/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES/
KELOWNA, BC, March 21, 2014 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V) (OF6A:FRA) is pleased to provide the following update
from its November 1st, 2013 News Release with respect to its drilling activities related to
the Silverdale lands near Lloydminster, Saskatchewan.
Through its joint venture partner and operator, Georox has successfully
drilled and completed four horizontal wells of the originally planned
five wells in its Silverdale GP Channel Project in the 3rd week of January 2014. Gross production for the four horizontal wells
was 435 bopd for the week ending March 10th, 2014. Georox' interest share is 6.9% or 30 bopd net production. These
wells will be further optimized over the next several weeks.
In addition, Georox participated in a drilling of a Vertical well in
December 2013 that is scheduled to be completed in April 2014. Georox'
interest in this well is 8.458% before payout and 6.9% after payout.
Georox is a Canadian natural resource company engaged in the exploration
and development of oil and gas properties in Western Canada. The Common
Shares trade on the TSX Venture Exchange under the symbol GXR and on
the Frankfurt Stock Exchange under the symbol OF6A.
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.
Statements in this document may contain forward-looking information
including management's assessment of future plans and operations,
reserve estimates and the total future capital associated with
development of reserves, capital expenditures and timing of release of
2013 financial results. The reader is cautioned that assumptions used
in the preparation of such 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 the Corporation. These risks include, but are not limited to: the
risks associated with the oil and gas industry; commodity prices, and;
exchange rate changes. Industry related risks could include, but are
not limited to: operational risks in exploration; development and
production; delays or changes in plans; risks associated to the
uncertainty of reserve estimates; health and safety risks, and the
uncertainty of estimates and projections of production, costs and
expenses. The recovery and reserve estimates of Georox's reserves
provided herein are estimates only and there is no guarantee that the
estimated reserves will be recovered. In addition, forward-looking
statements or information are based on a number of factors and
assumptions which have been used to develop such statements and
information but which may prove to be incorrect. Although the
Corporation believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because the
Corporation can give no assurance that such expectations will prove to
be correct. In addition to other factors and assumptions which may be
identified herein, assumptions have been made regarding, among other
things: the impact of increasing competition; the general stability of
the economic and political environment in which the Corporation
operates; the timely receipt of any required regulatory approvals; the
ability of the Corporation to obtain qualified staff, equipment and
services in a timely and cost efficient manner; drilling results; the
ability of the operator of the projects which the Corporation has an
interest in to operate the field in a safe, efficient and effective
manner; the ability of the Corporation to obtain financing on
acceptable terms; field production rates and decline rates; the ability
to replace and expand oil and natural gas reserves through acquisition,
development and exploration; the timing and costs of pipeline, storage
and facility construction and expansion and the ability of the
Corporation to secure adequate product transportation; future commodity
prices; currency, exchange and interest rates; the regulatory framework
regarding royalties, taxes and environmental matters in the
jurisdictions in which the Corporation operates; and the ability of the
Corporation to successfully market its oil and natural gas products.
Readers are cautioned that the foregoing lists of factors and
assumptions are not exhaustive. Additional information on these and
other factors that could affect the Corporation's operations and
financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or at the Corporation's website (www.georoxresources.com).
The term barrels of oil equivalent ("boe") may be misleading,
particularly if used in isolation. A boe conversion ratio of six
thousand cubic feet of natural gas to one boe (6 mcf/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.
All boe conversions in this report are derived from converting gas to
oil in the ratio of six thousand cubic feet of gas to one barrel of
oil. Given that the value ratio based on the current price of crude oil
as compared to natural gas is significantly different from the energy
equivalency of 6:1, utilizing a conversion on a 6:1 basis may be
misleading as an indication of value.
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 applicable securities law.
SOURCE: Georox Resources Inc.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (250) 712-2213
Fax: (250) 712-2215