SOURCE: PrimeGen Energy Corp.

November 11, 2009 17:40 ET

PrimeGen Energy -- Kochmesskoye No. 7 Oil Well Reaches Target Depth

BRIDGEWATER, NJ--(Marketwire - November 11, 2009) - PrimeGen Energy Corp. (PINKSHEETS: PGNE) ("PrimeGen" or the "Company") wishes to advise that the drilling operator of the Timan-Pechora Project has reported that the drilling of Kochmesskoye # 7 well has reached total target depth October 26, 2009.

PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated by November 16, 2009. The well is the seventh of a proposed development program targeting a minimum of 30 oil wells to be drilled. As part of the accelerated drilling program, an eighth well is scheduled for immediate drilling shortly after the results of the seventh well are announced.

The Company achieved total average daily production of 7,720 bpd during the month of October. The lowest production was 2,050 bpd on August 2, 2009 and the highest production was 8,150 bpd on October 19, 2009. When fully developed, the Timan-Pechora field could yield a daily production rate of 35,000 barrels per day. Using current pricing for Timan-Pechora crude oil, PrimeGen has now projected that the 6 wells have generated over $35.4 million in revenue or $192.6 million on an annual basis. Currently, oil at Timan-Pechora has been priced at over $70.00 per barrel.

In addition, PrimeGen would like to advise that it has met the necessary disclosure criterion and has received a "Current Information" status with The Company filed necessary financials and other corporate information with PINKSHEETS, which provides transparent information about the Company. PrimeGen will continue to adhere to these transparency requirements to maintain itself as a "Current Information" tier quoted entity.

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.

Contact Information