TYLER, Texas, Aug. 9, 2006 (PRIMEZONE) -- Biogenerics Limited (Pink Sheets:BIGN) announced that joint venture partner Hydroslotter Corp. has provided a progress report on the California Grimes wells site. Hydroslotter officials report that the drilling and rigging equipment is currently working on wells No. 3 and No. 4. The Hydroslotting process to complete well No. 3 is in progress. Biogenerics has been informed that the crew will then proceed immediately to well No. 4 and initial results from the wells are expected in approximately 2 weeks.
Hydroslotter Corp. confirms that Ophelia 1 is on stream and problems earlier mentioned have been corrected and they do not expect further delays. The experience gained from Ophelia 1 will serve well to accelerate the time frame in which wells 3 and 4 are completed added a Hydroslotter official. An accurate account of all flow rates will be reported publicly after the wells are allowed a period of time to stabilize.
There is great anticipation building regarding the flow rates of wells 3 and 4 since they mirror the characteristics of Ophelia 1 which had earlier flow rates of 1450 mcfd.
A decision will be made regarding well No. 5 since preliminary evaluation is indicating the well may not be cost effective to proceed with. Biogenerics will evaluate its position to continue on with other wells located nearby that have the potential to be re-worked more efficiently producing more favorable flow rates.
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.
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