XGEN Ventures Inc.

November 30, 2007 07:51 ET

XGEN Announces Quarterly Results at September 30, 2007

Files Amended MD&A Documentation and Certifications at March 31, 2006; Announces Settlement of Accounts Payable for Shares Transaction; Announces Finalization of Loan From a Director

TORONTO, ONTARIO--(Marketwire - Nov. 30, 2007) - The Board of Directors of XGEN Ventures Inc. ("the Company") (NEX BOARD:XGN.H) announces:

1. The unaudited consolidated financial statements for the quarter-ending September 30, 2007 have now been filed and can be viewed at www.sedar.com. Revenues for the quarter were nominal and the Company reported a net loss of $157,926 for the quarter. The Company continues to evaluate the oil and natural gas assets acquired previously as disclosed in a press release dated June 13, 2007, specifically it continues to evaluate its financing strategies with respect to these assets.

2. That it has filed an amended Management Discussion & Analysis report for the fiscal year ending March 31, 2006 along with amended Form 52-109F1 Certification of Annual Filings for the year ended March 31, 2006. These amended filings have been prepared pursuant to a review of the Company's Continuous Disclosure record by staff of the Ontario Securities Commission. The deficiencies cited in the Disclosure Review were that the Company did not provide commentary in its MD&A documentation pertaining to its disclosure controls. This commentary has now been provided in the amended MD&A filings.

3. During the quarter ended September 30, 2007, the Company completed a unit private placement for the settlement of outstanding accounts payable. The Company issued 1,917,813 units and settled $287,672 of accounts payable including a total of $227,772 due to related parties. Each unit consisted of a common share at $0.15 per share with a warrant to acquire an additional common share at a price of $0.20 per share prior to August 8, 2008.

4. On November 4, 2007 the Company finalized a $100,000 loan provided by a director of the Company. The loan is secured by a third charge on the Company's assets and matures on May 27, 2009. The balance due on the maturity date is $133,333. In addition, the director received 333,000 stock options at an exercise price of $0.25 per share which will expire if unexercised on November 26, 2012.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward looking statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including among other things, those which are discussed under the heads "Risk Factors" and elsewhere in documents that the Company files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend and does not assume any obligation, to update these forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

Neither the TSX Venture Exchange nor any securities regulatory authority has approved or disapproved of this news release.

Contact Information

  • XGEN Ventures Inc.
    Rod J. MacKenzie
    Managing Director
    (403) 201-0387
    XGEN Ventures Inc.
    Dan P. Amadori
    (416) 644-4361