XGEN Ventures Inc.

December 24, 2009 16:04 ET

XGEN Director Acquires Working Interest

TORONTO, ONTARIO--(Marketwire - Dec. 24, 2009) - The Board of Directors of XGEN Ventures Inc. ("the Company" or "XGEN") (TSX VENTURE:XGN.H) announces that it has approved a transaction wherein a Director of the Company ("Purchaser") has negotiated with a private group ("Vendor") to purchase the Vendor's 30 percent working interest in the Montag wellsites, pipelines and facilities located in the Montag region, of which XGEN is the operator.

The Purchaser has also agreed to loan the Company an additional sum of $400,000.00, under the same terms as the Purchaser's existing loan to XGEN, which XGEN will utilize to retire its loan and general security agreement with the Vendor.

The transaction is to be effective December 15, 2009, and closing is anticipated to be finalized on or about December 24, 2009.

XGEN (XGN.H) is an explorer, producer, processor and operator of wellsites and facilities within the Peace River Arch region of Northwestern Alberta, with core assets located in the Montag region.

Forward-Looking Statements:

Information provided herein contains forward-looking statements. The reader is cautioned that assumptions used in the preparation of such information, which are considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved may vary from the information provided and the variations may be material. There is no representation by the Company that actual results achieved will be the same in whole or in part as those indicated in the forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • XGEN Ventures Inc.
    Rod J. MacKenzie
    Managing Director