SOURCE: Wall Street News Alert

Wall Street News Alert

August 27, 2009 09:38 ET

Wall Street News Alert: Thursday's Stock on the Move: PrimeGen Energy - August 27, 2009

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

WESTON, FLA--(Marketwire - August 27, 2009) - Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Ford Motor Company (NYSE: F), American International Group, Inc. (NYSE: AIG) and ConocoPhillips (NYSE: COP).

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There is important "must read" news coming from PrimeGen Energy Corporation (PINKSHEETS: PGNE), as following the success of its drill efforts at the Timan-Pechora Project, the company is now taking aim on accelerating development on its Rodnikovskogo Property. According to the company, recently completed seismic data on this property indicates that the potential reserves could be greater than those of the Timan-Pechora project.

Yesterday after the markets closed the company announced that it has 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.

Company President, Robert Charlton said "The sale of this interest would give the Company the capital injection required to immediately pursue an accelerated drill program on the Rodnikovskogo property. The funds made available from this sale will have no cost of capital associated to the development of this project and will add to the net revenues of the Company and increase shareholder value.

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 Eighteen cents a share.

For an in-depth profile of PrimeGen Energy, visit

Ford Motor Company (NYSE: F) up 0.2% on 44.5 million shares traded. Ford Motor Company, one of the global automotive industry leaders, based in Dearborn, Mich., manufactures or distributes automobiles across six continents.

American International Group, Inc. (NYSE: AIG) up 10.9% on 27.4 million shares traded. American International Group, Inc. is a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions.

ConocoPhillips (NYSE: COP) up 1.2% on 15.5 million shares traded. ConocoPhillips is an integrated petroleum company with interests around the world.

Market Commentary:

The Energy Department reported Wednesday that U.S. crude stockpiles rose by 200,000 barrels for the week ending Aug. 21. The same report a week ago showed a large and unexpected draw on oil, which sent prices soaring.

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