WESTON, FL -- (Marketwire) -- 10/29/09 -- Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Baker Hughes Inc (NYSE: BHI), American International Group Inc. (NYSE: AIG) and Halliburton (NYSE: HAL).
Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) released new production figures as of October 28, 2009 resulting from the recent completion production of six wells in the Timan- Pechora field. The Company achieved total average daily production of 7,720 bpd during the month. The lowest production was 2,050 bpd on August 2, 2009 and the highest production was 8,150 bpd on October 19, 2009.
The 2009-10 development program calls for the drilling of a minimum of 30 wells to develop the field. When fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. The press release states that using current pricing for Timan-Pechora crude oil, PrimeGen has now projected that the 6 wells have generated over $35.4 million in revenue or $192.6 million on an annual basis. Currently, oil at Timan-Pechora has been priced at over $70.00 per barrel.
Oil prices, which have been soaring since tumbling to $35 per barrel in January of 2009, hit $82 last week, the highest since October 2008. As PrimeGen Energy continues to execute its aggressive drill program, and as prices continue to hover at around $80 per barrel, investors will want to continue to keep a close eye on the company's rapid progress.
The stock closed yesterday at around Eight cents a share.
For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_102809.
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Baker Hughes Inc (NYSE: BHI) down 4.4% on 5.6 million shares traded.
Baker Hughes provides reservoir consulting, drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry.
American International Group Inc. (NYSE: AIG) up 3.8% on 34.2 million shares traded.
American International Group, Inc. is a world leader in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions.
Halliburton (NYSE: HAL) down 3.6% on 22 million shares traded.
Halliburton is one of the world's largest providers of products and services to the energy industry.
The Commerce Department said Wednesday that sales fell 3.6 percent to a seasonally adjusted annual rate of 402,000 from a downwardly revised 417,000 in August. Economists surveyed by Thomson Reuters had expected a pace of 440,000.
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This profile is not without bias, and is a paid release. WSCF has been compensated for dissemination of company information on behalf of one or more of the companies mentioned in this release. For current services performed for PrimeGen Energy Corporation (PINKSHEETS: PGNE), WSCF has been compensated Five Million shares (One Million shares for current services and Four Million shares for previous services), by a third party, NorthStar Capital Corporation, who is non-affiliated and may hold a significant position in the stock. WSCF holds Nine Hundred Thousand of those shares as of this release, and intends to immediately continue selling its shares as this release is being circulated. WSCF may receive additional compensation for extension of its services. Any additional compensation will be disclosed at such time that WSCF is aware of a client's desire to extend the original services. WSCF may have received shares of a company profiled in this release prior to the dissemination of the information in this release. WSCF may immediately sell some or any shares in a profiled company held by WSCF and may have previously sold shares in a profiled company held by WSCF. WSCF's services for a company may cause the company's stock price to increase, in which event WSCF would make a profit when it sells its stock in a company. In addition, WSCF's selling of a company's stock may have a negative effect on the market price of the stock.
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