SOURCE: PrimeGen Energy Corporation

March 07, 2007 16:10 ET

PrimeGen Renews North Franklin Gas Field Acquisition Discussions

DALLAS, TX -- (MARKET WIRE) -- March 7, 2007 -- PrimeGen Energy Corporation (OTCBB: PGNE) ("PrimeGen" or the "Company") today announces that it has renewed discussions with Fidelis Energy, Inc. in respect to the Company's plans to acquire Fidelis Energy, Inc.'s 35% working interest in the North Franklin Gas Field located in Sacramento, California.

In this regard, Fidelis has renewed PrimeGen's negotiating period for a further 6 months beginning February 15, 2007. The Company also wishes to announce that it continues to work with Silver Star Energy, Inc. toward the acquisition of Silver Star's 40% interest. PrimeGen ultimately wishes to acquire the aggregate 75% working interest in the gas field reserves and the gas production from the four wells located therein.

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.

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.


PrimeGen Energy Corporation

William S. Marshall, Chairman

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