TYLER, Texas, May 30, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announces that it is issuing a Letter of Intent to purchase the operating wells known as the Wood and Camp County Properties. Currently the properties produce a combination of crude oil, natural gas and condensate.
This prospect will allow the company to purchase the existing working interest in 32 operating wells. The deal includes sites for 4 additional producing wells, plus a plan to rework existing well sites. The total project is estimated to cost the Company $5.5 million and is expected to bring an asset valued by the Registered Professional Engineering firm of $12.5 million.
The Board of Directors feels this project is certainly worth management efforts to determine its viability. Incorporated with the other potential purchase which was the subject of the Company's latest press release, Biogenerics endeavors to add critical mass that is synergistic to the Board's business plan. James Lancaster, CEO, stated that, "This acquisition will enhance the operations of the other company and add value to oil assets. With the ability to spread operating cost over a larger base of revenues, BIGN continues on its path of amassing oil and gas assets under its control."
He concluded by stating,"When these acquisitions are completed, the company will settle into a business mode of exploiting its own leases to develop their best potential for future oil and gas revenues. Much has been done in a short period of time and I am pleased with the efforts of management realizing the significance this can bring to Biogenerics Limited and look forward to seeing it come to pass."
Website: www.bignltd.com
About Biogenerics Limited
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics also has joint venture activities with Tyche Energy and Hydroslotter Corporation.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.