PGNE Primegen Energy Corporation (CE)

PrimeGen Energy Corporation (Pink sheets: PGNE and the �Company�) today announced that PrimeGen Seneko, LLC, its wholly-owned subsidiary, has finalized a purchase agreement with Seneko Holdings Ltd. (�Seneko�) which provides that PrimeGen will purchase from Seneko a 100% interest in its Russian oil and gas properties and assets for a purchase price of $8,950,000 USD. The purchase price is payable by an initial payment of $675,000 with the balance to be paid from production revenues. Seneko will remain the operators of the property and retain a 5% overriding production royalty interest. The Company will control the development program with the approval all expenditures (AFE�s), as it funds the exploration and well costs.

Through its subsidiaries, Seneko holds development, exploration and exploitation licenses for the Rodnikovskogo property. The property is located in the Krasnoarmeiskome District, Saratovskoi Oblast in Russia, one of the most significant oil and gas regions in the country with advanced infrastructure and more than 60 years of oil and gas production history. Saratov lies in the European part of Russia and borders Kazakhstan, the largest oil producing country in Central Asia. The property covers an expansive area of approximately 250 sq km. Continuing 3D seismic data collection and analysis of the property is scheduled for 2009 and will be running concurrently with a drilling program. Several high potential drill targets have already been identified and will be further defined and evaluated for feasibility during the next phase of work on the property.

"We will be working closely with our new Russian partners over the next several weeks, and anticipate a long and prosperous relationship," stated PrimeGen CEO, Robert Charlton. "This acquisition is consistent with the company�s strategy of gaining access to long-term reserves with significant development potential."

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.

Primegen Energy (CE) (USOTC:PGNE)
Gráfica de Acción Histórica
De Ene 2025 a Feb 2025

Primegen Energy (CE) (USOTC:PGNE)
Gráfica de Acción Histórica
De Feb 2024 a Feb 2025