TORONTO, Dec. 1, 2005 (PRIMEZONE) -- Biogenerics Limited (the "Company"), (Pink Sheets:BIGN) announced today that joint venture partner Tyche Energy, Inc. ("Tyche") has signed a Memorandum of Agreement ("MOA") with Productive Geoscience ("PG"), a provider of innovative seismic interpretation technology. Pursuant to the terms of the MOA, PG will apply its proprietary N2Vision technology to evaluate the petroleum and natural gas potential of selected offshore Lake Erie lands in which Tyche owns an interest.
The core of the N2Vision technology is a multilayer feed-forward neural network (MFFN) algorithm for pattern recognition. The algorithm is trained to directly recognize hydrocarbons by automatically establishing non-liner relationships between all attributes of the seismic field and data from existing wells. Since 1986, hundreds of exploration wells (mostly wildcats) drilled on locations evaluated with N2Vision technology have established a predictive success ratio greater than 85%. N2Vision has been utilized for the exploration of key oil and gas fields owned by LUKOIL, YUKOS, SURGUTNEFTEGAS, and TATNEFT. Major customers of N2Vison include Tatneft (NYSE:TNT) and Surgutneftegas.
Tyche owns an overriding royalty interest in 1,260 acres of producing offshore Lake Erie lands located in Romney Township, Kent County. The lands are currently operated by Talisman Energy, Inc. of Calgary, Alberta, and produce light sweet crude oil and natural gas from a reservoir developed within the Trenton-Black River formation. The Talisman, Romney 8-194-TRS horizontal well was drilled from a surface location on land to a bottom-hole location over 4 kilometers distant beneath the bed of Lake Erie. Cumulative oil production from the Talisman 8-194-TRS well is over 120,000 barrels since 2001. Tyche owns a 50% working interest in 5,996 acres of undeveloped lands on Lake Erie, of which 2,560 acres are located immediately adjacent to the Talisman 8-194-TRS horizontal well. Marine seismic data acquired in 2000 on selected offshore blocks is currently being evaluated with N2Vision technology.
Peter Rowe, President and CEO of Tyche stated, "This is an excellent opportunity for a junior such as ourselves to utilize 'Leading Edge' technology normally only available to the majors. The MOA is the first step to entering into a formal agreement pursuant to which PG will participate with Tyche in the development of the hydrocarbon potential on Tyche's current inventory of exploration lands. Tyche currently holds varying working interests in over 19,000 acres of exploration lands in Ontario and Northeast, BC."
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, 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% to 600%.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the US 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.