Amended and Restated - Georox Drilling Success at Coteau Lake and Additional Land Acquisitions
July 15 2012 - 11:03AM
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")
(OF6A:FRA) is pleased to announce that the initial earning well on
its Coteau Lake, Saskatchewan prospect (31.875% BPO, 21.25% APO)
previously announced in a May 9, 2012 press release has been
completed and swab tested at an average rate of approximately 435
bopd of light oil and 30 bpd of water 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 Couteau 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. The swab test rate expressed above is
for a 7.5 hour period, extrapolated to a 24 hour period for the
relevant well. Any references in this press release to
production/performance rates are useful in confirming the presence
of hydrocarbons, however, such rates are not determinative of the
rates at which such well will continue production and its decline
thereafter or ultimate recoverable resources. While
encouraging, readers are cautioned not to place reliance on such
rate in calculating the production for the well or Corporation.
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
Copyright
Georox Resources Inc. (TSXV:GXR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Georox Resources Inc. (TSXV:GXR)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Prospera Energy (delisted) (TSX Venture Exchange): 0 recent articles
More Georox Resources Inc. News Articles