XGEN Ventures Inc.

October 27, 2006 11:57 ET

XGEN Announces the Engagement of a Standstill Agreement

TORONTO, ONTARIO--(CCNMatthews - Oct. 27, 2006) - The Board of Directors of XGEN Ventures Inc. (the "Company") (NEX:XGN.H) is pleased to announce that as part of its continuing efforts to identify appropriate business opportunities for which it may invest, the Company has engaged in a "Standstill Agreement" with a well known oilfield services company (the"Vendor") successfully operating in the Grande Prairie and Fort McMurray regions of the Alberta oil patch.

Subject to ongoing due diligence, and regulatory approval, it is the intent of the Company to proceed with an agreement to acquire the Vendor's assets in return for the issuance of shares from treasury.

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) 852-6767
    XGEN Ventures Inc.
    Dan Amadori
    (416) 644-4361