SOURCE: Wall Street News Alert

Wall Street News Alert

September 02, 2009 09:33 ET

Wall Street News Alert: Stocks This Morning: PrimeGen Energy -- September 2, 2009

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

WESTON, FL--(Marketwire - September 2, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Bank of America Corp. (NYSE: BAC), GE (NYSE: GE) and Ford Motor Company (NYSE: F).

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Following the success of its drill efforts at the Timan-Pechora Project, PrimeGen Energy Corporation (PINKSHEETS: PGNE) announced last week that it is now taking aim on accelerating development on its Rodnikovskogo Property (see details below). Now the company has made another important announcement regarding an increase in oil production at Timan-Pechora.

Yesterday after the markets closed, the company released new production figures as of August 31, 2009 resulting from the recent completion of 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 No. 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."

As previously announced on August 24, 2009 the Company has completed drilling of well Kochmesskoye No. 4 and it expects to announce productive oil flow rates later this week. As part of the accelerated drilling program, a fifth well is scheduled for immediate drilling shortly after the results of the fourth well are announced. 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.

According to the 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.

Last week, the company reported that it signed a Letter of Intent ("LOI") with a private holding company to sell a seventy five percent (75%) working interest in its Timan-Pechora assets in Russia in proposed well numbers 11 through 30, or the last 20 wells of the 30 well program. PrimeGen will continue to own its original interest in wells 1 through 10. The terms being negotiated are for an all cash sale, the details of which will be announced when finalized. The proposed sale is subject to the ability of the purchaser to escrow the funds in trust and other customary conditions, including the execution of a definitive agreement, all of which is currently scheduled to be completed by mid-September.

The proceeds of the proposed sale will be used to expand and develop the previously announced acquisition on March 31, 2009, of a 100% interest in the Rodnikovskogo property in Russia. Recently completed seismic data on this property indicates that the potential reserves could be greater than those of the Timan-Pechora project.

The Company intends to drill and complete 26 additional wells during the next twelve months to further develop the oil reserves of the Timan-Pechora project. Oil production is projected to reach 35,000 barrels of oil per day when the project is fully developed.

The stock closed yesterday at Sixteen cents a share.

For an in-depth profile of PrimeGen Energy, visit

Bank of America Corp. (NYSE: BAC) down 6.4% on 334.7 million shares traded.

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

GE (NYSE: GE) down 4% on 103.4 million shares traded.

GE is a diversified technology, media and financial services company focused on solving some of the world's toughest problems.

Ford Motor Company (NYSE: F) down 4.7% on 102.7 million shares traded.

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

Market Commentary:

On Tuesday, the Institute for Supply Management reported its manufacturing index rose to 52.9 in August. That is the first reading above 50, which indicates expansion, since January 2008. It's also the highest since June 2007.

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