XGEN Ventures Inc.

June 13, 2007 07:26 ET

XGEN Ventures Inc.: Press Release

TORONTO, ONTARIO--(Marketwire - June 13, 2007) - The Board of Directors of XGEN Ventures Inc. ("XGEN") (NEX BOARD:XGN.H) announces that, further to its press release of April 16, 2007, Alberta Energy and Utilities Board approval has now been received by XGEN for the transfer of the well, facility and pipeline licenses related to its Peace River Arch acquisition in Northern Alberta. The transaction has now been released from escrow.

The purchased properties, in their entirety, encompass approximately 1,280 acres of land and contain 13 shut-in, abandoned or suspended wells, of which XGEN owns an average working interest of 90%. The properties also incorporate a gas processing facility and several pipelines, of which XGEN owns a 100% working interest. XGEN management is currently in the process of evaluating and reviewing the detailed data and well records for the properties.

Additionally, the Board of Directors of XGEN Ventures Inc. reports that it has rescinded the previously announced acquisition of assets from Vision Hydrovacs, by way of mutual agreement with the shareholders of the company operating as Vision Hydrovacs. The Asset Purchase Agreement, dated December 15, 2006 has been undone and terminated, and is of no further legal force and effect.

At this time, the management of XGEN has chosen to focus its efforts and resources toward the acquisition and development of various oil and gas related assets.

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