SOURCE: Wall Street News Alert

Wall Street News Alert

January 07, 2010 08:38 ET

Trade Alert: PrimeGen Energy Corporation -- January 7, 2010

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

WESTON, FL--(Marketwire - January 7, 2010) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), CIT Group Inc. (NYSE: CIT), Worthington Industries, Inc. (NYSE: WOR) and United States Steel Corporation (NYSE: X).

Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing the initial production for the Rod 10-22, the second well at the Company's Rodnikovskogo, Russia, property. The well commenced commercial oil production on December 16, 2009, and the Company has received production results for the first 21 days. Total oil produced and sold was 60,480 barrels with an average daily production rate of 2,880 barrels per day.

The press release states that using current pricing for Rodnikovskogo crude oil, PrimeGen has confirmed that the new well alone has generated $4.3 million in revenue, or a projected $75.5 million per year. Currently, oil at Rodnikovskogo has been priced at over $72.00 per barrel.

The Rod 10-22 well is the second of a multi-well program drilled at Krasnoarmeiskome District, Saratovskoi Oblast in Russia by PrimeGen. The 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.

This week the company also 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.

Furthermore, Monday's press release also stated that 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.

The stock closed yesterday at around Ten cents a share.

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CIT Group Inc. (NYSE: CIT) up 6.5% on 5.1 million shares traded.

CIT is a bank holding company with more than $60 billion in finance and leasing assets that provides financial products and advisory services to small and middle market businesses.

Worthington Industries, Inc. (NYSE: WOR) up 20.5% on 6.1 million shares traded.

Worthington Industries is a leading diversified metals manufacturing company with 2009 fiscal year sales of approximately $2.6 billion.

United States Steel Corporation (NYSE: X) up 4.4% on 11.8 million shares traded.

United States Steel Corporation is one of the leading steel companies in the U.S.

Market Commentary:

Oil hit a 14 month high as benchmark crude settled up $1.41 at $83.18 on the New York Mercantile Exchange, the highest close since Oct. 9, 2008.

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This profile is not without bias, and is a paid release. WSCF has been compensated for dissemination of company information on behalf of one or more of the companies mentioned in this release. For current services performed for PrimeGen Energy Corporation (PINKSHEETS: PGNE), WSCF has been compensated Five Million shares (One Million shares for current services and Four Million shares for previous services), by a third party, NorthStar Capital Corporation, who is non-affiliated and may hold a significant position in the stock. WSCF has sold all of those shares. WSCF may receive additional compensation for extension of its services. Any additional compensation will be disclosed at such time that WSCF is aware of a client's desire to extend the original services. WSCF may have received shares of a company profiled in this release prior to the dissemination of the information in this release. WSCF may immediately sell some or any shares in a profiled company held by WSCF and may have previously sold shares in a profiled company held by WSCF. WSCF's services for a company may cause the company's stock price to increase, in which event WSCF would make a profit when it sells its stock in a company. In addition, WSCF's selling of a company's stock may have a negative effect on the market price of the stock.

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