CLBN Caliber Energy Inc New (CE)

Wall Street News Alert's "stocks to watch" this morning are: Navajo Wind Energy Corp. (PINKSHEETS: CLBN), Valero Energy Corporation (NYSE: VLO), Marathon Oil Corporation (NYSE: MRO) and Occidental Petroleum Corporation (NYSE: OXY).

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Operating in the emerging wind energy market, Navajo Wind Energy Corp. (formerly Caliber Energy Inc) (PINKSHEETS: CLBN) should have investors monitoring the company's developments. Yesterday after the markets closed, the company, a renewable energy company focused on creating electricity from the power of wind, issued a press release announcing the completion of the first tranche of its previously announced $50 million financing.

According to the release, Navajo will receive gross proceeds of $10 million for the issuance of a promissory note, which is subject to a hold period of two years plus one day from the date of issuance in accordance with the agreement. The funding is expected to be received in July 2009, with the net proceeds of the first tranche being approximately $9.2 million after deducting the placement agents' fees and estimated offering expenses.

Navajo will allocate $9,000,000 of the net proceeds to fund the previously announced acquisition of 200 MW Xinjiang Wind Farm Project ("Xinjiang"). (See press release of February 25, 2009.) The remaining funds will be used as working capital for the Company.

This week the company announced that on May 12, 2009, an opening ceremony was held for the launch of the new Xinjiang Wind Farm Corporate Office. In attendance were staff and local officials.

Furthermore, last week the company also reported that it has received a letter of final approval from the local regional Mayor for the Xinjiang Power Purchase Agreement (PPA). As per China's Renewable Energy Law, the Power Purchase Agreement with the local utility is mandated by the central Government of China. Through this legislation, the State officially encourages the construction of renewable energy power facilities. China's electricity grid is obligated to purchase all the electricity generated by approved renewable energy facilities located in its service area. The grid's buying price for renewables is set by the National Development and Reform Commission (NDRC), a regulatory department of the State Council. The company awaits final pricing and terms from the NDRC.

Navajo is extremely pleased with this development and is assured that the Company will have this long awaited news from the Province before September, along with wind farm construction permit.

The stock closed yesterday at over a Penny a share.

For an in-depth profile of Navajo Wind Energy, visit http://wallstreetnewsalert.com/view-company-profiles.php?profile=CLBN_052009.

Valero Energy Corporation (NYSE: VLO) up 0.3% on 10.1 million shares traded.

Valero Energy Corporation is a Fortune 500 company based in San Antonio with approximately 22,000 employees and 2008 revenues of $119 billion.

Marathon Oil Corporation (NYSE: MRO) up 2.2% on 9.1 million shares traded.

Marathon is an integrated international energy company engaged in exploration and production; oil sands mining; integrated gas; and refining, marketing and transportation operations.

Occidental Petroleum Corporation (NYSE: OXY) up 1.1% on 7.2 million shares traded.

Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions.

Market Commentary:

The dollar tumbled against the other major currencies Wednesday, touching a fresh low against the pound for the year and a 4-month low against the euro as signs of a resolution to the financial crisis drove investors to riskier investments.

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