Georox Resources Inc. - Coteau Lake, Saskatchewan Update
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KELOWNA, BC, Feb. 14, 2013 /CNW/ - Further to the news release of Nov 27th, 2012 regarding the second horizontal well on the Coteau Lake, southeastern Saskatchewan prospect namely 4C8-10-2D4-10-1-20W4, spudded on November 23rd and was rig released on December 12th, 2012.
Completion operations began on Dec 14th and testing was completed on February 13th, 2013. The well encountered high volumes of water and operations have been suspended pending further Geological & Geophysical reviews.
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.
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.
SOURCE: Georox Resources Inc.For further information:
Burkhard Franz,President and Chief Executive Officer
Tel: (250) 712-2213
Fax: (250) 712-2215