TORONTO, March 21, 2006 (PRIMEZONE) -- Biogenerics Limited (the "Company") (Pink Sheets:BIGN) announced that Tyche Energy Inc. ("Tyche") advises it has commenced production at its Charring Cross property located in Harwich Township, Kent County Ontario. The RPI#7, Harwich 1-1-18-IV WCR well was placed on stream at an initial production rate of 72 MCFD at 154 psi flowing wellhead pressure. Daily production rates will be increased over the next week to a targeted daily production rate of 200 MCF.
Tyche holds a 65.00% working interest ("WI") before payout ("BPO") and a 48.75% WI after payout ("APO") of pipeline and facilities construction costs. Natural gas wellhead prices have fallen from recent highs of over CDN$16.00/MCF in October 2005 to CDN$7.83/MCF in March 2006. The latest independent industry price forecasts project gas prices to average between CDN$11.65 (Sproule & Associates) and $12.67/MCF (GLJA) in 2006.
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 Tyche Energy, Inc.
Tyche Energy operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Elgin, Middlesex, Lambton, Kent, and Essex Counties, Ontario. In addition to its main operating focus, the Company is actively exploring projects in the Appalachian and Michigan Basins.
Tyche Energy's strategy is to grow through exploration and development of oil and gas reserves in its core area and through the acquisition of under exploited properties, reserves and companies that will complement its growth objectives. Tyche Energy's primary long-term goals are to develop a high-level of sustainable production which can be directly marketed to the expanding Eastern North American market and resulting in a high-degree of profitability and cash flow.
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.