TORONTO, Nov. 30, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) confirms that its joint venture partner Hydroslotter Corporation is now prepared to begin the process of working over four additional gas wells on the Grimes, California property.
On October 11, 2005, Biognerics Limited announced it had re-opened a well in this same area that had been shut in for the past twenty-four years. In the month of September, this well produced 14.4 million cubic feet of natural gas (14,400MCF, which was sold for an average of $10.00 per MCF. Grimes continues to produce strongly with low water production.
The four wells which are now targeted were chosen from a basket of 11 nearby wells. The main geological and geophysical work on the target wells is completed. Additionally, Biogenerics project managers have met with the rig company and Schlumberger to establish the objectives and processes to be initialized.
It is anticipated that a final technical review meeting will be held by mid-December 2005 at which time a firm date or the workovers will be decided. The workovers are tentatively scheduled back-to-back from January 8th to January 22nd, 2006. Each workover will require three days, with two days of slotting and one day in between to re-rig the drilling apparatus.
Paul Smith, senior VP of Biogenerics Limited stated that, "Each of the four wells identified should produce as well, if not exceed the production rate, of the first Grimes well."
Smith further states, "In addition to the anticipated production from these re-works, it will demonstrate the company's organization and flexibility to manage multiple workovers successfully."
Hydroslotter is equally excited about the potential that their technology provides. There continues to be hundreds of thousands of shut in wells that indicate the same potential as the four wells in this program.
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 Corporation and WW Energy Inc.
About Hydroslotter Corporation
Hydroslotter Corporation's proprietary technology deemed "hydroslotting" increases oil and gas production and extends the commercial productivity of oil and gas wells by 300 to 600 percent.
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 result 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.