PGNE Primegen Energy Corporation (CE)

Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), XTO Energy Inc. (NYSE: XTO), Wells Fargo & Company (NYSE: WFC) and Exxon Mobil Corporation (NYSE: XOM).

Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that the drilling of Rod 10-22 well has reached total target depth December 13, 2009.

PrimeGen will be advised as to the commercial viability of the well and productive oil flow rates upon the completion of testing, which is anticipated by December 21, 2009. The well is the second of a proposed development program targeting a minimum of 42 oil wells to be drilled. As part of the accelerated drilling program, a third well is scheduled for immediate drilling shortly after the results of the second well are announced.

The Rod 10-22 well is the second of a multi-well program drilled at Krasnoarmeiskome District, Saratovskoi Oblast in Russia by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 42 wells to develop the field. According to the release, when fully developed, the 42 wells could yield a daily production rate at Rodnikovskogo of 110,000 barrels per.

The stock closed yesterday at around Nine cents a share.

For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_121409.

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XTO Energy Inc. (NYSE: XTO) up 15.3% on 125 million shares traded. XTO Energy Inc. is a domestic natural gas producer engaged in the acquisition, development and discovery of quality, long-lived oil and natural gas properties in the United States.

Wells Fargo & Company (NYSE: WFC) up 0.3% on 43.8 million shares traded. Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

Exxon Mobil Corporation (NYSE: XOM) down 4.3% on 91.4 million shares traded. Exxon Mobil Corporation and ExxonMobil Foundation, the primary philanthropic arm of Exxon Mobil Corporation in the United States, engage in a range of philanthropic activities that advance education, health and public policy in the communities where ExxonMobil has significant operations.

Market Commentary:

Oil is down for the nine consecutive days on continual worries about higher inventories and lower demand. Benchmark crude for January delivery fell 36 cents to settle at $69.51 on the New York Mercantile Exchange after falling as low as $68.59.

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