XGEN Ventures Inc.

March 23, 2009 11:31 ET

XGEN Reports on TSX-V Trading Halt, Proposed Date for AGM, and General Update on Business Activities

TORONTO, ONTARIO--(Marketwire - March 23, 2009) - The Board of Directors of XGEN Ventures Inc. (the "Company" or "XGEN") (NEX BOARD:XGN.H) announces that the TSX-V halt on trading of the Company's shares which was introduced January 30, 2009 continues in force while the Company completes a continuous disclosure review initiated by the Exchange in December, 2008.

The Board of Directors has been responding to the enquiries made by the TSX Venture Exchange as part of this continuous disclosure review and continues to work with the Exchange to resolve any remaining open points from the review process. The Board of Directors will provide further updates as appropriate as the process continues.

The Board of Directors also announces that it will file a notice for meeting and record date for a proposed Annual General Meeting of the shareholders of XGEN. The proposed date for the Annual General Meeting is Monday, July 20th, 2009.

The Board of Directors is providing the following updates on the Company's activities:

XGEN was successful in the quarter ending December 31, 2008, in reactivating two of the shut-in wells that it had previously acquired, as stated in its press release dated June 13, 2007. Gas production and revenues have commenced on these wells, and the Company continues to pursue the reactivation of other wells that it has acquired in the same region.

The gas processing and gathering facilities that XGEN also acquired have been refitted and activated. The Company is currently seeking to ramp up its production and processing volumes and is seeking to process third-party gas in addition to its own escalating volumes.

XGEN has been cooperatively dealing with its working interest partners in these properties and facilities in an effort to increase commercial production, through the acquisition of additional properties and the progressive evaluation of various other wellsites owned by the Company.

The Company recently filed its quarterly financial statements as of December 31, 2008. Pertinent information can be viewed at www.sedar.com. The Company reports net revenues as $127,621.00 for the quarter then ended.

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
    (403) 201-0387