/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
KELOWNA, BC,
Nov. 30, 2012 /CNW/ - Georox
Resources Inc. ("Georox" or the "Company") entered into an asset
purchase agreement for the sale of certain oil and gas interests
located in the Gift Lake area of
north central Alberta to Yorkton
Ventures Inc. ("YVI") for $750,000
comprised of cash consideration of $700,000 and 500,000 common shares of YVI at a
deemed price of $0.10 per common
share, subject to certain adjustments. YVI is a capital pool
corporation listed on the TSX Venture Exchange. The
Gift Lake sale is intended by YVI
to constitute its qualifying transaction, and, as such, is subject
to exchange approval. The transaction is an arm's length
transaction and is not expected to require YVI shareholder
approval.
The Gift Lake
assets include interests in producing Slave Point light oil (1 well
at 25 percent working interest) and producing Gilwood light oil (1
well at 45 percent working interest, 1 well at 15.198 percent
working interest and 1 well at 1.875 percent royalty interest) in
the area. The wells are currently producing approximately 33
barrels per day of light oil net to the Company. As aggregate
12 month revenue from these assets constitutes in excess of 25% of
Georox revenue for the preceding 12 months, the disposition is
reviewable and subject to the consent of the TSX Venture
Exchange.
"The sale of the Gift
Lake assets will provide capital to fund exploration and
development programs on the Company's other properties and for
other potential acquisitions." commented Burkhard Franz, CEO.
Completion of the transaction is subject to a
number of conditions, including but not limited to, TSX Venture
Exchange approval. There can be no assurance that the
transaction will be completed as proposed or at all.
Cautionary Statement
The TSX Venture Exchange Inc. has in no way
passed upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press release.
Neither the 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
Forward Looking Statement
This release contains forward looking
statements. The words "believe," "expect," "feel," "plan,"
"anticipate," "project," "could," "should" and other similar
expressions generally identify forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. These forward-looking statements
are subject to a number of risks and uncertainties including,
without limitation, variations in estimated costs, the failure to
discover or recover economic volumes of oil and gas, and the
inability to raise the funds necessary, changes in external market
factors including commodity prices, and other risks and
uncertainties. Actual results could differ materially from
the results referred to in the forward-looking statements.
SOURCE Georox Resources Inc.