SOURCE: Wall Street News Alert

Wall Street News Alert

September 09, 2009 09:38 ET

Wall Street News Alert: Stock Watch for Wednesday: PGNE -- September 9, 2009

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

WESTON, FL--(Marketwire - September 9, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Exxon Mobil Corporation (NYSE: XOM), Energy Conversion Devices, Inc. (NASDAQ: ENER) and First Solar, Inc. (NASDAQ: FSLR).

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Successful drilling efforts are continuing at the Timan-Pechora Project, as PrimeGen Energy Corporation (PINKSHEETS: PGNE) is now reporting that initial production at Kochmesskoye No. 4 Well is averaging 1,670 Barrels Per Day.

Yesterday after the markets closed, the company issued a press release announcing that the well commenced commercial oil production on August 24, 2009, and the Company has received production results for the first 16 days. Total oil produced and sold was 26,700 barrels with an average daily production rate of 1,670 barrels per day.

Robert Charlton, President and CEO, stated, "We're very pleased with the record-breaking production results of the Kochmesskoye No. 4. We are ramping up our development drilling activity in Timan-Pechora and should be adding three of the four recently purchased rigs into our operations in the next several weeks."

Robert Charlton continued, "We are seeing our transition to Eastern European and Russian oil resource plays continue to deliver exceptionally well for our shareholders. With the anticipated increase in our oil volumes in the fourth quarter, our cash flows are expected to remain strong as the overall economics of our Timan-Pechora wells continue to be more attractive to current and future shareholders of the Company."

The Kochmesskoye No. 4 well is the fourth of a multi-well program drilled at Timan-Pechora by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 30 wells to develop the field. When fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. Using current pricing for Timan-Pechora crude oil, PrimeGen has confirmed that the new well alone has generated $1.7 million in revenue or a projected $38.9 million per year. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.

Las week, the company released new production figures as of August 31, 2009 resulting from the recent completion production of three new wells in the Timan-Pechora field. The Company achieved total average daily production of 3,480 bpd during the month. The lowest production was 2,050 bpd on August 2, 2009 and the highest production was 3,660 bpd on August 27, 2009.

Company President, Robert Charlton, said, "We are pleased with the production results on Kochmesskoye # 1, 2 and 3. We expect that the Company will receive payback on these wells within the current fiscal year given the prevailing world price for oil. The Timan-Pechora fields are poised to provide substantial revenue to the Company, furthering our expectation that the major portion of capital and operating expenses required to continue effective exploration of the Timan-Pechora project will be derived from our internal operations."

According to last week's release, using current pricing for Timan-Pechora crude oil, PrimeGen has now projected that the 3 wells have generated over $10 million in revenue or $82.5 million on an annual basis. Currently, oil at Timan-Pechora has been priced at over $65.00 per barrel.

The stock closed yesterday at Sixteen cents a share.

For an in-depth profile of PrimeGen Energy, visit

Exxon Mobil Corporation (NYSE: XOM) up 2.1% on 21.9 million shares traded.

Exxon Mobil Corporation is one of the leading international energy companies whose subsidiaries have operations in most of the world's countries.

Energy Conversion Devices, Inc. (NASDAQ: ENER) up 24.9% on 16.3 million shares traded.

Energy Conversion Devices is a leader in building integrated and rooftop photovoltaics.

First Solar, Inc. (NASDAQ: FSLR) up 10.6% on 7.2 million shares traded.

First Solar, Inc. is changing the way the world is powered by creating truly sustainable solar energy solution.

Market Commentary:

Gold coasted past the $1000 mark on Tuesday. The gold contract for December delivery traded up $6.50, or 0.7 percent, at $1,003.20 per troy ounce on the New York Mercantile Exchange. It had gone as high as $1,009.70; that is the highest since it hit a record of $1,033.90 on March 17 last year.

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