TYLER, Texas, June 5, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced information regarding recent developments in the Grimes, California Project. The Company is pleased to report that wells known as Andreotti 1 and Ophelia 1 continue to produce as reported in recent news. Andreotti at 250,000 cubic feet of gas daily. Management also confirms that it has coordinated agreements with subcontractors continuing work on wells 3 and then 4 on the same location site.
Officials report that inclement weather conditions resulting in excessive water flooding have posed some problems consequently delaying the work over of these wells. Ophelia 1 experienced a mechanical glitch that resulted in intermitting flow rates but will be corrected this week. Once corrected Ophelia 1 will return to its flow rate of 1450 mcf. Ophelia will produce this flow rate on an average of 20-25 days per month allowing for maintenance of the continued water build up.
The water build up in the wells, if left unattended, inhibit some gas flow. Though timely, it is well worth continued efforts to maintain the wells considering their profitibilty.
The company continues negotiations with Oil & Gas Companies in hopes to acquire the equipment that will expedite our endeavors. Information regarding the dealings will be released as soon as they become available.
A Biogenerics senior consultant overseeing the developments noted the demand and availability for work over equipment in this heightening market has created some delays. However he is confident that we will accomplish the task at hand. The preliminary tests give indication that the two wells being worked on are expected to potentially produce the flow rates that are being averaged daily by Ophelia 1.
Website: http://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
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