TYLER, Texas, Feb. 27, 2007 (PRIME NEWSWIRE) -- Biogenerics Limited (Pink Sheets:BIGN) Board of Directors is pleased to report that its due diligence has been completed on the Central Louisiana Oil Field reported in its January 22nd Press Release.
The Company's independent's engineer report has verified reserves on the lease of 1,080,970 bbls/oil gross reserves, and this transaction was based on an initial reserve analysis of 880,000 bbls/oil gross reserves. This results in over 200,000 bbls/oil gross reserves more than expected and the purchase price is not changed with this finding.
In addition, the Company's management was present at the recent re-opening of the initial 10 wells of the 27 total wells that have been retrofitted with the new Grundfos down-hole submersible pumps. The expectation of these pumps was to increase production on a low maintenance cost basis. The results were these 10 wells increased in production by 25%, and now the expected monthly production from the entire lease is projected to be over 4,900 bbls/oil/month. The Company now projects that this transaction will result in net operating revenues annually of over $2,000,000 before the transactional costs of this opportunity.
The Board of Directors expects the Central Louisiana transaction to close in the second quarter of the calendar year.
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 Inc and Hydroslotter Corp.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.