PrimeGen Energy Corporation (OTC: PGNE)--- Profile --- Price .095
PrimeGen Energy Announces Spudding of Well "Rod 10-22" in Rodnikovskogo
Yesterday after the markets closed, PrimeGen Energy Corporation (OTC: PGNE) issued a press release announcing that on November 30, 2009 it successfully commenced drilling the "Rod 10-22" well in Rodnikovskogo, Russia and is estimated to reach a target depth by Monday, December 14, 2009.
The Rod 10-22 well is the second of a multi-well program drilled at Krasnoarmeiskome District, Saratovskoi Oblast in Russia by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 42 wells to develop the field. When fully developed, the 42 wells could yield a daily production rate at Rodnikovskogo of 110,000 barrels per day. The first well of the project was drilled and completed on November 25, 2009, and resulted in setting a production record for the field of 2,620 barrels of oil per day. The press release stated that using current pricing for Rodnikovskogo crude oil, PrimeGen has confirmed that the Rod 10-21 well alone has generated $2.7 million in revenue or a projected $71.7 million per year. Currently, oil at Rodnikovskogo has been priced at over $75.00 per barrel.
Continuing 3D seismic data collection and analysis of the property is scheduled for 2010 and will be running concurrently with the drilling program. Several additional high potential drill targets have already been identified and will be further defined and evaluated for feasibility during the next phase of work on the property. The license is within a highly prospective region with existing oil production on adjacent licenses and the super-giant THK-BP gas field.
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