TORONTO, Feb. 21, 2006 (PRIMEZONE) -- Biogenerics Limited (the "Company") (Pink Sheets:BIGN) announces that Tyche Energy Inc. ("Tyche") advises it has completed construction of the production facilities and sales gas pipeline at its Charring Cross property located in Harwich Township, Kent County, Ontario. The production facilities process sour gas from the RPI#7 Harwich 1-1-18-IV WCR well and deliver sweet gas via a 2.1 kilometer sales gas pipeline to a meter site tied into the Union Gas Limited pipeline system.
The RPI#7 well reached a stabilized flow rate of 465 MCFD during the initial production test. Production will commence at a rate of approximately 100 MCFD and will be increased gradually to a daily rate of 200 MCF. Independent industry price forecasts project the price of gas to average between CDN$11.65 and $12.67/MCF in 2006.
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 Tyche Energy, Inc.
Tyche Energy operates exploration projects through joint ventures in the Appalachian Basin and owns interests in a number of petroleum and natural gas leases in Elgin, Middlesex, Lambton, Kent, and Essex Counties, Ontario. In addition to its main operating focus, the Company is actively exploring projects in the Appalachian and Michigan Basins.
Tyche Energy's strategy is to grow through exploration and development of oil and gas reserves in its core area and through the acquisition of under exploited properties, reserves and companies that will complement its growth objectives. Tyche Energy's primary long-term goals are to develop a high-level of sustainable production which can be directly marketed to the expanding Eastern North American market and resulting in a high-degree of profitability and cash flow.
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.