SOURCE: Wall Street News Alert

Wall Street News Alert

January 05, 2010 08:38 ET

Ahead of the Bell: PrimeGen Energy Corporation -- January 5, 2010

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL--(Marketwire - January 5, 2010) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Chesapeake Energy Corporation (NYSE: CHK), Chevron Corporation (NYSE: CVX) and Bucyrus International, Inc. (NASDAQ: BUCY).

Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) released new production figures as of December 31, 2009 resulting from the recent completion of production of ten wells in the Timan-Pechora field and one well in Rodnikovskogo project. The Company achieved total average daily production of 16,550 bpd during the month and reached a production high of 17,340 bpd on December 28, 2009.

On November 10, 2009 the Company commenced commercial oil production of Kochmesskoye #8 well with production results for the first 15 days at an average daily rate of 1,590 barrels per day. On November 26, 2009, Kochmesskoye #9 commenced production with results for the first 24 days at an average daily rate of 1,620 barrels per day. On December 17, 2009, Kochmesskoye #10, the tenth well of the project was drilled and completed and resulted in setting a new production record for the field of 1,745 barrels per day. PrimeGen currently has ten wells in the Timan-Pechora field producing at full capacity for a total of 13,937 barrels per day and one well in its Rodnikovskogo project producing 2,620 barrels per day.

The Timan-Pechora project 2010 development program calls for the drilling of a minimum of 30 wells to develop the field. When fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. The Rodnikovskogo project 2010 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. It is estimates that these two projects could yield the Company a daily production rate of over 150,000 barrels per day. Using current pricing for crude oil in the region, PrimeGen has confirmed that all producing wells have generated $97.1 million in revenue or a projected $420 million per year.

In addition, PrimeGen's Board of Directors formed a Committee to implement its plan to list its stock on the Over the Counter Bulletin Board (OTCBB). Robert Charlton, PrimeGen's CEO, is leading the OTCBB listing effort. PrimeGen's OTCBB goals are to apply by March 31, 2010. PrimeGen's listing on the OTCBB is subject to its listing requirements and standards. These include but aren't limited to share price and shareholder equity. There is no guarantee PrimeGen will qualify for or be accepted by the OTCBB for listing on its exchange.

Robert Charlton, CEO of PrimeGen, said, "We are a fully reporting Pink Sheets public company and have made a major effort to ensure we file our financial reports on time. We have been planning to list our shares on the OTCBB and expect our OTCBB application will be filed within 90 days.

The stock closed yesterday at around Nine cents a share.

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Chesapeake Energy Corporation (NYSE: CHK) up 8.5% on 29.4 million shares traded.

Chesapeake Energy Corporation is the largest independent producer of natural gas in the U.S. Headquartered in Oklahoma City.

Chevron Corporation (NYSE: CVX) up 2.6% on 10.1 million shares traded.

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business across the globe.

Bucyrus International, Inc. (NASDAQ: BUCY) up 11.1% on 4.6 million shares traded.

Bucyrus is a world leader in the design and manufacture of high productivity mining equipment for the surface and underground mining industries.

Market Commentary:

Benchmark crude for February delivery climbed $2.01 to $81.37 a barrel on the New York Mercantile Exchange. The price reached as high as $81.68, nearing the $82 high for 2009 on the first day of trading this year.

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