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Initial Production at Kochmesskoye No.4 Well

Source: Reuters 9/8/2009, Location: Asia

PrimeGen Energy Corp. announces the initial production for the Kochmesskoye # 4 well at Timan-Pechora, Russia. The well commenced commercial oil production on August 24, 2009, and the Company has received production results for the first 16 days. Total oil produced and sold was 26,700 barrels with an average daily production rate of 1,670 barrels per day.

Robert Charlton, President and CEO, stated, "We're very pleased with the record breaking production results of the Kochmesskoye # 4. We are ramping up our development drilling activity in Timan-Pechora and should be adding three of the four recently purchased rigs into our operations in the next several weeks."

Robert Charlton continued, "We are seeing our transition to Eastern European and Russian oil resource plays continue to deliver exceptionally well for our shareholders. With the anticipated increase in our oil volumes in the fourth quarter, our cash flows are expected to remain strong as the overall economics of our Timan-Pechora wells continue to be more attractive to current and future shareholders of the Company."The Kochmesskoye # 4 well is the fourth of a multi-well program drilled at Timan-Pechora by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 30 wells to develop the field. When fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. Using current pricing for Timan-Pechora crude oil, PrimeGen has confirmed that the new well alone has generated $1.7 million in revenue or a projected $38.9 million per year. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.

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