PrimeGen Energy -- Kochmesskoye No. 7 Oil Well Reaches Target Depth
11 Novembre 2009 - 11:39PM
Marketwired
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 Pinksheets.com. 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: Robert Charlton President PrimeGen Energy Corp.
info@primegenenergycorp.com
Primegen Energy (CE) (USOTC:PGNE)
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