BRIDGEWATER, N.J., Aug. 4 /PRNewswire-FirstCall/ -- PrimeGen Energy Corp. (Pink Sheets: PGNE; "PrimeGen" or the "Company") today announced that it has completed the acquisition of Dzhebolskoye Chikshino Rig Company from a subsidiary of Dzhebolskoye Chikshino Investment Company for $18.3 million. The primary assets of the acquired company consist of 4 OIME SL 1500 drilling rigs, which are capable of drilling to depths of greater than 18,000 feet, and a large complement of related service equipment, all of which are in excellent operating condition. Dzhebolskoye Chikshino Investment Company is a large privately-owned enterprise with corporate and operations offices located in Saint-Petersburg, Russia.

PrimeGen's CEO Robert Charlton commented, "We are pleased to announce that our acquisition in Dzhebolskoye Chikshino Rig Company has been completed. The specialized equipment and expertise combined in this strategic acquisition will accelerate our ongoing drilling programs in Russia and substantially reduce our future drilling costs."

Mr. Charlton added, "Over the past month or so, we have received numerous calls from investors. The people to whom I have spoken with are concerned that more current reports are not being published and released on a regular basis. While we cannot provide any individual with information that is not available to others, we do believe that the Company needs to be more proactive with our communications, especially now that we are getting some traction with our projects in Russia. Hereafter, we are going to implement a plan to actively communicate with shareholders and other interested parties, at minimum on a bi-weekly basis, using an audio format. We intend to roll-out a more comprehensive shareholder communications plan shortly after Labor Day."

About PrimeGen Energy Corporation

PrimeGen Energy Corp. is an oil and gas exploration Company whose primary focus is exploring and developing high potential unconventional resource plays. The Company's strategy and development assets are focused on a prolific and historic oil and natural gas resource play in Krasnoarmeiskome District, Saratovskoi Oblast in Russia. The Company is headquartered in Bridgewater, NJ and has offices in Moscow, Russia. PrimeGen Energy plans to use its comparative advantages in certain geographic regions to expand rapidly through strategic acquisitions of small oil and gas producing entities and production assets including wells, properties, operating equipment, and pipelines.

Forward-Looking Statements

This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's current and periodic reports filed from time to time with the Securities and Exchange Commission.

SOURCE PrimeGen Energy Corp.