largecent, here is the PR:
The 7,300 bbls/month is crude oil:
Biogenerics Limited Completes Letter of Intent With Texas Oil Company and Expands Assets Within the L.O.I.
Thursday May 25, 3:32 pm ET
TYLER, Texas, May 25, 2006 (PRIMEZONE) -- Biogenerics Limited (Other OTC:BIGN.PK - News) announces that James Lancaster, CEO, has confirmed the execution of the Letter of Intent by all parties, that pertains to the purchase of assets, leases, contracts, agreements and oil reserves, of the East Texas operator.
Lancaster stated, ``This transaction will bring to the company a presence in the oil industry that is highly respected -- an operation with a substantial positive cash flow, ownership in over 200 currently producing wells generating over 7,300 bbls/month of crude oil, leases with an estimated 21.84 million bbls/oil in proven reserves, drilling sites for 12 new wells, with a potential for a substantial reserve position in oil and gas. Further, 125 well sites to rework and capitalize the oil production from in the existing field, and equally important, a fully operating exploration/drilling company with a highly regarded reputation in the industry in Texas which will allow the company to do its own drilling, rework and management of wells.'
The 21.84 million bbls/oil in proven reserves are worth a conservative $1.36 billion dollars divided by 303M shares equals $4.00 per share IF the reserve is correct and can be pumped out of the ground. If only half can be recovered, that is still $2.00 pps. Hydroslotting should allow us to recover half of the reserves, I hope.
News 
Market Data 
Discover 
