, 2006
and 2005 on these loans totaled $4,686 and $3,464, respectively.  In addition,
under the terms of the loans, until the principal loans balance and accrued
interest are paid in full, the President has the right to convert the
obligation due him, including accrued interest, into shares of the Company's
common stock at a price per share equal to the average of the bid price of the
Company's common stock for the thirty day trading period prior to the written
notice of conversion.

During the three months ended June 30, 2006, the Company's President advanced
it a total of $12,500.


NOTE 6. Shareholders' Deficit

Common Stock

In April 2006, the Company issued a total of 1,225,000 shares of its common
stock in exchange for $61,250.

In April 2006, Clark returned the 2,025,000 shares of the Company's common
stock as required in the April 5, 2006 settlement agreement (See Note 3).
These shares were subsequently cancelled by the Company.


Stock Warrants

At June 30, 2006, there were total warrants outstanding to purchase 1,625,000
shares of common stock at $0.50, and 1,625,000 shares of common stock at
$1.00. There were no warrants issued during the three-months ended June
30, 2006.


Employee Stock Option Plan

On March 25, 2005, the Company established a stock option plan for officers,
directors, employees and consultants. Under the plan, certain options issued
will constitute "Incentive Stock Options" within the meaning of section 422A
of the Internal Revenue Code, and other options issued will be deemed
nonstatutory. The Company's Board of Directors is responsible for the plan and
the granting of the options.  The number of common shares reserved to be
issued through the plan is 3,000,000. Options are exercisable for as period
up to ten years from the date of grant. The Company's Board of Directors
decides the actual term of each option. Options granted to employees are
subject to a vesting schedule based upon the number of years of continuous
service that the employee has with the Company from the grant date of the
respective option. After three years of continuous service from the date of
grant, the respective options held by an employee are fully vested. The price
for shares issued through the exercise of incentive stock options are at fair
market value for all employees with the exception of employees who are
significant shareholders, who will pay no less than 110% of market value.
The price for shares issued through the exercise of nonstatutory options shall
be decided by the Company's Board, but at a price no less than 100% of the
shares market value at date of grant.

As of June 30, 2006, the Company had outstanding stock options granted to its
management to purchase 3,525,000 shares of the Company's common stock at a
price of $.15 per share.  The options expire in April 2007.

					(13)

<page>


Option activity for the three months ended June 30, 2006 is as follows:

							Weighted
							Average
	  				Options 	Exercise
					Oustanding	Price
Balance - March 31, 2006		3,525,000	$ .15
Options issued				        -
Options cancelled  			        -
					-----------
Balance - March 31, 2006		3,525,000	$ .15



NOTE 7. Related Parties


Stock Options

The Company had granted stock options to related parties to purchase
shares of the Company common stock. As of June 30, 2006, the 3,525,000
stock options outstanding were all issued to related parties (see Note 6).


Noncash Transactions

For the three months ended June 30, 2006 and 2005, the Company accrued
$18,000 and $40,534, respectively, for compensation due its officers for
services rendered. The balances due to these officers at June 30, 2006
totaled $293,000.


NOTE 8. Commitments and Contingencies

Operating Leases

The Company leases its Cheyenne office on a month-to-month basis, payable in
monthly installments of $1,312 per month.  Rent expense for three months ended
June 30, 2006 and 2005 was $3,936 and $5,550, respectively.


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Item 2. Management's Discussion and Analysis or Plan of Operation

The following discussion of our results of operations and financial condition
should be read in conjunction with our consolidated financial statements
and related notes included elsewhere in this Form 10-QSB.  Unless specified
otherwise as used herein, the terms "we", "us" or "our" refer to Platina
Energy Group Inc.

The following Management's Discussion and Analysis or Plan of Operation
contains certain forward-looking statements regarding future financial
condition and results of operations and the company's business operations.
We have based these statements on our expectations about future events.
The words "may," "intend," "will," "expect," "anticipate," "objective,"
"projection," "forecast," "position" or negatives of those terms or other
variations of them or comparable terminology are intended to identify
forward-looking statements. We have based these statements on our current
expectations about future events.  Although we believe that our expectations
reflected in or suggested by our forward-looking statements are reasonable, we
cannot assure you that these expectations will be achieved. Our actual
results may differ materially from what we currently expect. Important
factors which could cause our actual results to differ materially from
the forward-looking statements include, without limitation: (1) general
economic and business conditions, (2) effect of future competition, and
(3) failure to raise needed capital.

OVERVIEW

Platina Energy Group Inc. ("the Company"), a Delaware Corporation, was
incorporated on January 19, 1988 as Windom, Inc.   After several failed
business attempts, the Company changed its name to Federal Security
Protection Services, Inc. on March 12, 2002 and acquired Iris Broadband,
Inc. on September 6, 2002, allowing the Company to become a full-service
managed security services company and a secure Internet Protocol
("IP") network services provider.  In 2003, the Company reversed its
merger with Iris Broadband, Inc. and, as a result, discontinued business
operations. On June 15, 2005, the Company changed its name to Platina
Energy Group Inc. after acquiring the rights and licenses to marketing
a certain proprietary thermal pulsing pump which will be utilized in
the oil and gas industry.

The Company's corporate headquarters is 200 W. 17th Street, Suite 240,
Cheyenne, Wyoming 82001 and its operating office is located at the same
address.


RESULTS OF OPERATIONS

Revenues for the three-months ended June 30, 2006 totaled $0 as compared
to $4,900 for the three months ended June 30, 2005. The revenues generated
in 2005 were derived from the utilization of its thermal pump.

Operating expenses for the three-months ended June 30, 2006 totaled
$84,210, which primarily consisted of salaries and related costs to
non-officers totaling $14,839, accrued compensation to its officers
totaling $18,000, accounting and legal fees of $16,007, depreciation
and amortizationof $14,439, settlement with Permian Energy Group LP of
$14,900, rent of $3,936,and other general and administrative
expenses totaling $2,089.

Restated operating expenses for the three-months ended June 30, 2005
totaled $239,194, of which $45,929 pertains to costs incurred in testing
and evaluating the thermal pump. General and administrative expenses for
the three-months ended June 30, 2005 primarily consisted of accrued
compensation to its officers totaling $40,534, consulting fees of $50,000,
accounting fees of $15,614, amortization expense of $12,412, public relations
expense of $14,484, legal fees of $11,671, equipment rental of $9,551,
transportation expenses of $6,011, office rent of $5,550, contract labor of
$6,000 and other general and administrative expenses totaling $15,217.

The Company did not have any non-officer employees, or paid any salaries during
the quarter ended June 30, 2005.

Accrued interest charged to operations for the three-months ended June 30, 2006
and 2005 amounted to $12,773 and $11,121 respectively.



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LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2005, the Company had current assets of $48,511, consisting
solely of cash and cash equivalents.  The Company also had equipment with a
net book value of $55,412 and licensing rights totaling $640,000.  Total
assets at June 30, 2005 were $743,923.

As of June 30, 2005, the Company had current liabilities of $546,434 and
long-term debt of $217,967.


Item 3.   Controls and Procedures

Within 90 days prior to the date of filing of this report, we carried out
an evaluation, under the supervision and with the participation of our
officers and directors, including our Chief Executive Officer and Chief
Financial Officer, of the design and operation of our disclosure controls
and procedures. Based on this evaluation, our Chief Executive Officer and
Chief Financial Officer have concluded that our disclosure controls and
procedures are effective for the gathering, analyzing and disclosing the
information we are required to disclose in the reports we file under the
Securities Exchange Act of 1934, within the time periods specified in the
SEC's rules and forms. There have been no significant changes in our internal
controls or in other factors that could significantly affect internal
controls subsequent to the date of this evaluation.

Our management does not expect that our disclosure controls or internal
controls over financial reporting will prevent all errors or all instances of
fraud. A control system, no matter how well designed and operated, can provide
only reasonable, not absolute, assurance that the control system's objectives
will be met. Further, the design of a control system must reflect the fact
that there are resource constraints, and the benefits of controls must be
considered relative to their costs. Because of the inherent limitations in
all control systems, no evaluation of controls can provide absolute assurance
that all control issues and instances of fraud, if any, within our company
have been detected. These inherent limitations include the realities that
judgments in decision-making can be faulty, and that breakdowns can occur
because of simple error or mistake. Because of the inherent limitation of
a cost-effective control system, misstatements due to error or fraud may
occur and not be detected.


PART II.	OTHER INFORMATION


Item 1. Legal Proceedings

None

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

In April 2006, the Company issued a total of 1,225,000 shares of its common
stock in exchange for $61,250.

Item 3.	Defaults upon Senior Securities

None

Item 4.	Submission of Matters to a Vote of Security Holders

None

Item 5.		Other Information

None

Item 6.		Exhibits and Reports on Form 10-QSB

(a) Exhibit 31 - Certification pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002

(b) Exhibit 32 - Certification pursuant to 18 U.S.C. Section 1350 as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002





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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.

Date:	February 14, 2006 		PLATINA ENERGY GROUP, INC.
					    (Registrant)

		Blair Merriam
Chief Executive Officer, President, Chief Financial Officer,
(Principal Accounting Officer) and Director

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