TORONTO, Nov. 14, 2005 (PRIMEZONE) -- Biogenerics, Ltd. (the "Company") (Pink Sheets:BIGN) announced today that Tyche Energy, Inc. ("Tyche"), one of its joint venture partners, has advised the Company that fabrication of sour gas treatment equipment scheduled for installation at its Charring Cross Natural Gas project has been completed. The treatment skid will now be shipped from the supplier's plant in Elk City, Oklahoma to the Harwich 1-1-18-IV WCR well site located in Harwich Township, Kent County, Ontario.
Once installation has been completed, the treatment facility will deliver sweet gas to a custody transfer meter via a 2.6 kilometer pipeline that will tie into a local Union Gas Limited distribution line. The Harwich 1-1-18-IV WCR well flowed gas at a stabilized rate of 465 MCF per day (MCFD) during a production test and is expected to commence production into the sales line at an initial rate of 200 MCFD. Tyche expects to complete construction of the subject pipeline and facility in December 2005, with production revenue commencing in January 2006. Ontario natural gas producers are currently receiving wellhead prices of $10.32 per MCF (1MCF=1,000 cubic feet of gas).
Tyche owns a 70% working interest in the Charring Cross project before payout of facilities and tie-in costs and a 52.5% working interest after payout of such costs.
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.