high of $80.05 a barrel early Tuesday and suddenly
thrusting PGNE into the spotlight again...
perhaps into the sights of day-traders.
No. 6 Oil Well Averages 1,380 Barrels Per Day
Tuesday after the markets closed, PrimeGen Energy Corporation (OTC: PGNE) announced the initial production for the Kochmesskoye # 6 well at Timan-Pechora, Russia. The well commenced commercial oil production on October 04, 2009, and the Company has received production results for the first 16 days. Total oil produced and sold was 22,100 barrels with an average daily production rate of 1,380 barrels per day.
The press release states that using current pricing for Timan-Pechora crude oil, PrimeGen has confirmed that the new well alone has generated $1.5 million in revenue or a projected $34.4 million per year. Currently, oil at Timan-Pechora has been priced at over $70.00 per barrel.
"The Kochmesskoye # 6 well is the sixth 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. The fourth well of the project was drilled and completed on August 24, 2009, and resulted in setting a new production record for the field of 1,670 barrels of oil per day. In addition, Wells No. 1,2,3,4 and 5 are producing at full capacity.
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