August 5, 2009 (FinancialWire) — PrimeGen Energy Corp. (OTC: PGNE) said it has completed the acquisition of Dzhebolskoye Chikshino Rig Co. from a subsidiary of Dzhebolskoye Chikshino Investment Co. for $18.3 million.

The primary assets of the acquired company consist of four drilling rigs capable of drilling to depths of greater than 18,000 feet, and a large complement of related service equipment.

Saint-Petersburg, Russia-based Dzhebolskoye Chikshino Investment is a privately-owned enterprise.

PrimeGen CEO Robert Charlton said “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.”

Bridgewater, New Jersey-based PrimeGen Energy is an oil and gas exploration company whose primary focus is exploring and developing unconventional resource plays.

The company’s strategy and development assets are focused on an oil and natural gas resource play in Krasnoarmeiskome District, Saratovskoi Oblast in Russia. PrimeGen has offices in Moscow, Russia.

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