PGNE Primegen Energy Corporation (CE)

PrimeGen Energy Corp. (Other OTC:PGNE.PK - News) ("PrimeGen" or the "Company") today is pleased to announce that the "Kochmesskoye" well, which is the first of the previously announced multi-well development program, has commenced drilling at the Timan-Pechora project. The oil well is drilling ahead, and should reach the total depth within 10 days. The Company expects results on oil pay zone intervals and will have a very good indication as to the commercial viability of the well and productive oil flow rates shortly thereafter. PrimeGen will update results as soon as further news becomes available.

The Timan-Pechora Project area currently consists of 24 existing production oil wells with close to one billion barrels and 132 BCF of proven reserves. A discovery well tested 5,589 BOPD from zone at 3,958-3,974 meters. Timan-Pechora region is 17 kilometers from Ukhta, a major town in the Republic of Komi. The oil plays are situated approximately 1,200 km from Moscow. Its surrounding areas have well established infrastructure, allowing all year access for field operations. Power lines and a major highway pass through the territory. There is also a branch of the Transneft pipeline between Ukhta and Moscow that passes directly over the project. Additional transportation routes include a railway system, with the nearest terminal located close to Ukhta.

Company President and CEO Robert Charlton said, "The news from Timan-Pechora is very promising and we look forward to announcing what we believe will be positive results in the short term. PrimeGen is entering a growth phase and we look forward to turning our strategic aims into practical reality as expeditiously as possible."

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)
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Primegen Energy (CE) (USOTC:PGNE)
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De Nov 2023 a Nov 2024