SOURCE: Wall Street News Alert

Wall Street News Alert

June 08, 2009 09:33 ET

Wall Street News Alert: Hot Stock to Watch -- PGNE -- June 8, 2009

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

WESTON, FL--(Marketwire - June 8, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Suncor Energy Inc. (NYSE: SU), Apple, Inc. (NASDAQ: AAPL) and Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX).

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There is important news coming from PrimeGen Energy Corporation (PINKSHEETS: PGNE), and investors should be watching this one. Friday after the markets closed, the company issued a press release announcing that as part of the recently announced participation agreement regarding an oil and gas project in Timan-Pechora, Russia, the operator has notified PrimeGen of their mobilization of equipment for the commencement of drilling within the participatory lands.

The well has been titled as the "Kochmesskoye" and is scheduled for immediate drilling with preliminary results anticipated within one week from commencement. The operator has advised that their equipment is currently on its way to the targeted location and drilling will begin shortly.

This is great news, as according to the press release, the Timan-Pechora Project area currently consists of 24 existing production oil wells with close to one billion barrels and 132 BCF of proven reserves. A discovery well tested 5,589 BOPD from zone at 3,958-3,974 meters. Timan-Pechora region is 17 kilometers from Ukhta, a major town in the Republic of Komi. The oil plays are situated approximately 1,200 km from Moscow. Its surrounding areas have well established infrastructure, allowing all year access for field operations. Power lines and a major highway pass through the territory. There is also a branch of the Transneft pipeline between Ukhta and Moscow that passes directly over the project. Additional transportation routes include a railway system, with the nearest terminal located close to Ukhta.

The area is a well documented and prolific region benefiting from the presence of established companies such as TNK-BP and Komineftegaz. The participating property has over 24 wells currently in production, from which PrimeGen's interest will result in immediate cash flow for the Company.

Company President Robert Charlton comments, "We are very pleased by the news that the operators of this project believe firmly in growth. Bringing an additional well into production certainly enhances and strengthens our rationale for participation in this expanding project. However, we are still looking at further strategic acquisitions with an eye to expand and diversify our asset portfolio to provide tangible value to our stakeholders and investors within realistic timelines."

Investors are urged to keep a close eye on future developments

The stock closed Friday at Three cents a share.

For an in-depth profile of PrimeGen Energy, visit

Suncor Energy Inc. (NYSE: SU) up 0.8% on 12.7 million shares traded. Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta.

Apple, Inc. (NASDAQ: AAPL) up 0.6% on 22.5 million shares traded. Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh.

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) up 1.4% on 17.4 million shares traded. FCX is a leading international mining company with headquarters in Phoenix, Arizona.

Market Commentary:

The average cost of a gallon of regular gasoline rose slightly Sunday to $2.613, from $2.606 according to motorist group AAA. This is the fortieth consecutive daily increase in the price of gas. In just the past week, prices have increased more than 4%.

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