/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATATION
IN THE UNITED STATES/
KELOWNA, BC, Sept. 27, 2011 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR: TSX-V; OF6A:FRA) is pleased to provide the following update
with respect to its drilling activities relating to the Silverdale
Lands near Lloydminster, Saskatchewan.
Sparky Non Channel Project
Through its joint venture partner/operator, Georox has drilled and cased
seven wells in the initial drilling program. A seventh well was added
to the original six wells following the approval to reduce the drilling
spacing unit for it. All seven wells have been completed, equipped and
production has been tested and will be optimized over the next several
Gross production for the seven wells was 367 bopd for the week ending
September 13, 2011 and Georox's 15% interest share is 55 bopd. Georox's
total corporate production is approximately 100 bopd.
The Company has earned its 15% interest on the farm-out lands consisting
of 1040 acres at a cost of $600,000 following the completion of the
General Petroleums Channel Project
The joint venture partner in the second project has identified 14 to 18
potential drilling locations for horizontal oil wells in the Channel
Project. The pooling of the Lands with an adjacent producer to form a
larger area of common interest has been completed and will yield a
pooled working interest of 6.9% to Georox in approximately 840 acres
(the"pooled lands"). A 3D seismic program and interpretation has been
completed on the pooled lands. The drilling of four horizontal wells is
expected to commence in the later part of the fourth quarter of 2011 on
the pooled lands. After an evaluation period, a further 14 horizontal
wells could be drilled in 2012 on the pooled lands.
Georox is a Canadian natural resource company engaged in the
acquisition, 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
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.
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 |
| Website: || www.georoxresources.com |