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21.06.2010

Primex Oil Production: Company-Update

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Primex Oil Production: Company-Update

1. On completion of certification of compliance with labour conditions.

Russian division of Primex - CJSC “Chedty Neft", within the framework of its current activities and preparation for the resumption of work at the Chedtyiskoye oil field, has conducted the certification of compliance with labour conditions at the enterprise. The certification data of labour conditions reflects the results of research on factors of production sphere and working process, as well as the injury free operation level. There has been developed and approved an action plan for improvement and enhancement of working conditions at the enterprise.

There has been received an expert report on the results of the work conducted, in which the state experts on working conditions made positive conclusions that the certification data of compliance with working conditions at the CJSC “Chedty Neft” answers the existing state normative requirements on labour protection and requirements of the Ministry of Public Health and Social Development of the Russian Federation.

2. On reinterpretation of the 3D seismic exploration data and the results of recent borehole drilling of the Chedtyiskoye oil field.

In the course of implementation of the draft document "The technological scheme of Chedtyiskoye oil field development" by a project institute there has been found out a necessity for additional interpretation of the 3D seismic exploration data and the results of recent boreholes No. 22, No. 325 and No. 326 drilling. The new interpretation makes it possible to review and refine the models of all the Chedtyiskoye oil field deposits, as well as to refine the structure of all efficient and promising reservoirs. According to preliminary estimate of the project company’s experts there may be a significant carbohydrates increment of reserves.

Currently a project company shall be chosen that could efficiently and promptly carry out this work, on the results of which there will specified the location of exploratory and production boreholes in the efficient deposits from the Upper Permian to the Devonian-Silurian boundaries, which shall affect all the plans of CJSC “Chedty Neft ".

3. On preparation of the "Development of the Chedtyiskoye oil field” business plan.

Calculation-analytical group of experts of Primex has started preparing the "Development of the Chedtyiskoye oil field” business plan", which shall be drawn up for the purpose of attraction of potential investors to participate in development of the enterprise. The calculations cover six scenarios for development of the field for the period of 20 years, commencing from 2010. As a basis there have been adopted the oil prices according to the forecast of U.S. Department of Energy till 2035.

Preliminary calculation results show that investment during first 2-4 years in the field development from 30 to 50 million dollars shall make it possible to increase the project profitability upto 500% with a payback period of 4-5 years.

About Primex

Primex Oil is a Canadian oil exploration company focused on the discovery and development of crude oil properties in Russia.

The Company is producing oil in the Chedtiy Oil Field in the southern part of Usinsk region of the Republic of Komi in the European North of Russia. The oil reserves estimated at 57,350,000 barrels of C1 category and 32,105,000 barrels of C2 category were approved by the Central Commission for Development of the Natural Resources Ministry. The forecast of reserves in the Devonian Terri Gene deposits show extractable C3 resources to be 32,100,000 barrels. The well yields at the Chedtiy oil field are expected to grow by 7-10 times as compared with the current output. After completion of all 17 projected wells the Company will be able to deliver up to 2,200,000 barrels annually.

Contact:

Moscow Office: 31-Bld.6 Michurinsky pr., Moscow 119607, Russia
Phone: +7 (495) 649 5031
E-mail: anikeev@amgroup.info
ZAO CHEDTY NEFT, P.O.B. 253, 19 ul. Promyshlennaya, Usinsk 169710, Komi Republic, Russia.
Phone: +7 (82144) 21763, 23914, 21959. Fax: +7 (82144) 23865
E-mail: Sekretar Chedty@mail.ru

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this news release, which has been prepared by management. We seek safe harbor.



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