This is how I see it but I might be wrong, a $225,000,000 company that can't afford even one secratary to answer their phone or e-mails.
PrimeGen Energy Corp (Shell Corp extraordinary)
This company started organizing it’s scam in May 2005 in Nevada. Part of their scheme included a dummy corporation with an office in Texas having it’s main office and state of incorporation listed as Bridgewater, New Jersey (PrimeGen’s phone number is 1-908-382-7924). The address for their main office in Bridgewater New Jersey turns out to be a UPS mailbox drop (Bridgewater UPS phone number is 1-908-575-1100). News releases in the Wall Street Journal, Bloomberg Bussinessweek, AOL fiance and others make reference to company activities in Arkansas, Kansas and Alberta and British Columbia, Canada.
The activities of this shell corporation were not limited to just the North American continent one of the residence of the CEO Robert Charlton, is listed as being in London, of course the residence is probably as fictitious as his name. Also PrimeGen may have obtained money from a German Investment Banking Group in Europe (http://www.aqm-e.com/PDFS/AM/MiddleMarket11Aug.pdf) to purchase their non existent Russian oil rig. Of course all the oil drilling activity claimed by this bogus oil company is in Russia making the mineral lease purchases very difficult to prove or disprove for the common person in the United States.
The more I dig into this scam the more I realize they were a sloppy group, PrimeGen cloned their last website http://www.primegenenergycorp.com from another website http://www.medoilgas.com/ they used the exact website slightly changing some of the names and information but used the same pictures. The PrimeGen energy corp. website was removed from the internet on Friday 02/12/2010 and brought back up again Sunday night.
The company obtained legal counsel from Applbaum & Zouvas, LLP in San Diego California who apparently specialize in securities and divorce and may be a legitimate law firm (Applbaum & Zouvas phone number 619-688-1116; Marc Applbaum phone 619-688-1171; Luke Zouvas phone 619-688-1716), Marc Applbaum told one investor PrimeGen still owes his firm money but a phone message from me left for Marc Applbaum was not returned as of Monday, 02/15/2010. Other than the investors who lost money by trading shares on the NYSE Applbaum & Zouvas may be the only legitimate player directly involved with PrimeGen Energy and would seem like a good source of information if indeed their law firm is legitimate, notice the whole staff at Applbaum & Zouvas graduated from the same school The Thomas Jefferson School of Law in the same year 1999 (http://www.apzlaw.com/ourteam.html). While on the Applbaum website please click on the partners link, examination of the ReoStar Energy Corporation website looks suspicious to me newly founded in 2007, and I’ve viewed the website video before under a different oil company name. Note Mark Zouvas is shown as the CEO of ReoStar Energy. The events listed in this last paragraph might only be coincidence but look suspicious under the circumstances. ReoStar trades as REOS curently at $.12 and might be a model company who's only connection to PrimeGen is through the Law firm.
PrimeGen organized in 2005.
In 2006 they were listed on the NYSE, from Sept. 2006 to March 2007 a total of only 6000 shares were bought and 6000 shares were resold shortly after being bought at a price of about $1.50 I think this was an attempt to stimulate some activity for PGNE.
March of 2007 1.1 million shares were traded at about $1.50, I don’t no why the sudden increase in volume.
Than in April 2007 the price dropped to only about $.18 and volume spiked to 10 million shares.
May 2007 8 million shares were traded at $.02.
Than from June 2007 until the news releases in March 2009 somewhere around a total of 20 million traded back and forth at $.01, almost 2 years at $.01.
After all the timed news releases from March 2009 until the present the stock traded mostly at about $.10 with a bump in volume and price for a few days in August 2009.
Looking back I now see the oil productivity reports are transparently erroneous. The company claims to have started drilling well Rod 10-22 on November 30th 2009 and completed ithe well on December 14th and than commenced production on that same well already on December 16th, they released the production figures on December 31 2009. That is all impossible. First of all oil companies don’t release production figures to the public for 6 months, even in Russia. Second they can not reach a wells total depth in two weeks let alone remove the rig and install a well head, erect a tank battery and start production all in two weeks that is humanly impossible even if you didn’t have any problems. First of all you can’t drill that fast, it takes a whole day just to install casing and cement the casing, than it takes at least 4 days to tear down the rig and move it off and than it takes another week just to set up a well head and install tanks and separators for the oil, water and gas, you also have to trench a pipeline for the gas all this in two weeks? My opinion is these guys are bogus.
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