SOURCE: PrimeGen Energy Corporation

April 04, 2007 09:00 ET

PrimeGen Chairman Comments on Operations

DALLAS, TX -- (MARKET WIRE) -- April 4, 2007 -- PrimeGen Energy Corporation (OTCBB: PGNE) ("PrimeGen" or the "Company") today released the comments of Chairman William S. Marshall on the progress of the Company.

"At this stage in the Company's history, I believe that we deserve high marks for our accomplishments. We have acquired attractive core assets and have combined good industry relationships with fiscal responsibility and sound management. The result is a solid platform for expansion and profitability. PrimeGen has acquired low risk assets in well-explored areas, as well as interests in newly discovered or emerging plays where the development risk has been significantly reduced by the experience of our partners."

"Our present operations in Fayetteville are illustrative of our risk reduction strategy. Fayetteville is an emerging gas play in which we have acquired a 10% working interest in approximately 40,000 acres in Van Buren, Stone and Cleburne Counties, Arkansas. The Fayetteville shale is known to contain an unconventional gas reservoir ranging in thickness from 50 to 550 feet at depths of from 1,500 to 6,500 feet. We are participating with industry majors like Chesapeake and Southwestern and are extremely confident of success."

"We are continuing to review and evaluate the various financing opportunities that have been presented to us in order to expand more quickly, although we intend to establish early cash flow in order to allow some debt financing, a less dilutive option. Nonetheless, we continue to aggressively examine multiple acquisition opportunities that fit our model."

"Although we would like to quickly reach the point where we are able to bring in-house many of the functions that we are currently contracting out, at this stage I believe it is better for us to maintain the status quo by concentrating on our core management strengths. Solid projects and realistic revenue expectations, coupled with low overhead, will enable us to realize our near term objective of becoming a mid-size producer of natural gas and oil in North America."

About PrimeGen Energy Corporation (OTCBB: PGNE)

PrimeGen Energy Corporation is assembling a portfolio of North American oil and natural gas plays selected for their existing or past production history or high upside exploration potential. PrimeGen Energy leverages its extensive network of contacts within the North American oil and gas community to acquire interests in leaseholds that either are in production, near to production, or demonstrate significant exploration potential. The Company is focused on some of the most commercially active and prospective oil and gas regions of Canada and the United States. Through smart acquisitions, advantageous partnerships, proven industry expertise and sound corporate management, PrimeGen is working to generate revenue, bankable reserves, self-sustaining production, and shareholder value.

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 those relating to our Alberta, Kansas and Fayetteville operations and any future benefits to PrimeGen.

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, 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

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