Testing of any potentially productive oil bearing zones has been initiated. The Company 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 late next week. The combined results of the first four wells have revealed a structure larger in area than previously anticipated. In addition, the presence of a substantial gas cap in the field has been confirmed and continuous development drilling has successfully pushed the limits of the lowest known oil on the structure further down the flank than originally mapped, thereby increasing the size of the oil bearing portion of the Timan-Pechora field. Individual wells are also drilling more quickly than originally projected. As a result, this new information has initiated a structural remapping of the reservoirs and the current plans have now been changed to specifying for at least 10 additional locations to be drilled in 2010 or up to 40 wells for the entire drill program.
As part of the accelerated drilling program, a sixth well is scheduled for immediate drilling shortly after the results of the fifth well are announced. The fourth well of the project was drilled and completed on
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
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.
SOURCE PrimeGen Energy Corp.