/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
KELOWNA, BC, Jan. 24, 2013 /CNW/ - Georox Resources Inc.
("Georox" or the "Company") announces closing of the previously
announced transaction (November 30,
2012 press release) for the sale of its oil and gas
interests located in the Gift Lake,
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. YVI is a capital pool corporation listed on the TSX
Venture Exchange.
The Gift Lake
assets include interests in 3 light oil wells, producing
approximately 33 barrels per day of light oil net to the
Company.
"The sale of the Gift
Lake assets provides capital to fund future exploration and
development programs on the Company's other properties and for
other potential acquisitions." commented Burkhard Franz, CEO.
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.