XGEN Reports on TSX-V Trading Halt, Proposed Date for AGM, and General Update on Business Activities
March 23 2009 - 11:31AM
Marketwired
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.
Contacts: XGEN Ventures Inc. Rod J. MacKenzie Managing Director
(403) 201-0387
Xgen Ventures Inc. (TSXV:XGN.H)
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