TORONTO, July 19, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) today announced that the Company's joint venture partner, Tyche Energy Inc. has advised that completion operations are underway at its Tyche et al No. 1 well in Mosa Township, Ontario.
The subject well encountered a 16.4 foot interval within the Devonian age Dundee formation and tested 10 - 15 barrels of oil per day during drilling operations. The well has been plugged back to 403 feet and hydroslotting operations have commenced on three (3) individual oil zones within the foregoing interval.
The hydroslotting operations are expected to be completed by July 22nd and initial production test results are expected by July 27th.
Tyche concurrently reported that requisite title curative work has been completed on its petroleum and natural gas lease in Dunwich Township that will be the site of an exploratory well to test the Silurian Grimsby formation at depth of approximately 1920 feet. Recent discoveries from the Grimsby formation nearby have resulted in proven gas reserves of up to 2.0 BCF per well.
"The Company remains steadfast on its path to exploit demand for oil and gas on the North American continent. This, along with the utilization of the hydroslotting technology make for an extremely powerful and expeditious combination," stated Gary Kelley, CEO.
"We wish to thank our loyal shareholder base for the perseverance over the past week which was quite volatile. I personally assure you that the Company's fundamentals remain intact, we are moving ahead with our growth initiatives and remain firm in our belief in the future of the domestic oil and gas sector," Kelley concluded.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the U.S. 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.