XGEN Ventures Inc.

August 31, 2007 11:07 ET

XGEN Announces Quarterly Results and Issuance of Stock Options to an Officer and Director

TORONTO, ONTARIO--(Marketwire - Aug. 31, 2007) - The Board of Directors of XGEN Ventures Inc. ("the Company") (NEX:XGN.H) announces that the unaudited consolidated financial statements for the 3 months ended June 30, 2007 have been filed and can be viewed at www.sedar.com.

Revenues for the quarter were $2,610 and the Company reported a net loss of $135,300.

As disclosed in a press release dated June 13, 2007 the Company has acquired certain oil and natural gas assets. The Company continues to evaluate these assets and its go forward plans in respect thereof.

On August 28, 2007 the Company granted an officer and director 200,000 common share stock options at a price of $0.25 per share. These options expire on August 27, 2012 if unexercised.

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