/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
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.
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
SOURCE: Georox Resources Inc.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (250) 712-2213
Fax: (250) 712-2215