NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.
WESTON, FL, Oct 29, 2009 (MARKETWIRE via COMTEX News Network) -- Wall Street News Alert's "stocks to watch" this morning are:
PrimeGen Energy Corporation (PINKSHEETS: PGNE), CIT Group Inc.,
(NYSE: CIT), Visa Inc. (NYSE: V) and Chevron Corporation (NYSE: CVX).
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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CIT Group Inc., (NYSE: CIT) up 10.4% on 128.6 million shares traded.
CIT is a bank holding company with more than $60 billion in finance
and leasing assets that provides financial products and advisory
services to small and middle market businesses.
Visa Inc. (NYSE: V) up 3.6% on 19.4 million shares traded.
Visa Inc. operates the world's largest retail electronic payments
network providing processing services and payment product platforms.
Chevron Corporation (NYSE: CVX) down 0.9% on 11.9 million shares
traded.
Chevron Corporation is one of the world's leading integrated energy
companies, with subsidiaries that conduct business across the globe.
Market Commentary:
The US government's Department of Energy (DoE) announced Wednesday
that American gasoline or petrol reserves rose by 1.7 million barrels
in the week ending October 23.
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