FARMINGTON, N.M., Dec. 6, 2005 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) and its subsidiary company, WW Oil & Gas, Inc., today announced the receipt of final permitting from the Bureau of Land Management (BLM) to commence drilling on the Company's "Right Angle" oil and gas exploitation project. Commenting on the news, Paul Smith, Biogenerics Senior VP of Engineering, stated, "The timing for these approvals couldn't have come at a better time as we are presently in final negotiations with our funding partners on this project. With final permitting now in hand, we are now ready to hit the ground running on this highly promising prospect, as soon as drilling funds are made available to move forward."
The Company's Right Angle oil and gas exploitation play is located in the highly prospective San Juan Basin of Northwest New Mexico, with a primary objective of entering the Jurassic Entrada Sandstone formation. During the late 70's, the first well to discover oil in the Jurassic Entrada sand dune led to over 2,000 square miles of seismic data encompassing 200 + sand dunes in the Entrada. According to Vincelette and Chittum in their AAPG paper entitled "Exploration for Oil Accumulations in the Entrada Sandstone, San Juan Basin, New Mexico," that first well, which is located within one mile of the Company's leasehold interest, encountered a 24-foot zone of oil saturated Entrada Sandstone.
Standard spacing for oil wells in New Mexico is 40 acres. The Right Angle leasehold interest that Biogenerics and WW Oil & Gas control and hold an earn-out option to has room for up to twelve (12) wells.
Additional information available at: 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, Hydroslotter Corporation and WW Energy Inc.
About WW Oil & Gas Inc.
WW Oil & Gas Inc., a subsidiary company of Biogenerics is in the business of acquiring leases and oil and gas related assets. Such acquisitions are for the purpose of development, exploration, and exploitation. Currently, there are 3 leases under agreement for exploitation. Comprehensive drilling programs are being developed for full exploitation of these properties.
About Hydroslotter Corporation
Hydroslotter Corporation's proprietary technology deemed "hydroslotting" increases oil and gas production and extends commercial productivity of oil and gas by 300% to 600%.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the US 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.