Wall Street News Alert: Breaking News Alert -- PGNE -- June 22, 2009

Market Wire, June, 2009

Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Wells Fargo & Company (NYSE: WFC), Occidental Petroleum Corporation (NYSE: OXY) and Genworth Financial, Inc. (NYSE: GNW).

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PrimeGen Energy Corporation (PINKSHEETS: PGNE) continues to make progress, and the company should have the attention of investors looking to possibly benefit from the oil & gas industry. Friday after the markets closed, the company issued a press release announcing that the operator of drilling operations at the previously announced Timan-Pechora Project has reported that total depth has been achieved.

This good news for the company and its investors, as testing of any potentially productive oil bearing zones are slated to commence immediately. 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 early next week. According to the release, the well is the first of a proposed development program targeting a minimum of 30 oil wells to be drilled.

The press release states that 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.

Investors are urged to keep an eye out for future developments. Company President and CEO Robert Charlton said, "We look forward to the results of testing with an optimistic view towards a successful outcome, especially given the available geologic data and nearby predominance of producing wells. Next week's news could be of considerable benefit to Management's near-term planning."

The stock closed Friday at around Three cents a share.

For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_061909 .

Wells Fargo & Company (NYSE: WFC) up 2% on 101.3 million shares traded. Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

Occidental Petroleum Corporation (NYSE: OXY) up 0.1% on 10.4 million shares traded. Occidental Petroleum Corporation is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions.

Genworth Financial, Inc. (NYSE: GNW) up 13.3% on 27.6 million shares traded. Genworth Financial, Inc. is a leading Fortune 500 global financial security company.

Market Commentary:

Retail gas prices added a half cent overnight to a new national average of $2.69 a gallon, according to auto club AAA, Wright Express and Oil Price Information Service. A gallon of gas is 35.6 cents more expensive than a month ago, but at this time last year a gallon cost more than $4.

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