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Have been watching this company from when it first started. Now it has gotten many new contracts and growing rapidly. If you want a stong stock this one is it
Biogenerics JV Partner Tyche Energy Completes Second Joint Operating Agreement with Torque Energy Friday April 8, 4:00 pm ET Independent Analysts See Oil Prices Reaching U.S. $105 Per Barrel
TORONTO--(BUSINESS WIRE)--April 8, 2005--Biogenerics Ltd. (the "Company") (OTC:BIGN - News) today announced that its joint venture partner Tyche Energy Inc. ("Tyche") has completed a second joint operating agreement with Torque Energy Inc. ("Torque") (TSX:TQE - News) in connection with exploration and development of its Dunwich Prospect lands. Terms of the agreement are similar to the recently announced Joint Operating Agreement in Mosa, with Torque earning a thirty three and one third percent working interest (33.33% WI) by paying 33.33% of all exploration and development costs within the prospect area.
Intermediate casing has been cemented at 971 feet at the Tyche et al #1, Mosa 6-13-III well. The first prospective formation is expected to be encountered at a depth of 1,525 feet with the target zone expected at a depth of 1,863 feet. The Tyche et al #1, is the first well of a two (2) well exploratory drilling program targeting the gas prone Grimsby formation.
Gary Kelley, CEO, stated, "It is our contention to continue to exploit the domestic oil and gas market as a necessary fuel alternative for Canada and the U.S. With the recent analyst's report indicating that oil prices could reach U.S.$105 per barrel, we believe Biogenerics is poised for prosperity."
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.
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Bign: Biogenerics Ltd. approved a 9 for 1 forward split of common shares, record of May 6, 2005, effective May 12, 2005. "There will be no change in the par value of such shares." I found this in the local newspaper under stock splits on Saturday the 17th.
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