Biogenerics Issues Correction to Cubic Feet Per Day on Recently Reported Results on Target Well in Northern California; Initial Production at 800 Thousand Cubic Feet Per Day versus Previously Reported 800 Million Cubic Feet Per Day With Gas at $7 Per Cubic Thousand Feet Production Could Generate $5,600 in Gross Revenue Per Day or $2,044,000 Per Year
TORONTO, Jul 07, 2005 (BUSINESS WIRE) -- Biogenerics Limited [BIGN] , today announced that is partner, Hydroslotter Corporation reported that several open flow tests on its target well in Northern California have determined conclusively that initial production will exceed 800 thousand cubic feet per day (MCFD). With gas prices at approximately U.S. $7 per cubic thousand feet, the initial production would garner gross revenues in excess of $5,600 per day or $2,044,000 per year.
Looking Forward 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.
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