Tuesday, April 21, 2009

PrimeGen Energy Preparing for 2009 Drilling Program with Interpretation of Seismic Data on Russian Natural Gas

With important breaking news just released, PrimeGen Energy Corporation (OTC: PGNE) should have investors monitoring the progress of the company. Monday after the markets closed, the company issued a press release announcing that preparations are underway towards the implementation of the Company's 2009 exploration and development program.

The planning and preparation work is currently focused on PrimeGen's natural gas projects in the Krasnoarmeiskome District, Saratovskoi Oblast in Russia. The initial program phase involves defining high quality 2D and 3D seismic data. Reprocessing the seismic data will further define the closure of natural gas traps and a subsequent run of 2D seismic lines may be required to decisively ensure an optimal drill site selection. Fully defining the gas trap closures is an efficient approach in heightening the overall probability of success and must be completed before the initiation of drill site preparations. The Company expects to receive an AFE (Authority for Expenditure) from the operator in the near future for the applicable costs.

PrimeGen is convinced that the target location offers a high probability of drilling successful and commercially viable gas wells and looks forward to implementing its plans for development in a timely and efficient manner. Additionally, with analog gas production from nearby wells in the area producing approximately 3,000 Mcf per day, the Company realistically anticipates to be in positive cash flow before the fall of 2009.

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