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KELOWNA, BC, May 3 /CNW/ - Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has completed an acquisition of oil and gas interests located in the Hays Area, SE Alberta (the "Assets") from an arms-length company. Georox paid $605,000 for the Assets.
The Assets include a 4.2% working interest in 2 3/4 sections of land and 3 Nisku producing light oil wells in the Hays Arcs T, Y Pool as well as a 30% working interest in one other Nisku light oil well in the area. The wells are currently producing 120 barrels/day of light oil and 40 Mcf/d of solution natural gas (10.8 boepd net to the Company). The Assets are operated by industry third parties. The company believes there is potential to drill up to three additional development wells on the acquired lands plus additional potential in other formations within the current well bores.
The Company also announces a delay in the drilling of wells in the Farmout Lands (as per the company's news release dated /September 28, 2009) located in the Province of Saskatchewan by its joint venture partners. The reason for the delay is due to ongoing negotiations for the pooling of lands with an adjacent producer to form a larger area of common interest by the joint venture partners. Shareholders will be informed of the spudding date accordingly.
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.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, 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 Company's expectations are exploration risks detailed from time to time in the filings made by the Company 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: For further information: Burkhard Franz, President/CEO, Georox Resources, Phone: (250) 712-2213