Wall Street News Alert: Morning Watch for Wednesday: PGNE - July 1, 2009
WESTON, FL -- (Marketwire) -- 07/01/09 -- Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), American International Group, Inc. (NYSE: AIG), Level 3 Communications, Inc. (NASDAQ: LVLT) and Advanced Micro Devices (NYSE: AMD).
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Over the past month, PrimeGen Energy Corporation (PINKSHEETS: PGNE) has been aggressive in reaching important milestones, and it seems that this forward progress is starting to really pay off. Yesterday after the markets closed, the company issued a press release announcing that the Timan-Pechora Project oil well is a producing, commercially viable well.
"We're obviously delighted with the results of this well," said Robert Charlton, President of PrimeGen. "We found what we hoped for when we entered the program. In addition, the short time between contract signature and production success is a testament to the good will and cooperation we have received from Kozik Energy Ltd."
The oil well was drilled, cased, completed and stimulated during the past month. This initial well is the first of 10 wells that are planned to be drilled and completed for the Timan-Pechora Project. Further details will be announced to stakeholders regarding the timing of the on-going development plan as information becomes available.
Last week the company reported 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.
The stock closed yesterday at Three cents a share.
For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_063009.
American International Group, Inc. (NYSE: AIG) down 12.7% on 353.7 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.
Level 3 Communications, Inc. (NASDAQ: LVLT) up 0.6% on 29.4 million shares traded.
Level 3 Communications, Inc. is a leading international provider of fiber-based communications services.
Advanced Micro Devices (NYSE: AMD) up 4% on 24.1 million shares traded.
Advanced Micro Devices is an innovative technology company dedicated to collaborating with customers and technology partners to ignite the next generation of computing and graphics solutions at work, home and play.
Following two consecutive months of gains, consumer confidence slipped in June. The Conference Board, an industry group, said on Tuesday its index of consumer attitudes dropped to 49.3 from 54.8 in May. The Present Situation Index slid to 24.8 from 29.7.
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