TORONTO, Oct. 13, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announces its 2006 target for earnings to hit 8.5 cents per share EBITDA.
The Grimes, Calif. well was successfully reopened after a 20-year shut-in in June using Hydroslotter's new advanced recovery technology and has produced 14.4 million cubic feet of natural gas (14,400 MCF), which was sold for an average price of $10.00 per MCF for the month of September. Pacific Gas & Electric will release the official September figures in mid-October, which are expected to vary from the unofficial figures by a fraction of a percent.
Biogenerics joint venture activities with WW Energy Inc.'s Exploitation projects are on track and progressing, and the company anticipates the updates on the potential benefits by year end.
"We're excited about the potential of the Hydroslotting technology and the joint venture projects that we are involved in and expect to have a concise earnings expectation by year end," stated Paul Smith, president of Biogenerics Limited. "Given the current demand for oil and natural gas, we feel comfortable in our capital expenditures targeting those areas with the greatest potential of return for our shareholders."
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, Hydroslotter Corporation 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 percent to 600 percent. 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.
Web site: 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 Biogenerics Limited 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.