There is important news coming from PrimeGen Energy Corporation (PINKSHEETS: PGNE), and investors should watch this one. Friday after the markets closed, the company issued a press release announced that as part of participation in the recently announced agreement on an oil and gas projects in the Timan-Pechora, Russia, the service was told they PrimeGen mobilization of equipment to start drilling in the participatory land .
Well have been titled as "Kochmesskoye" and scheduled for drilling immediately with preliminary results anticipated in one month from the beginning. The operator that they have the tools that are on the way to the target location and drilling will begin.
This is great news, according to the press release, the Timan-Pechora region during this project consists of 24 oil producing wells with close to one billion barrels and 132 BCF of proven reserves. A discovery well tested 5,589 BOPD from 3,958-3,974 meters in the zone. Timan-Pechora region is 17 kilometers from Ukhta, a major city in the Republic of Komi. Oil which is located about 1200 km from the play Moscow. ATM infrastructure has been established, so that all areas of access to the operating year. Power lines and major highways passing through the region. There is also a branch of the Transneft pipeline between Ukhta and Moscow that passes directly through the project. Additional transportation routes including rail system with terminals located close to the nearest Ukhta.
A fertile area and documented the existence of the region benefiting from the company that was founded as TNK-BP and Komineftegaz. Participating properties have more than 24 production wells at this time, where interest PrimeGen will result in direct cash flow for the company.
Company President Robert Charlton commented, "We are very pleased with the news that the operator of this project firmly believe in growth. Bringing the better course to increase production and strengthen the reason to expand our participation in this project. However, we still see more strategic acquisitions in the eye to expand and diversify our asset portfolio to provide our real value and the investor in real time. "
Investors are advised to keep close eye on the future development of the
The stock closed Friday at Three cents part.
For an in-depth profile of PrimeGen Energy, visit
http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_060709.
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