SOURCE: Wall Street News Alert

Wall Street News Alert

August 20, 2009 09:38 ET

Wall Street News Alert: Breaking News: PrimeGen Energy - August 20, 2009

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

WESTON, FL--(Marketwire - August 20, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), American International Group, Inc. (NYSE: AIG), Petroleo Brasileiro SA (NYSE: PBR) and ConocoPhillips (NYSE: COP).

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PrimeGen Energy Corporation's (PINKSHEETS: PGNE) accelerated drill program at the Timan-Pechora Project has yielded successful production results for the first three Kochmesskoye wells. Now the company is reporting that drilling on the fourth of the proposed development program targeting a minimum of 30 oil wells is on its way.

Yesterday after the markets closed the company announced that as part of the recently announced participation agreement regarding the Company's oil and gas project in Timan-Pechora, Russia, the operator has notified PrimeGen that drilling of a fourth well commenced on August 12, 2009. The fourth well has been titled as the "Kochmesskoye #4" and anticipated to reach a target depth by Monday, August 24, 2009. As part of the accelerated drilling program, preparations are underway on the fifth well site to begin immediate drilling shortly after the completion of the fourth well.

The first well of the project was drilled and completed in the second quarter of 2009 and resulted in setting a new production record for the field of 1,200 barrels of oil per day. The second well's average production flow has been 920 barrels of oil per day. The third well's average production flow has been 1,140 barrels of oil per day. PrimeGen expects that an additional 3 wells will be drilled during the third quarter of 2009.

The press release states that using current pricing for Timan-Pechora crude oil, PrimeGen has now projected that the three wells have generated $7,465,000 in revenue to date or $77.3 million on an annual basis. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.

The stock closed yesterday at Thirteen cents a share.

For an in-depth profile of PrimeGen Energy, visit

American International Group, Inc. (NYSE: AIG) up 8.5% on 31.8 million shares traded.

American International Group, Inc. is a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions.

Petroleo Brasileiro SA (NYSE: PBR) up 1.6% on 13 million shares traded.

Petrobras SA is a Brazil-based international energy company that performs in a profitable manner, with social and environmental responsibility.

ConocoPhillips (NYSE: COP) up 1.2% on 10.3 million shares traded.

ConocoPhillips is an integrated petroleum company with interests around the world.

Market Commentary:

Benchmark crude for September delivery jumped $3.23 to settle at $72.42 a barrel on the New York Mercantile Exchange. That contract expires Thursday, and most of the trading has already shifted to the October contract, which climbed $2.74 to settle at $73.83.

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