Wall Street News Alert: Breaking Market News -- PGNE -- June 24, 2009

Market Wire, June, 2009

Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Bank of America Corp. (NYSE: BAC), GE (NYSE: GE) and Ford Motor Company (NYSE: F).

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PrimeGen Energy Corporation (PINKSHEETS: PGNE), a U.S. Based Oil & Gas company out of Bridgewater, N.J., continues to make significant progress on its Timan-Pechora Project, and now the company seems to have reached another important milestone. Yesterday after the markets closed, the company issued a press release announcing that it has closed a $12 million private placement financing of Series "B" convertible debentures (the "Debentures"). The Debentures, which are convertible in nature, contain a feature that provides the Company with the ability to make interest and principal payments in cash as opposed to common stock.

* See the company's press release for financial details of the financing at: http://finance.yahoo.com/news/PrimeGen-Energy-Closes-12-bw-1671418188.html?x=0&.v=1

This could be great news for shareholders. Robert Charlton, PrimeGen's President and CEO, stated, "The Company has made significant progress executing our business plan, while at the same time achieving substantial common share appreciation. Our management team believes that this milestone financing will take us that much further down the road towards creating and maximizing shareholder value. With the cash from this financing, the Company can now accelerate its development programs on our Russian properties, by scheduling a ten (10) well drill program. We expect to implement this program over the next six months. In addition, the Company can now expand its current land holdings and reserves by implementing a more aggressive acquisition strategy by focusing on more advanced and larger reserve properties. We look forward to updating our shareholders about our existing and prospective projects as events unfold during this exciting time in the oil and gas business."

PrimeGen Energy has been in the news a lot lately. Last 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. 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.

The stock closed yesterday 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_062309 .

Bank of America Corp. (NYSE: BAC) up 2.4% on 358.3 million shares traded.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services.

GE (NYSE: GE) up 0.6% on 86.9 million shares traded.

General Electric Co. is a diversified global infrastructure, finance and media company that is built to meet essential world needs.

Ford Motor Company (NYSE: F) up 2.7% on 60.5 million shares traded.

Ford Motor Company, one of the global automotive industry leaders, based in Dearborn, Mich., manufactures or distributes automobiles across six continents.

Market Commentary:

A weak dollar drove oil prices higher, with benchmark crude for August delivery going up $1.94 to $69.44 a barrel on the New York Mercantile Exchange.

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