Wall Street News Alert: TuesdayaEUR(TM)s Breaking News Alert: PGNE -- November 10, 2009
Weston, FLA, Nov 10, 2009 (M2 PRESSWIRE via COMTEX) --
Companies: Bryn Resources Inc (BRYN), Lux Energy Corp (LUXE), Primegen Energy Corp (PGNE), RnetHealth, Inc. (BRYN), Wind Works Power Corp (WWPW)
Wall Street News Alert's "stocks to watch" this morning are: PrimeGen Energy Corporation (OTC: PGNE), BRYN Resources Inc (OTC: BRYN), Wind Works Power Corp. (OTCBB: WWPW) and Lux Energy Corp. (OTCBB: LUXE).
Yesterday after the markets closed, PrimeGen Energy Corporation (OTC: PGNE) issued a press release announcing that that as part of the recently previously announced acquisition on March 31, 2009, of a 100% interest regarding an oil and gas project in Rodnikovskogo, Russia, the operator, Seneko, has notified PrimeGen of their mobilization of equipment for the commencement of drilling within the participatory lands.
The well has been titled as the "Rod 10-21" and is scheduled for immediate drilling with preliminary results anticipated within one week from commencement. The operator has advised that the equipment is currently on its way to the targeted location and drilling will begin shortly.
Continuing 3D seismic data collection and analysis of the property is scheduled for 2010 and will be running concurrently with the drilling program. Several additional high potential drill targets have already been identified and will be further defined and evaluated for feasibility during the next phase of work on the property. The license is within a highly prospective region with existing oil production on adjacent licenses and the super-giant THK-BP gas field.
Last week, PrimeGen reported that its wholly owned Russian subsidiary OOO Verkhne Michayu Group has been awarded the Layevozhskoye oil and gas exploration license in the Baltic Basin in Western Russia. The primary reason for applying for this license is the high potential of the Paleozoic shales that could lead to a commercial shale gas development similar to the Barnett Shale in the United States. In addition, PrimeGen believes that while testing the shale gas potential of the area there are conventional oil targets above and below the shale intervals further reducing the risk of exploration.
The stock closed yesterday at around Nine cents a share.
For an in-depth profile of PrimeGen Energy, visit http://www.wallstreetnewsalert.com/view-company-profiles.php?profile=PGNE_110909.
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BRYN Resources Inc (OTC: BRYN) up 210.9% on 5.2 million shares traded.
On Nov 09, 2009 BRYN Resources Inc recently announced the company has received numerous shareholder inquiries in regards to recent activity in the company's share price. BRYN Resources Inc. has been actively discussing potential acquisitions with investment bankers, intermediaries and mining company principals in the United States and Canada.
The goal of these acquisitions is to develop a portfolio of properties that have high gold exploration potential and/or production potential. Management of BRYN Resources Inc. is proactively involved in closing a production deal at the time of this press release. We expect to be able to update our shareholders in the next ten business days or earlier.
BRYN Resources Inc. is committed to preserving the integrity of our shareholders interest in the company and to that end we have sought out acquisitions which will enhance and add to the value of the company. If we are able to close this production deal, we expect the cash flow to be in the several millions of dollars.
Lastly, we expect to be able to update shareholders about some new management and board appointments that will help the company move forward with the above mentioned goals. This new personnel will be mandated to integrate all new acquisitions and fast track the up listing of the company to a more senior exchange.
Wind Works Power Corp. (OTCBB: WWPW) up 5.5% on 263,000 shares traded.
On Nov 9, 2009 Wind Works Power Corp. recently announced that they have signed an option agreement to acquire a 100% interest in Honelles, a 10 megawatt wind energy project located in Belgium. In consideration for the 100% interest, Wind Works will make an initial cash payment of $100,000 on January 15, 2010 and a further cash payment of $375,000 on March 15, 2010.
"I have led a team that has successfully developed over 1,500 megawatts of wind energy projects all over the world and one of the most attractive countries for the development of wind parks is Belgium. With the Honelles project, we will invest $1.1 million over the next two years and create an investment opportunity of $25 million, offering attractive leverage to our development dollars." commented Dr. Ingo Stuckmann, CEO and director of Wind Works. "The European market for wind is mature, secure and presents great diversification for our current project portfolio. We will continue to add advanced projects in proven European markets."
Project Highlight: The Honelles Wind Park is a 10 MW Project, in development for more than two years. It is located in the vicinity of Honelles, Belgium. The area is zoned for wind energy usage. Annual mean wind speeds are over 6.5 meters per second at a 100 m hub height. Transmission availability has been confirmed and land acquisition is complete. Power will be sold via a Feed-in Tariff system and permitting is expected to be completed in early 2011.
About Wind Works: Wind Works' mission is to become a leading developer of wind energy projects in North America. For more information, please visit: www.windworkspower.com
Lux Energy Corp. (OTCBB: LUXE) up 5.2% on 508,000 shares traded.
On Nov 09, 2009 Lux Energy Corp. recently announced the production results for the C well located in West Central Alberta. In addition, the Company stated that the operator had recommended that pumping equipment be installed to enhance recovery from the reservoir. The pump equipment was installed and the 24 hour test period records the following;
Currently oil production is at 40 - 44 bbls per day. The well has shown a decline of less that 10% since installation to present. The operator advises that this is a normal result. Natural gas production continued throughout the test period at 175 mcf. In summary, the pump recovery project including natural gas has had a significant result. The C well recovery has increased from 32 BPOE to 56 BPOE per day, an impressive 75% upside. Shane Broesky, President, comments that the well performance certainly warrants further acquisitions in this area and Lux will pursue increased holdings. The President also advises that the operator has informed Lux on the D well status. The D well is expected to be at total depth, completed and tied into production facilities by December 15, 2009. D will be completed in the same area as the C well. A copy of the filed information can be found for viewing by electronic means by viewing the Company's filings on www.sec.gov.
Lux Energy Corporation: Lux Energy is an oil and gas production and exploration company focusing on developing oil and gas resources in North America.
Market Commentary: A weak dollar sent oil passed $80 on Monday before easing back. Benchmark crude for December delivery on Monday rose $2 to settle at $79.43 a barrel on the New York Mercantile Exchange.
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Companies: Bryn Resources Inc (BRYN), Lux Energy Corp (LUXE), Primegen Energy Corp (PGNE), RnetHealth, Inc. (BRYN), Wind Works Power Corp (WWPW)
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