Wall Street News Alert's "stocks to watch" this morning are:
PrimeGen Energy Corporation (PINKSHEETS: PGNE), GE (NYSE: GE),
First Solar, Inc. (NASDAQ: FSLR) and Alcoa, Inc. (NYSE: AA).
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There is important news coming from PrimeGen Energy Corporation
(PINKSHEETS: PGNE), and investors should be watching this one.
Friday after the markets closed, the company issued a press release
announcing 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.
The area is a well documented and prolific region benefiting
from the presence of established companies such as TNK-BP and
Komineftegaz. The participating property has over 24 wells
currently in production, from which PrimeGen's interest will result
in immediate cash flow for the Company.
Company President Robert Charlton comments, "We are very pleased
by the news that the operators of this project believe firmly in
growth. Bringing an additional well into production certainly
enhances and strengthens our rationale for participation in this
expanding project. However, we are still looking at further
strategic acquisitions with an eye to expand and diversify our
asset portfolio to provide tangible value to our stakeholders and
investors within realistic timelines."
Investors are urged to keep a close eye on future
developments
The stock closed Friday at Three cents a share.
For an in-depth profile of PrimeGen Energy, visit
http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_060709.
GE (NYSE: GE) down 1.5% on 75.5 million shares traded. General
Electric Co. is a diversified global infrastructure, finance and
media company that is built to meet essential world needs.
First Solar, Inc. (NASDAQ: FSLR) down 1.1% on 2.3 million shares
traded. First Solar, Inc. is changing the way the world is powered
by creating truly sustainable solar energy solutions.
Alcoa, Inc. (NYSE: AA) up 2.3% on 56.2 million shares traded.
Alcoa, Inc. is the world leader in the production and management of
primary aluminum, fabricated aluminum and alumina combined, through
its active and growing participation in all major aspects of the
industry.
Market Commentary:
Benchmark crude for July delivery lost 37 cents to settle at
$68.44 on the New York Mercantile Exchange, finishing the week with
a gain of nearly $2 a barrel.
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