Wall Street News Alert: Stock in Focus: PGNE -- April 21, 2009
April 21 2009 - 9:33AM
Marketwired
Wall Street News Alert's "stocks to watch" this morning are:
PrimeGen Energy Corporation (PINKSHEETS: PGNE), GE (NYSE: GE),
Chevron Corporation (NYSE: CVX) and ConocoPhillips (NYSE: COP).
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With important breaking news just released, PrimeGen Energy
Corporation (PINKSHEETS: PGNE) should have investors monitoring the
progress of the company. Yesterday after the markets closed, the
company issued a press release announcing that preparations are
underway towards the implementation of the Company's 2009
exploration and development program.
The planning and preparation work is currently focused on
PrimeGen's natural gas projects in the Krasnoarmeiskome District,
Saratovskoi Oblast in Russia. The initial program phase involves
defining high quality 2D and 3D seismic data. Reprocessing the
seismic data will further define the closure of natural gas traps
and a subsequent run of 2D seismic lines may be required to
decisively ensure an optimal drill site selection. Fully defining
the gas trap closures is an efficient approach in heightening the
overall probability of success and must be completed before the
initiation of drill site preparations. The Company expects to
receive an AFE (Authority for Expenditure) from the operator in the
near future for the applicable costs.
PrimeGen is convinced that the target location offers a high
probability of drilling successful and commercially viable gas
wells and looks forward to implementing its plans for development
in a timely and efficient manner. Additionally, with analog gas
production from nearby wells in the area producing approximately
3,000 Mcf per day, the Company realistically anticipates to be in
positive cash flow before the fall of 2009.
Investors are urged to keep a close eye on future
developments
The stock closed yesterday at around Twenty-Five cents a
share.
For an in-depth profile of Oncolin, visit
http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_033109.
GE (NYSE: GE) down 8.3% on 143 million shares traded.
General Electric Co. is a diversified global infrastructure,
finance and media company that is built to meet essential world
needs.
Chevron Corporation (NYSE: CVX) down 3.2% on 11.3 million shares
traded.
Chevron Corporation is one of the world's leading integrated
energy companies, with subsidiaries that conduct business across
the globe.
ConocoPhillips (NYSE: COP) down 5.5% on 13.7 million shares
traded.
ConocoPhillips is an international, integrated energy company
with interests around the world.
Market Commentary:
U.S. crude for May delivery settled 8.8 percent lower at $45.88
a barrel, down $4.45. Brent crude for June settled 6.5 percent
lower at $49.86, down $3.49.
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