TORONTO, Oct. 11, 2005 (PRIMEZONE) -- Biogenerics Limited's (Pink Sheets:BIGN) strategic alliance partner, Hydroslotter Corporation, announces initial production numbers for the month of September.
The Grimes, California well which has been shut in for the past twenty years was re-opened in June using Hydroslotter's new advanced recovery technology. For the month of September, the well produced 14.4 million cubic feet of natural gas (14,400 MCF), which was sold for an average price of $10.00 per MCF.
Hydroslotter's technology is cost effective and for the inexpensive cost of the actual re-work on potential shut-in wells, the return on investment is high. To date, half of Biogenerics' investment was recovered in the first month of production and upon payout, Biogenerics will share the revenues equally with Hydroslotter.
Biogenerics' Paul Smith states that, "This investment is clearly succeeding as a template for us to develop oil and gas resources, offering perhaps the most capital efficient way to create aggressive economic returns without exploration risk."
Hydroslotter is equally excited about the potential their technology provides. There are perhaps hundreds of thousands of shut-in wells that have the economic potential to begin production again at a low cost compared to a conventional drilling project.
Biogenerics will release earnings guidance for 2006 on Thursday, October 13th, 2005.
About Biogenerics Limited:
Biogenerics is a diversified investment venture capital firm focused on exploiting and distributing domestic oil and gas reserves. Biogenerics has oil and gas assets acquired from Rubicon Petroleum. Biogenerics also has joint venture activities with Tyche Energy, Hydroslotter Coporation and WW Energy Inc.
About Hydroslotter Corporation:
Hydroslotter Corporation's, proprietary technology deemed "hydroslotting" increases oil and gas production and extends commercial productivity of oil and gas by 300% to 600%.
Website: http://www.bignltd.com
Forward Looking Statements:
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of WW Energy Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that any proposed acquisitions will be consummated at all.