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Doubt it's a scam, company has been around too long. unlike the GVBP genova bio the shut down last week. they usually catch them and shut them down long before this.
company likely run by a moron and there is too much lattitude with the pinks.
#5 well drilled and supposed to bring current info up to date with pinksheets
lookin good
so why is this still tanking
PrimeGen Energy - Initial Production at Timan-Pechora Kochmesskoye No. 4 Well Averages 1,670 Barrels Per Day
PrimeGen Energy - Initial Production at Timan-Pechora Kochmesskoye No. 4 Well Averages 1,670 Barrels Per Day
Sep. 8, 2009 (PR Newswire) -- BRIDGEWATER, NJ, Sept. 8 /PRNewswire-FirstCall/ - PrimeGen Energy Corp. (OTC Pink Sheets: PGNE; "PrimeGen" or the "Company") today 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.
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.
news will be out AH regarding the completion of the 4th well... Read the last PR. lets drive this up to .30 again and lets hold it.
haha turtle you have joined the darkside with PGNE. not only can we battle with ARTI but here as well! i love it!
Keitht if you don't want to hear negatives you see a basher, if you don't want to hear positives you see a pumper. Put the name calling aside and research your investment.
I think this stock could easily keep going up with the kind of PR's that are released about every single new well striking diamonds every other week. No doubt.
The fact is that nobody has been able to find any evidence what so ever that this is an actual company with actual oil. That's why it is a lead balloon.
If anyone has any information that is not directly from a PGNE press release confirming the existence of this company let them post it and I will personally buy some of this stock. If it is a real company then this stock could see $2 easy once 30 wells are installed.
Unfortunately, every entity associated with this stock and its press releases is not findable on the internet or by phone, and all legitimate oil entities that I was able to contact including that expo in Russia that they claimed to have attended had never heard of PrimeGen.
I left 5 or 6 messages at their main number, sent e-mails, called phone numbers on the SEC forms and Reuters reports and not only never got a call back, but never even got an answering machine that said "Thank you for calling PrimeGen Energy." It's a ghost company.
Good luck to you all.
scare tactic IMO. All it takes is one really good basher or a team of them to post through out the forums and they lowered it to a price they can get in good at. Or people took their profits on it's high until next PR release.
holy cow this thing is a lead balloon. Why does it now tank? all of the uncertainty has been around for a long time. Is it because that NJ paper pulled their story?
I dont own any shares of this, I am really just quite curious.
Its tanking and fast
not sure whats going on here.... keeps dripping away!
yeah i bought in at .048 and after it pulled back from a run i sold at .062... very next day it ran to .09 and then up to .38 monday.. but im not sure why its pulling back this far.. i too have called their "office" and never received anything. not too sure either...
I bought in at .075 a long time ago on the first PR, then after suggesting it to a buddy of mine, was alerted to the Caveat Emptor that can be found on www.pinksheets.com.
After calling the company and about 5 numbers that I found in the SEC filings, research reports, etc. and getting no response whatsoever from anyone (not even a voice on the other end of the phone that said the name of the company lol), I sold at a loss at .045.
Turns out that I could've made great profit here, but regardless I do believe it is indeed a scam, and I am astounded that the SEC seems not to notice or to be completely powerless.
Ironically, the day I sold at .045 (the last time it was that low lol), the company filed a 15-12G form discontinuing their association with the SEC. UH OH!
Many small/weak sauce companies don't report, but a company that did report experiencing huge success and expansion... something was dead wrong with that move.
The stock is crashing. Get out now. Alert the SEC, and let them get rid of this POS scam before tons of people lose their investments to these cons.
and now they jumped it down before the open,man I think something is a bit screwy.
Look they are jumping the ask again this morning. I can see a penny or two but five???? Well it ran on friday like most stocks can and do. From the PR prior to the last they have always given out the well #'s the following week after the depth report. So since it was friday and no news was posted I am sure most investors thought monday would be the day and wanted to be in before a run. That was why we saw it drop as much as it did on monday.
i just thought it was odd. one of the best signs for this company and it doesnt run at all. it ran friday on no news.. (it said in one PR that the well stats wouldnt be released till early this week, yet it was released friday after the bell) so i was shocked it ran friday, but didnt do squat today!. i am still a little skeptic on the company itself though. as the one person said in the long message, there is no way we can contact this company. and dealing with foreign territory, the plug can be pulled at a moments notice!
the real kicker is that it wasn't a run at all. That was the opening price. I saw throughout the weekend that the ask was at .40 and just took it for granted as a mistake.I honestly thought it would have been fixed by this morning,but it actually opened fairly close to it @ .38 pps, why they opened it so high is beyond me....i liked it for the 2 minutes it ran like that lol.
any idea why it ran high this morning and came back to mid 20s? that was very odd
and all that form a 1 time poster.
Dear Mr. Charlton,
I would assume by now it has come to your attention that there are quite a few accusations floating around that what is going on with PGNE is nothing more than a scam based on a complete lack of information as it involves major shareholders ie, Black Sea Energy-70% share holder??, the company's connection to Mr. Scott, $12 million financing through Zuckerman and Partners??phone number please??, SEC filings or lack of, phone number of your offices where someone will actually answer the phone, mutual fund holdings, oil rig company that you have taken over-Dzhebolskoye Chikshino Rig Company???, the company you bought the oil fields from--Kozik Energy??? and even the actual physical address of the company--is it TX or NJ??. There is no evidence anywhere on the internet for any of these names that show up in your press releases except in your press releases. We have also witnessed a string of very questionable PR's showing an amazing ability to drill to depth and report on major oil finds in very short periods of time with success that seems to be too good to be true. Some of these PR's are eerily similar to FDEI and SVSE several years ago--oil companies that are now basically bankrupt but had great oil reports coming out regularly. Are we really supposed to believe that an oil company (Kozik Energy Ltd??) sold PGNE a 40% stake in an oilfield where oil is that easy to drill for and with that many bpd. As the CEO, I would think that you would be very concerned about this negative perception of your company since as any good businessman learns in Harvard Business School, public perception means everything and would want to do everything in your power to set the record straight. Your public silence shows either a blatant disregard for your shareholders or a man who is hiding something from the public. Your PR's have become very predictable--I have guessed correctly on each of the last 2 PR's involving bpd that results would fall somewhere between 900 and 1200 bpd. People have made good money off this stock but if it is a scam, there will be people who will get in late and lose money. If this company is legit, there is no telling just how high it could go and those who have made money will have just seen the tip of the iceberg but I don't believe there is any way that can happen unless you leave your ivory tower and communicate some answers to these very important concerns to your shareholders as well as would be shareholders. I am looking for truth which will upset some because it tramples on their quest for money at any cost but if we discover legitimacy in this company, the sky is the limit for those same shareholders. I have seen too many stories on the nightly news invoving shareholders of Enron and Healthsouth as well as the Bernie Madoff's of this world who leave a trail of pain behind because of their lack of integrity and transparency and it makes me sick to my stomach. If this is a scam, I can already predict how you will shut things down as people get too close to the truth. You will claim that the Russians have taken over the oil fields and have shut down your operation since this has happened several times in the past with foreign oil companies in Russia. It is time to set the record straight. That is your responsibility as CEO. We respectfully await your reply.
man i wish i wouldnt have sold my position on wednesday. i wanted to buy more today but i couldnt get the funds i needed. sold for a 3.5 cent profit and ended up losing 10 cents on todays high... dang :(
reached the depth for the 3rd well yesterday... results coming early next week!
knowing them probably this coming week. They should have the the desired depth reach this week for the 3rd well.
anyone know when the next PR is coming out?
i bought back in again. i wish i woulda kept my .048 shares!
anyone see the info about the drills?
tanking just the way i like it :)
lol as long as you don't mind your cheapies in pennyland go right ahead and snatch some up.
im hoping the next well they drill will be dry so i can snatch up some cheapies!
Keep ya mind on ya money and ya money on ya mind... my mind is on pgne right now, can't wait until they release news on the other TWENTY EIGHT oil wells soon.
I can't believe no activity in this forum and we hit .20 cents today
Posted by CuateDeuce on the Yahoo msg board 29JUL2009:
According to their 2nd oil well results, the company generated $540,000 in rev or $21 million on an annual basis. On their 1st oil well, the company generated $1.6 million in revenue, but it isn't $19.2 million per year. Whoever did the math didn't take into consideration that the company generated 1.6 million for only 21 days of production. 1st oil well should be producing $27.8 million annually and not $19.2 million. Please correct me if I'm wrong, but still long on this company
PrimeGen Energy - July Production at Timan-Pechora Kochmesskoye #2 Well - Initial Production Averages 920 Barrels Per Day
BRIDGEWATER, N.J., July 29 /PRNewswire-FirstCall/ -- PrimeGen Energy Corp. (OTC Pink Sheets: PGNE; "PrimeGen" or the "Company") today announces the July production for the Kochmesskoye #2 well at Timan-Pechora, Russia. The well commenced commercial oil production on July 21, 2009, and the Company has received production results for the first 9 days. Total oil produced and sold was 8,300 barrels with an average daily production rate of 920 barrels per day.
The Kochmesskoye well is the second 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 now projected that the well has generated $540,000 in revenue or $21 million on an annual basis and will payout its entire cost in 3 months. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.
IMO, This Baby is going to explode! Bought in at .034 awhile back.
Tuesday May 19, 2009, 4:01 pm EDT
PrimeGen Energy Corp. has signed an agreement to acquire a 40% working interest in the Timan-Pechora Oil Field in Russia from Moscow-based corporation, Kozik Energy Ltd.
Tuesday June 23, 2009, 4:01 pm EDT
PrimeGen Energy Closes $12 Million Milestone Financing
With the cash from this financing, the Company can now accelerate its development programs on our Russian properties, by scheduling a ten (10) well drill program. We expect to implement this program over the next six months. In addition, the Company can now expand its current land holdings and reserves by implementing a more aggressive acquisition strategy by focusing on more advanced and larger reserve properties.
bullish
http://www.stockta.com/cgi-bin/analysis.pl?symb=PGNE&num1=1&cobrand=&mode=stock
chart looks bullish for me, next target 25 cent
http://stockcharts.com/h-sc/ui?s=PGNE&p=D&yr=3&mn=0&dy=0&id=0
PrimeGen Energy - Kochmesskoye #2 Oil Well Reaches Target Depth
Testing of any potentially productive oil bearing zones has commenced. PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated early next week. The well is the second of a proposed development program targeting a minimum of 30 oil wells to be drilled.
http://finance.yahoo.com/news/PrimeGen-Energy-Kochmesskoye-prnews-4021133167.html?x=0&.v=1
third quarter should be very good, another pr this week
The second well has been titled as the "Kochmesskoye #2" and anticipated to reach a target depth by Wednesday, July 22, 2009. As part of the accelerated drilling program a third well is scheduled for immediate drilling shortly after the completion of the second well. The first well of the project was drilled and completed in the second quarter of 2009 and resulted in setting a new production record for the field of 1,200 barrels of oil per day. PrimeGen expects that an additional 5-8 wells will be drilled during the third quarter of 2009.
BOOM again: PrimeGen Energy Second Well Drilling in Timan-Pechora Commenced
Jul 20, 2009 4:21:00 PM
Email Story Discuss on ZenoBank
View Additional Profiles
BRIDGEWATER, N.J., July 20 /PRNewswire-FirstCall/ -- PrimeGen Energy Corp. (Pink Sheets: PGNE) ("PrimeGen" or the "Company") wishes to advise that as part of the recently announced participation agreement regarding the Company's oil and gas project in Timan-Pechora, Russia, the operator has notified PrimeGen that drilling of a second well commenced on July 10, 2009.
The second well has been titled as the "Kochmesskoye #2" and anticipated to reach a target depth by Wednesday, July 22, 2009. As part of the accelerated drilling program a third well is scheduled for immediate drilling shortly after the completion of the second well. The first well of the project was drilled and completed in the second quarter of 2009 and resulted in setting a new production record for the field of 1,200 barrels of oil per day. PrimeGen expects that an additional 5-8 wells will be drilled during the third quarter of 2009.
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.
The area is a well documented and prolific region benefitting from the presence of established companies such as TNK-BP and Komineftegaz. The participating property has over 24 wells currently in production, from which PrimeGen's interest will result in immediate cash flow for the Company.
Company President Robert Charlton comments, "We are very pleased to see the positive results of these wells and feel we are well down the road to achieving our production targets on this field. PrimeGen's mandate has been to aggressively pursue reserves, production and cash flow growth through strategic investment in production, development and exploration assets with a primary focus on opportunities in Russia. We have successfully built a platform for growth with our Russian assets."
In addition, the Company would like to clarify that on July 14, 2009 it had voluntarily filed a Form 15 with the SEC to delist its shares from the OTC Bulletin Board. PrimeGen subsequently is transferring its disclosure and quotation venue from the OTC Bulletin Board to the OTC Pink Markets. The effect of this filing is to suspend PrimeGen's reporting obligations under the Securities Exchange Act of 1934 and to terminate the registration of its common stock in order to allow the Company's disclosures to be posted on the Pinksheets platform.
This disclosure and quotation venue move will save the Company a substantial amount of time and money on a quarterly and annual basis, while still providing its shareholders an active marketplace for publicly trading PrimeGen shares. The reporting and compliance burdens currently imposed by the SEC on smaller and mid-sized companies (which burdens are similar to those mandated for large, exchange-listed public corporations) have become almost intolerable for such smaller and mid-sized companies. The costs are enormous in both time and money. Additionally, companies are forced to focus on complying with these rigid over-reporting rules, rather than allowing them to focus on being productive for their shareholders and employees. It appears that the new administration in Washington may be inclined toward making this reporting/compliance situation even more stringent and burdensome. In the first 15 weeks of 2009 alone, over 500 public companies have filed a Form 15, apparently due to lack of compliance and the economics and stresses associated with these overly burdensome filing requirements.
"In taking the voluntary action to transfer its disclosure platform, PrimeGen has demonstrated its commitment to its current and future shareholders to control costs. PrimeGen is continuing to expand its business and believes its primary focus should be concentrated on its productive business objectives," stated Robert Charlton, CEO of PrimeGen Energy Corp.
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.
SOURCE PrimeGen Energy Corp.
----------------------------------------------
Robert Charlton
President of PrimeGen Energy Corp.
+1-908-634-3662
chart looks good, cup and handle
http://stockcharts.com/h-sc/ui?s=pgne
has this stock died?
Ugh, it's been a hell of a day for THAT call.
Well, so after an e-mail and about 4 phone calls over the past week to both the NJ office and the Dallas, TX office listed on the Reuters Research Report (provided on Scottrade), I have received no kind of response at all. I'm beginning to worry if this company actually exists. That sucks.
Sorry y'all. I'm gonna be getting out of this stock asap. If I can get .05 I will. The PR's are great but when nobody is reachable...
Also, the form 15-12G isn't good news, as it means PGNE is no longer filing at all with the SEC, which means we're pretty much no longer protected from a scam. This is convenient as the recent stream of awesome PR's seemed to suggest that the company would have the revenues necessary to cause them to start filing again. This is the opposite.
KABOOM! The bubble has burst.
$2.5k later I'm cutting my losses.
GLTA and post if anyone can get through to these scheisters.
with what dd? were you able to talk to management
KABOOOMMM!!!!
Get ready - hold yer floaties!! I can smell a boomer!!!!
PGNE:Smart Scan Chart 7/14/2009
PRIMEGEN ENERGY CORP (NASDAQ:PGNE) Uptrend
Smart Scan Chart Analysis confirms that a short term counter trend move is underway. When this action is over look for the longer term positive trend to resume. Uptrend with money management stops.
Based on a pre-defined weighted trend formula for chart analysis, PGNE scored +85 on a scale from -100 (strong downtrend) to +100 (strong uptrend):
+10 Last Hour Close Above 5 Hour Moving Average
-15 New 3 Day Low on Tuesday
+20 Last Price Above 20 Day Moving Average
+25 New 3 Week High, Week Ending July 11th
+30 New 3 Month High in April
+85 Total Score
Sentiment : Strong Buy
im wondering who this black sea energy inc. is ,that they say owns 70 % of their stock ?
anyone know??
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PrimeGen Energy Corp. (OTC: PGNE)
Contact Information | Business Description |
Primegen Energy Corp. 908-382-7924 Corporate Website: http://www.primegenenergycorp.com | PrimeGen Energy Corp. (OTC: PGNE) 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 Corp. 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. |
Click Map Below for Operations Overview
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Company Information for PrimeGen Energy Corp. (OTC:PGNE) provided courtesy of PinkSheets.com
OTC Market TierPink Sheets CurrentPrimary SIC — Industry Classification1311 - Crude petroleum and natural gasBusiness StageDevelopment Stage CompanyState Of IncorporationNevadaJurisdiction Of IncorporationUnited StatesYear Of Incorporation2005Company OfficersRobert Charlton, CEO, PresidentViktor Tymoshenko, Dir. Yury Rybachuk, Dir. Marc S. Applbaum ESQ, Lawyer SEC Reporting StatusDe-Registered as of Jul 14, 2009 | Fiscal Year End12/31Estimated Market Cap$25,639,900 as of Dec 1, 2009Outstanding Shares233,090,000 as of Sep 30, 2009Authorized Shares1,500,000,000 as of Sep 30, 2009Float (shares)35,590,000 as of Sep 30, 2009Current Capital Changeshs increased by 15 for 1 splitEx-Date: Jul 19, 2006 Company NotesFormerly=Maysia Resources Corp. until 9-06Legal CounselApplbaum & Zouvas, LLP2368 Second Avenue San Diego, CA 92101 |
Stock Chart for PrimeGen Energy Corp. (OTC: PGNE) provided courtesy of StockCharts.com
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Press Release for PrimeGen Energy Corp. (OTC: PGNE) provided courtesy of MarketWire.com
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