TYLER, Texas, Aug. 23, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced that WW Oil & Gas Inc. has signed a letter of intent and forwarded a initial deposit to acquire the oil and gas lease rights to properties located in East Texas. Biogenerics Limited shares a 50% interest with WW Oil & Gas Inc.
The LOI, which was initiated in early August 2006, calls for the acquisition of the Tubb Lease Oil and Gas Project, located in the Crawar Field in Ward County, Texas. WW Oil & Gas has since added two additional oil production properties to be included in the LOI agreement. The properties are located in the Gray Gulch field in Borden County, Texas.
The Crawar Field has historically been a prolific producer of oil and gas. Nearby leases are owned by Chevron and Amoco among others. In particular, in October of 2000 Chevron re-completed a well 1,200 feet from the location of the first planned re-completion well. The Chevron re-completion well is still currently producing at approximately 28,000 mcfd of gas per month. The same geological structure and pay zones as found in the Chevron re-completion well exist in several areas of the Tubb lease, including multiple wells for re-completion and grass-roots wells. At $70 per barrel of oil and $7 per mcfd of natural gas, estimated reserves of the Tubb Lease Oil and Gas Project exceed $60 million on a total mineral reserves cash basis.
The first recently included property, "Kloh #9," produced 312.6 BBLS of oil per day with 261 mcf natural gas per day in past production testing. The second property, the "Gray" has previous production tests showing 220 bbls of oil per day with 57.7 mcf natural gas per day. With 240 acres and multiple pay zones, WW Oil & Gas is planning to maximize these properties to their full potential.
Biogenerics partner WW Oil & Gas Inc. has committed to commence work on a first well for re-completion in early September. It is likely that the initial work over of the well will produce up to 1400-1600 bbls of oil per month.
Website: http:/www.bignltd.com
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 and Hydroslotter Corporation.
About WW Oil & Gas Inc.
WW Oil & Gas, established in 2005, is in the business of acquiring leases and oil and gas-related assets. Such acquisitions are for the purposes of development, exploration, and exploitation. The company currently has exploitation projects in Texas, Utah and New Mexico. Comprehensive drill programs are being developed for full exploitation of these projects.
Forward-Looking Statements
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