SOURCE: Wall Street News Alert

Wall Street News Alert

September 17, 2009 08:38 ET

Wall Street News Alert: Breaking News: PrimeGen Energy Corporation - September 17, 2009

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

WESTON, FL--(Marketwire - September 17, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Schlumberger Limited (NYSE: SLB), Rio Tinto plc (NYSE: RTP) and Anadarko Petroleum Corporation (NYSE: APC).

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In an update issued on Tuesday, PrimeGen Energy Corporation (PINKSHEETS: PGNE) reported that it had successfully drilled 4 of the 30 wells to date at the Timan-Pechora project, and that all four are currently producing approximately 5,200 barrels per day. Now the company has just announced drilling success in yet another well, the Kochmesskoye No. 5.

Yesterday after the markets closed, the company issued a press release announcing that the drilling operator at the previously announced Timan-Pechora Project has reported that the drilling of Kochmesskoye No. 5 well which began on August 31, 2009 has reached total target depth on September 10, 2009.

Testing of any potentially productive oil bearing zones has been initiated. The Company will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated by late next week.

Furthermore, the press release states that the combined results of the first four wells have revealed a structure larger in area than previously anticipated. In addition, the presence of a substantial gas cap in the field has been confirmed and continuous development drilling has successfully pushed the limits of the lowest known oil on the structure further down the flank than originally mapped, thereby increasing the size of the oil bearing portion of the Timan-Pechora field. Individual wells are also drilling more quickly than originally projected. As a result, this new information has initiated a structural remapping of the reservoirs and the current plans have now been changed to specifying for at least 10 additional locations to be drilled in 2010 or up to 40 wells for the entire drill program.

As part of the accelerated drilling program, a sixth well is scheduled for immediate drilling shortly after the results of the fifth well are announced. The fourth well of the project was drilled and completed on August 24, 2009, and resulted in setting a new production record for the field of 1,670 barrels of oil per day. PrimeGen expects that 4-5 additional wells will be drilled during the fourth quarter of 2009.

The stock closed yesterday at Fourteen cents a share.

For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_091609.

Schlumberger Limited (NYSE: SLB) up 4.3% on 13 million shares traded. Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide.

Rio Tinto plc (NYSE: RTP) up 3.3% on 1.1 million shares traded. Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore.

Anadarko Petroleum Corporation (NYSE: APC) up 9.5% on 17.5 million shares traded. Anadarko Petroleum Corporation's mission is to deliver a competitive and sustainable rate of return to shareholders by exploring for, acquiring and developing oil and natural gas resources vital to the world's health and welfare.

Market Commentary:

A report from the Federal Reserve showed that industrial activity surged 0.8 percent in August topped expectations. The Fed also said the improvement in industrial production for July was twice what it had initially reported.

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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 holds One Million, Fifty Thousand of those shares as of this release, and intends to immediately continue selling its shares as this release is being circulated. 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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