Wall Street News Alert's "stocks to watch" this morning are:
PrimeGen Energy Corporation (PINKSHEETS: PGNE), U.S. Bancorp (NYSE:
USB), Clean Energy Fuels Corp. (NASDAQ: CLNE) and Exelon
Corporation (NYSE: EXC).
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With important news just released, PrimeGen Energy Corporation
(PINKSHEETS: PGNE) should have investors watching closely.
Yesterday after the markets closed, the company issued a press
release announcing that it has entered into an agreement with
Moscow-based resource management corporation Kozik Energy Ltd.
whereby PrimeGen has secured a first right of refusal to purchase
40% of Kozik's working interest in a large oil production play
located in Timan-Pechora Basin, Russia.
Kozik has signed a Memorandum of Understanding ("MOU") with the
vendor thereby securing PrimeGen's interest in the play subject to
the results of an ongoing due diligence assessment. It is
anticipated that a formal purchase and sale agreement will be
executed by all parties within approximately 10 business days.
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.
PrimeGen President Robert Charlton states, "We are very pleased
to be participating in our first production scenario. An expedited
tie-in of these wells will make PrimeGen a cash flow positive
Company in very short order and move us forward towards our mandate
of increased production in 2009."
Investors are urged to keep a close eye on future
developments.
The stock closed yesterday at Four cents a share.
For an in-depth profile of PrimeGen Energy, visit
http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_051109.
U.S. Bancorp (NYSE: USB) down 9.9% on 42.9 million shares
traded.
U.S. Bancorp, with $264 billion in assets, is the parent company
of U.S. Bank, the 6th largest commercial bank in the United
States.
Clean Energy Fuels Corp. (NASDAQ: CLNE) down 12.2% on 1.8
million shares traded.
Clean Energy is the leading provider of natural gas for
transportation in North America.
Exelon Corporation (NYSE: EXC) up 0.2% on 3.2 million shares
traded.
Exelon Corporation is one of the nation's largest electric
utilities with approximately $19 billion in annual revenues.
Market Commentary:
Prices at the pump continued to trek higher Monday, moving up
1.3 cents to a national average of $2.226 a gallon, according to
auto club AAA, Wright Express and Oil Price Information Service.
Prices are 17.4 cents higher than last week.
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