SOURCE: Wall Street News Alert

Wall Street News Alert

June 11, 2009 09:38 ET

Wall Street News Alert: Stock in Focus: PrimeGen Energy -- June 11, 2009

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

WESTON, FL--(Marketwire - June 11, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Baker Hughes Incorporated (NYSE: BHI), Anadarko Petroleum Corporation (NYSE: APC) and Diamond Offshore Drilling Inc (NYSE: DO).

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Having announced last week that the Timan-Pechora Project drilling was set to commence (see below), PrimeGen Energy Corporation (PINKSHEETS: PGNE) should have investors monitoring the progress of the company. Yesterday after the markets closed, the company issued a press release announcing that Company management will be in attendance at the 16th annual MIOGE (Moscow International Oil & Gas Exhibition) Expo located in Moscow on June 23-26.

The MIOGE Expo was launched in 1993 and has established itself as a leading event for the Russian energy market. MIOGE is also among the top ten oil & gas shows in the world and brings state-of-the-art prospects and properties from around the world. PrimeGen representatives will meet to discuss the upcoming 2009 exploration and development program along with prospect operators, as well as meet with various engineering companies under consideration for execution of the previously announced seismic program.

On Friday the company reported 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.

Investors are urged to keep a close eye on future developments.

The stock closed yesterday at Three cents a share.

For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_061009.

Baker Hughes Incorporated (NYSE: BHI) up 2.5% on 4.6 million shares traded.

Baker Hughes provides reservoir consulting, drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.

Anadarko Petroleum Corporation (NYSE: APC) up 1.9% on 6.1 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.

Diamond Offshore Drilling Inc (NYSE: DO) up 0.4% on 2.7 million shares traded.

Diamond Offshore provides contract drilling services to the energy industry and is a leader in deepwater drilling.

Market Commentary:

Oil hit a new high for 2009, with prices passing $71 per barrel a barrel on the New York Mercantile Exchange. Prices have more than doubled from their low point in March and many analysts now predict oil could reach $75 a barrel within months.

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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 Four Million shares, by a third party, NorthStar Capital Corporation, who is non-affiliated and may hold a significant position in the stock. WSCF holds Three Million, One 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 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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