SOURCE: Wall Street News Alert

Wall Street News Alert

September 16, 2009 08:38 ET

Wall Street News Alert: Movers & Shakers for Wednesday's Stock Market -- September 16, 2009

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

WESTON, FL--(Marketwire - September 16, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Caterpillar, Inc. (NYSE: CAT), Ford Motor Company (NYSE: F) and Halliburton (NYSE: HAL).

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PrimeGen Energy Corporation (PINKSHEETS: PGNE) has just released news that indicates the Company has 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.

The news should excite the company's shareholders. The latest press release provides an update to strategic plans for the Russian oil and gas operations through the end of 2010.

According to the release, PrimeGen is in the process of closing the sale of seventy five percent (75%) working interest in proposed well numbers 11 through 30 of the 30 well program. The sale of this interest would give the Company the capital injection required to immediately pursue an accelerated drill program on the Rodnikovskogo property. PrimeGen will continue to own its original interest in wells 1 through 10.

The rig, materials and other equipment are currently being mobilized and the first well at the Rodnikovskogo field is expected to spud at the end of the month. Numerous additional locations have also been identified and are being evaluated for possible future drilling. Interpretation of reprocessed vintage seismic data is currently underway.

Robert Charlton, CEO, commented: "The strategic goals outlined above are designed to maximize the value of PrimeGen's highly prospective assets. The Company intends to implement this strategy to maintain significant upside for shareholders. In the short-term, the Company believes that significant value can be generated from an aggressive drilling program.

The operational progress made over recent months justifies the continued confidence of the Company in the quality of its assets. In particular, by completing the evaluation of the extensive 3D seismic data over identified leads in Rodnikovskogo, PrimeGen should be able to mature a viable portfolio of new prospects, which will lead to enhanced value for PrimeGen's shareholders."

The Company anticipates that funding its Strategic Plan through 2010 will require $20-$40 million of additional capital in excess of the expected cash flow to be generated from future crude oil sales. The Company expects to fund its Strategic Plan using the most viable funding sources available such as the credit facility with Ehrlich & Kohlberg PLC, the proceeds from sale of the Company's Timan-Pechora project and additional third party debt or equity financing

The stock closed yesterday at Twelve cents a share.

For an in-depth profile of PrimeGen Energy, visit

Caterpillar, Inc. (NYSE: CAT) up 6% on 20.5 million shares traded.

Caterpillar Inc. has been making progress possible and driving positive and sustainable change on every continent.

Ford Motor Company (NYSE: F) down 2.5% on 50.7 million shares traded.

Ford Motor Company, one of the global automotive industry leaders, based in Dearborn, Mich., manufactures or distributes automobiles across six continents.

Halliburton (NYSE: HAL) up 2.9% on 16.4 million shares traded.

Halliburton is one of the world's largest providers of products and services to the energy industry.

Market Commentary:

The New York Fed's "Empire State" general business conditions index rose 18.88 in September, the highest since November 2007, from 12.08 in August. Economists polled by Reuters had expected a September reading of 14.00.

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