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