SOURCE: PrimeGen Energy Corp.

November 23, 2009 16:54 ET

PrimeGen Announces Stock Repurchase Plan for Up to $10 Million

BRIDGEWATER, NJ--(Marketwire - November 23, 2009) - PrimeGen Energy Corp. (PINKSHEETS: PGNE) ("PrimeGen" or the "Company") today announced that its Board of Directors has approved a stock repurchase plan. The repurchase of up to $10,000,000 of the Company's common stock was authorized.

Robert Charlton, the Company's President, said, "We are very pleased to announce this repurchase program at a time when we believe our stock is undervalued and expect a benefit to shareholders with increased future earnings per share by reducing the number of shares outstanding. This program reflects the Board of Directors' continued confidence in the Company and commitment to enhance shareholder value. Our shareholders have been and continue to be our most important asset and rewarding them is a high priority.

"We have been astounded by the sharp decline in our share price over the past several months. Nevertheless, we believe PrimeGen's share price has become significantly undervalued. That view is based on our assessment of the oil & gas market over the next few years. Accordingly, we believe repurchasing shares at these prices represents an exceptional investment opportunity."

Acquisitions of stock under the repurchase plan will be made from time to time as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Shares may be purchased in the open market, including through block purchases. PrimeGen will not repurchase any shares from directors, officers or other affiliates of PrimeGen. Purchases will be funded by the revenue from the Timan-Pechora Project. Plan will continue as long as periodic management reviews it to be fiscally feasible and may be discontinued at any time.

About PrimeGen Energy Corporation

PrimeGen Energy Corp. is an oil and gas exploration Company whose primary focus is exploring and developing high potential unconventional resource plays. The Company's strategy and development assets are focused on a prolific and historic oil and natural gas resource play in Krasnoarmeiskome District, Saratovskoi Oblast in Russia. The Company is headquartered in Bridgewater, NJ and has offices in Moscow, Russia. PrimeGen Energy plans to use its comparative advantages in certain geographic regions to expand rapidly through strategic acquisitions of small oil and gas producing entities and production assets including wells, properties, operating equipment, and pipelines.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act 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.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes 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 the Company believes 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 consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission Corp.

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