SOURCE: PrimeGen Energy Corporation

December 06, 2006 14:45 ET

PrimeGen Announces Appointment to Board

DALLAS, TX -- (MARKET WIRE) -- December 6, 2006 -- PrimeGen Energy Corporation (OTCBB: PGNE) ("PrimeGen" or the "Company") is pleased to announce the appointment of Mr. Mike M. Mustafoglu to the Board of Directors, as well as his concurrent appointment to the position of President and Chief Executive officer. The Board now consists of Mr. Mustafoglu, William S. Marshall, Glen D. Harder and Gordon Samson.

Mr. Mustafoglu is a distinguished businessman and a community leader. He is a recent recipient of the prestigious Ellis Island Medal of Honor and his name has been entered into the Congressional Record. Six Presidents of the United States have received this award, as well as many Members of Congress, Nobel Prize winners, prominent scientists, distinguished businessmen such as Rupert Murdoch and outstanding military heroes such as Generals Norman Schwartzkopf and Colin Powell. In recognition of his entrepreneurial accomplishments, Palm Beach Atlantic University has awarded him the companion American Free Enterprise Medal. He has also received the Outstanding Achievement in Business Award in a joint meeting of the Jewish American Congress and American Turkish Association of Southern California. Mr. Mustafoglu holds an Electrical Engineering degree from Wichita State University and a Masters in Business Administration (MBA) from University of Southern California/University of Houston with finance and quantitative science concentrations.

Mr. Mustafoglu is the founder and Chairman of TransGlobal Financial Services LLC; a Los Angeles-based private equity firm investing in and providing services to emerging growth-oriented companies. Through his company, he has founded, co-founded and financed a variety of successful business enterprises. He served many of these businesses in the capacities of Chairman, President and CFO. Recently, Mr. Mustafoglu has founded TransGlobal Energy Investments, Ltd., a hedge fund, investing in the securities of companies involved in the energy business. Currently, he is in the process of forming the first private equity fund targeting Turkey's real estate market, Transglobal Turkish Realty Fund I, LP.

Prior to establishing TransGlobal in 1991, Mr. Mustafoglu served as the president of the petroleum related companies owned by the Oxbow Group, which has been ranked by Forbes magazine as one of the largest 400 privately held companies in the United States. Oxbow has been engaged in oil & gas exploration and production, electricity generation, petroleum trading and refining, coal and coke trading and merchant fuel operations. As President, Mr. Mustafoglu oversaw the following Oxbow companies:

--  Oxbow Energy: Exploration & Production
--  Oxbow Resources: Oil, gasoline and fuel oil trading and refining
--  Petroport Terminals: Storage & wholesale marketing
--  Oxbow Hydrocarbons: Gas liquids refining & marketing
--  Pacific Basin Transportation: Fuel transportation & distribution
    
Prior to joining Oxbow, Mr. Mustafoglu was with J. Paul Getty's Getty Oil Company, where he was Vice President of Finance for Getty Oil Canada, which became part of Texaco in 1984. Mr. Mustafoglu started his career in the oil business as a geophysicist with Shell Oil Company in 1974.

Mr. Mustafoglu is the author of various articles dealing with risk in business, including the groundbreaking research on quantification of political risk published in his articles, "Forecasting Political Risk," "Integration of Sudden Expropriation Risk into Project Economics" and "Comparison of International Petroleum Tax Systems."

Mr. Marshall, the Chairman stated, "The Board of PrimeGen is proud to welcome an individual with the breadth of experience and record of business success possessed by Mr. Mustafolgu. The contribution that he will make to PrimeGen and the leadership that he will bring to the management team bodes very well for our oil and gas company and the rapid growth 'by bit' that we expect."

Notice Regarding Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include the completion of the share cancellation, the completion of the acquisition of Star Energy, Inc.'s interest in the Franklin Field, drilling and/or success in Kansas, drilling and/or success in Arkansas, and the completion of the acquisition of MB Gas Inc.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-KSB for the 2005 fiscal year, our quarterly reports on Form 10-QSB and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

ON BEHALF OF THE BOARD
PrimeGen Energy Corporation
William S. Marshall, Chairman

Contact Information

  • Investor Information:
    214.459.1217