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KELOWNA, BC, March 12, 2012 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has acquired two sections of land in northwest Alberta in a recent Crown Land Sale.
Georox was successful in acquiring two sections (1280 acres) of prospective oil and gas mineral rights located in two areas of northwest Alberta on March 7th, 2012. Georox has a 45% working interest in the section acquired in the Virginia Hills area and 100% working interest in another area in northwest Alberta.
The section of land in the Virginia Hills area is adjacent to the section that is subject to the farm-out agreement which the Corporation entered into and announced on October 14, 2011.
The Virginia Hills project, which now includes two sections of land as a result of the March 7th land sale, has the potential of high productivity light Devonian oil. Georox will drill, complete and equip the earning Exploration well to earn a 75% working interest before payout and a 45% working interest after payout in the balance of the farm-out lands. The acquired section was part of the agreement which covers an area of mutual interest. There is 3-D seismic support as well as a geological cross section supporting the play. The deadline to drill the first farm-out well on March 1, 2012 has been postponed due to early spring break-up road closures. A new drilling date is estimated to be in the third quarter of this year.
This land acquisition is a strategic move in the growth of the company to drill and participate, in a low risk and high-growth, high potential, light oil potential development and exploration opportunity.
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 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.
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.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (250) 712-2213
Fax: (250) 712-2215