UPDATE: 14:22 PST Thanks to Christopher Johnson, we have the press conference in question, which clears up some of this erroneous information. The theatrical running time of Prometheus is correct. It clocks in at 119 minutes. But the extra seventeen minutes is actually in regards to another of Ridley Scott's film. Here is his exact quote. And be sure to watch the homepage for the full press conference, which we will be running shortly.

"[The cut in cinemas], that is always the director's cut. What I think happens later, if the film has the fortune to have a following, they will want to see it again. Therefore, you buy this technology called a DVD. The DVD has even better technology; it opens up the storybook about how the film got made. Under the heading of menu disc. That is where you have the opportunity to say or show...There was a longer cut, but what is heading to the cinema is what it should be...I think I only made a mistake once. I believe that, on cutting a film short. I won't say what that film is, because this is not the time. But I removed seventeen minutes of the movie. I didn't ruin it. But it wasn't as much...In this instance; you've got a pretty good version here, a pretty good cut. We are running at about, without end credits, one hour and fifty-nine minutes and change, here. It is very tight. It's what it should be."
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Original Story: Star Charlize Theron recently took part in a Q&A for director Ridley Scott's upcoming sci-fi thriller Prometheus, where it was revealed that the film will be released on Blu-ray as an extended cut with 17-minutes of extra footage not seen in the theatrical version.

The film, which is apparently completed, clocks in at one hour and fifty-nine minutes. That will make the running time of the extended cut two hours and sixteen minutes long.

As Ridley Scott has been hesitant to reveal much about the plot of Prometheus, it is not known at this time what the extra seventeen minutes of footage contains, or how it will help push the plot forward, or if these extra minutes are simply an extension of various scenes already included in the movie.