SOURCE: Wall Street News Alert

Wall Street News Alert

September 16, 2009 09:38 ET

Wall Street News Alert: PGNE Is Wednesday's Stock to Watch for 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), Bank of America Corp. (NYSE: BAC), Suncor Energy Inc. (NYSE: SU) and Alcoa (NYSE: AA).

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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 http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_091509.

Bank of America Corp. (NYSE: BAC) down 1.1% on 158.4 million shares traded.

Bank of America is one of the world's largest financial institutions.

Suncor Energy Inc. (NYSE: SU) up 4.3% on 10.2 million shares traded.

Suncor Energy Inc. is an integrated energy company headquartered in Calgary, Alberta.

Alcoa (NYSE: AA) up 8.1% on 49.8 million shares traded.

Alcoa is the world leader in the production and management of primary aluminum, fabricated aluminum, and alumina combined, through its active and growing participation in all major aspects of the industry.

Market Commentary:

A weak dollar and a report showing a bigger-than-expected jump in inflation sent gold prices higher Tuesday. Gold for December delivery closed above $1,000 for the third straight day, adding $5.20 to settle at $1,006.30 an ounce on the New York Mercantile Exchange.

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