TORONTO, Aug. 23, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) today announced that the Company has signed agreements on four additional gas wells in California for which exploration will begin immediately utilizing the hydroslotter abrasive hydrojet perforation technology.
The hydroslotting proprietary technology increases oil and gas production and extends commercial productivity of oil and gas by 300% to 600%. With oil recently reaching a new high of $63.40 per barrel with gas also reaching dramatic new levels, the urgency to tap the domestic market is more critical than ever before.
Hydroslotting creates a vertical permeability that does not exist in nature. As most of the natural gas rich formations in Northern California are laminated or interbedded with non-permeable rock, and often over-pressured, hydroslotting provides a particularly effective and economical method for recovering natural gas. These characteristics are optimal for hydroslotting. The four wells are all nearby the first well that Biogenerics completed in the June 2005 workover.
"Initial results of our recent drilling exceeded 1,000 mcf per day. This represents concrete evidence that the hydroslotter technology is tapping on, what was believed to be, barren and abandoned wells. Utilization of the hydroslotter technology, we must say, is one of the most prudent and fruitful business decisions that positively will impact bottom line results," stated Gary Kelley, CEO.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the US 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.