Georox Drilling Success at Coteau Lake and Additional Land Acquisitions
July 16 2012 - 8:00AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ KELOWNA, BC, July 16, 2012
/CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") is
pleased to announce that the initial earning well on its Coteau
Lake, Saskatchewan prospect (31.875% BPO, 21.25% APO) previously
announced in an April 24, 2012 press release has been completed and
swab tested at an average rate of approximately 400 bopd of light
oil over a 7.5 hour period. The well will be equipped and
formally tested over the near term with production rates expected
to be limited to approximately 150 bopd initially and progressively
optimized. Georox recently acquired a 25% interest in an additional
960 acres of oil and gas mineral rights adjoining the Coteau Lake
prospect area of SE Saskatchewan from a private company. The
newly acquired land has 3D seismic information which identifies 3
additional potential drill targets. Georox now has 3,040
gross (682 net) acres of oil and gas mineral rights in the
light-medium Mississippian oil Coteau Lake prospect. 3-D seismic on
the Coteau Lake prospect is now under review and at least one
additional well is expected to be drilled on this prospect before
December 1, 2012. Georox also recently acquired Crown oil and
gas mineral rights located in the Meekwap area of NW Alberta to
hold a 100% interest in 1,440 acres of land in this additional core
light oil exploration area. Burkhard, Franz, Georox President,
expressed satisfaction with these recent corporate developments
stating that: "Our expansion of land holdings in the Coteau
Lake project as well as at Meekwap in NW Alberta gives us two
additional core areas and the opportunity to drill and participate
in highly prospective, light/medium oil exploration opportunities."
Cautionary Statement: Neither the TSX Venture Exchange nor its
Regulation Service Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. No stock exchange,
securities commission or other regulatory authority has approved
nor disapproved the information contained herein. FORWARD-LOOKING
STATEMENTS This news release contains forward-looking statements
relating to the future operations of the Corporation and other
statements that are not historical facts. Forward-looking
statements are often identified by terms such as "will", "may",
"should", "anticipate", "expects" and similar expressions. All
statements other than statements of historical fact, included in
this release, including, without limitation, statements regarding
future plans and objectives of the Corporation, are forward looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements. Important factors that could cause
actual results to differ materially from the Corporation's
expectations are exploration risks detailed from time to time in
the filings made by the Corporation with securities regulations.
The reader is cautioned that assumptions used in the preparation of
any forward-looking information may prove to be incorrect. Events
or circumstances may cause actual results to differ materially from
those predicted, as a result of numerous known and unknown risks,
uncertainties, and other factors, many of which are beyond the
control of Georox. As a result, we cannot guarantee that any
forward-looking statement will materialize and the reader is
cautioned not to place undue reliance on any forward-looking
information. Such information, although considered reasonable by
management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated.
Forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release, and Georox does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
Canadian securities law. Georox Resources Inc. CONTACT: Burkhard
Franz, President and Chief Executive OfficerTel: (250) 712-2213Fax:
(250) 712-2215Website: www.georoxresources.com
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