Biogenerics to Commence Drilling Immediately.TORONTO -- Biogenerics Limited (the Company) (NQB NQB National Quotation Bureau, Inc (now Pink Sheets) :BIGN) announces that 2021877 Ontario Inc. ("2021877") is to commence drilling immediately a development well at the Charring Cross Project located in Harwich Township, Kent County Ontario. Pursuant to the terms of a Farm Out Agreement, 2021877 will become the Operator of the Project, thereby incurring one hundred percent of the cost to drill the well thus earning a one hundred percent working interest (100%WI) in the well before payout (BPO BPO Business Process Outsourcing BPO Benevolent & Protective Order (of Elks of the USA) BPO Benzoyl Peroxide BPO Business Process Optimization BPO Broker Price Opinions BPO Buffalo Philharmonic Orchestra ) and a seventy five percent working interest in the well after payout (75% WI APO apo- 1 A prefix indicating a protein component in a conjugated molecule–eg, apoferritin, apolipoprotein, see there 2 Apolipoprotein, see there ). BIGN is fortunate to own 50% interest in 2021877 Ontario, hence 50% of the working interest will go directly to the Company. There is currently one shut-in gas well located within the Charring Cross Project area. The Rubicon et al #7 well encountered natural gas in a shallow reservoir at a depth of 376 feet and tested gas at a stabilized flow rate of 465 MCFD MCFD Ministry of Children and Family Development (British Columbia, Canada) MCFD thousand cubic feet per day MCFD million cubic feet per day MCFD Malta College of Family Doctors MCFD Multiple Coagulation Factor Deficiency from a six foot interval in the Dundee limestone of Devonian age (Geol.) the age next older than the Carboniferous and later than the Silurian; - called also the Age of fishes ltname>. The various strata of this age compose the Devonian formation or system, and include the old red sandstone of Great Britain. . Results of the flow test and geological mapping of the structure suggest that the Charring Cross Pool could contain 450 MMCF MMCF Million Cubic Feet MMCF Multimedia Communications Forum MMCF Mint Mocha Chip Frappuccino MMCF Multi Media Communication Forum of recoverable gas reserves. Ontario wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. prices for natural gas have been strong throughout the summer and are presently in the range of seven dollars and seventy five cents per thousand cubic feet ($7.75 per MCF). BIGN will continue to pursue strategies to create a solid foundation for growth in shareholder value. The Company is presently reviewing additional opportunities in the acquisition of petroleum and natural gas assets within North America. Forward-Looking Statements: This press release contains "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion