SOURCE: Wall Street News Alert

Wall Street News Alert

November 04, 2009 08:38 ET

Wall Street News Alert: Market Watch for Tuesday: PrimeGen Energy - November 4, 2009

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

WESTON, FL--(Marketwire - November 4, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Burlington Northern Santa Fe Corporation (NYSE: BNI) and American International Group Inc. (NYSE: AIG).

This morning, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that its wholly owned Russian subsidiary OOO Verkhne Michayu Group has been awarded the Layevozhskoye oil and gas exploration license in the Baltic Basin in Western Russia.

The primary reason for applying for this license is the high potential of the Paleozoic shales that could lead to a commercial shale gas development similar to the Barnett Shale in the United States. In addition, PrimeGen believes that while testing the shale gas potential of the area there are conventional oil targets above and below the shale intervals further reducing the risk of exploration.

The vast majority of the area of the Baltic basin is under license or under application by numerous domestic and international companies. This award therefore gives PrimeGen access to a highly desirable region, during a period of considerable competition. The License is valid for up to 10 years and covers a work program which includes geological studies, seismic acquisition and a one well drilling obligation. If a discovery is made the term extends to 25 years with an additional 25 years, if required.

Robert Charlton, CEO of PrimeGen, commented, "We are excited to expand our portfolio in Russia into the underexplored Baltic Basin. There is a potentially significant unconventional gas play in the Paleozoic shales that we believe will unlock an overlooked high potential play in the wider region. We also believe there is significant potential that has been overlooked in several conventional targets on the license."

In other news, yesterday after the markets closed, PrimeGen reported it has filed its Initial Company Information and Disclosure Statement with the Pink Sheets OTC Disclosure and News Service. The company has also submitted its annual and quarterly reports through the service and is fully up to date on its financial filings. With the Initial Company Information and Disclosure Statement posted, the company also posted a required attorney opinion letter to meet all the requirements necessary to be placed in the "Current Information" classification.

The Initial Company Information and Disclosure Statement includes details of the company's history, its current share structure, financial information, and management's plan of operation. "While this filing is just part of the process of achieving 'Current Information' status, it contains information that we believe is of interest to our shareholders," Robert Charlton, CEO of PrimeGen Energy Corp.

The stock closed yesterday at around Eight cents a share.

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Burlington Northern Santa Fe Corporation (NYSE: BNI) up 27.5% on 57.2 million shares traded. Burlington Northern Santa Fe Corporation's subsidiary BNSF Railway Company operates one of the largest North American rail networks, with about 32,000 route miles in 28 states and two Canadian provinces.

American International Group Inc. (NYSE: AIG) up 14.3% on 38.8 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.

Market Commentary:

November gold was up $24.40 to $1,077.80 an ounce, after climbing to a high of $1,079.70. The previous intraday record was set Oct. 13, when gold rose to $1,069.70 an ounce.

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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 Nine Hundred 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 clients 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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