TYLER, Texas, May 18, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced that newly appointed CEO James Lancaster has submitted a recent assessment of the company's progress with Hydroslotter Corp. in the Grimes and some of his visions for the company's future.
As reported earlier, joint venture partner Hydroslotter has completed slotting on a second well, Ophelia 1, with current flow rates of 1450 mcfd. Hydroslotter encountered significant delays due to excessive weather conditions in the Grimes region. Biogenerics is pleased to say that these conditions have cleared and complications have been resolved. The company is now continuing with two other wells.
Management has been informed that the two wells slated to be worked on should yield close to the same flow rates as Ophelia 1. On average these wells have a flow expectancy of approximately 10-15 years. It is expected that these wells will be completed in a 2-3 week period. Biogenerics has targeted several other potentially lucrative wells in the Grimes region to be slotted in the near future.
As the company's head office is now fully operational, it is considering the possibility of changing the company name to better reflect the market it is focusing on. "We appreciate the name submissions from our shareholders and we will make a decision soon. It is my goal to continue to pursue economically sound acquisitions in the oil and gas sectors and to ensure that these projects are completed in a timely manner. I am thrilled to join the company at such an exciting time and I will endeavor to provide firm leadership doing my best to keep our shareholders up to date regarding company progress," stated Lancaster.
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. The company also has joint venture activities with Tyche Energy and Hydroslotter Corporation.
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%. 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.
Website: http://www.bignltd.com
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.