PrimeGen Energy Corp. (PGNE)

[1upandaway]

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.