Wall Street News Alert: Ahead of the Bell: PrimeGen Energy -- November 24, 2009

  Wall Street News Alert's "stocks to watch" this
morning are: PrimeGen Energy Corporation (PINKSHEETS: PGNE), Citi (NYSE: C), Chevron Corporation (NYSE: CVX) and Zions Bancorporation (NASDAQ: ZION).

Yesterday after the markets closed, PrimeGen Energy Corporation (PINKSHEETS: PGNE) issued a press release announcing that its Board of Directors has approved a stock repurchase plan. The repurchase of up to $10,000,000 of the Company's common stock was authorized.

Robert Charlton, the Company's President, said, "We are very pleased to announce this repurchase program at a time when we believe our stock is undervalued and expect a benefit to shareholders with increased future earnings per share by reducing the number of shares outstanding. This program reflects the Board of Directors' continued confidence in the Company and commitment to enhance shareholder value. Our shareholders have and continue to be our most important asset and rewarding them is a high priority."

Acquisitions of stock under the repurchase plan will be made from time to time as permitted by securities laws and other legal requirements, and subject to market conditions and other factors. Shares may be purchased in the open market, including through block purchases. PrimeGen will not repurchase any shares from directors, officers or other affiliates of PrimeGen. Purchases will be funded by the revenue from the Timan-Pechora Project. Plan will continue as long as periodic management reviews it to be fiscally feasible and may be discontinued at any time.

Last week the company reported the initial production for the Kochmesskoye #7 well at Timan-Pechora, Russia. The well commenced commercial oil production on October 26, 2009, and the Company has received production results for the first 20 days. Total oil produced and sold was 28,840 barrels with an average daily production rate of 1,442 barrels per day. The Kochmesskoye #7 well is the seventh of a multi-well program drilled at Timan-Pechora by PrimeGen. The 2009-10 development program calls for the drilling of a minimum of 30 wells to develop the field. According to the press release, when fully developed, the 30 wells could yield a daily production rate at Timan-Pechora of 35,000 barrels per day. The fourth well of the project was drilled and completed on August 24, 2009, and resulted in setting a new production record for the field of 1,670 barrels of oil per day. In addition, well numbers 1 through 6 are producing at full capacity.

The press release states that using current pricing for Timan-Pechora crude oil, PrimeGen has confirmed that the new well alone has generated $2.0 million in revenue or a projected $36.8 million per year. Currently, oil at Timan-Pechora has been priced at over $70.00 per barrel.

The stock closed yesterday at around Eight cents a share.

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Citi (NYSE: C) up 1.9% on 226.2 million shares traded.

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries.

Chevron Corporation (NYSE: CVX) up 2.5% on 8.9 million shares traded.

Chevron Corporation is one of the world's leading integrated energy companies, with subsidiaries that conduct business across the globe.

Zions Bancorporation (NASDAQ: ZION) up 12.5% on 17.8 million shares traded.

Zions Bancorporation is one of the nation's premier financial services companies, consisting of a collection of great banks in select high growth markets.

Market Commentary:

The National Association of Realtors said home resales rose 10.1 percent to a seasonally adjusted annual rate of 6.1 million in October, from a downwardly revised pace of 5.54 million in September. It was the biggest monthly increase in a decade, and far above the 5.65 million pace expected by economists, according to Thomson Reuters.

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