TORONTO, Sept. 19, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) today reported that its purchase of the petroleum and natural gas assets of Rubicon Petroleum Inc. is now complete and the transaction has been formally consummated.
The subject assets include producing and non-producing interests in over 5,000 gross acres of exploration licenses on Lake Erie, including a 1.95 percent gross overriding royalty interest in the Talisman Romney 8-194-TRS horizontal oil well. Tyche now holds a 50 percent working interest in approximately 2,500 acres of exploration licenses immediately offsetting the Romney 8-194-TRS well. The Romney 8-194-TRS well produces high-gravity sweet oil and natural gas from an offshore extension of the prolific Goldsmith-Wheatley oil field. The Goldsmith-Wheatley pool has a cumulative production of over 5.4 million barrels of oil.
The company concurrently announced that its joint venture partner, Tyche Energy Inc. ("Tyche") reported that it has completed its technical review of the final results of the geochemical survey on its Dunwich lands. The geochemical survey confirms the initial positive results of the reconnaissance survey done last spring. The new survey data has been integrated with the reconnaissance survey and as a result, the drilling location has been relocated, requiring additional land title work. Tyche's Dunwich Township lands will be the site of an exploratory well to test the Silurian Grimsby formation at a depth of approximately 1,920 feet. Recent discoveries from the Grimsby formation nearby have resulted in proven gas reserves of up to 2.0 BCF per well.
"The consummation of the acquisition of Rubicon Energy provides Biogenerics with exploration licenses in oil- and gas-rich areas, further expanding its portfolio of high-producing projects. This, coupled with the ongoing progress of the team of experts in our joint venture with Tyche energy, could potentially provide millions of gallons of oil and hundreds of thousands of cubic feet of natural gas as the energy crisis reaches epidemic proportions," stated Gary Kelley, CEO.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in the statements. Information on the factors which could affect the company's operations or financial results are included in the company's reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission. Forward-looking statements are based on the estimates and opinions of the company's management at the time the statements are made. The company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.