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KELOWNA, BC, July 16, 2012 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that the initial earning well on its Coteau Lake, Saskatchewan prospect (31.875% BPO, 21.25% APO) previously announced in an April 24, 2012 press release has been completed and swab tested at an average rate of approximately 400 bopd of light oil over a 7.5 hour period. The well will be equipped and formally tested over the near term with production rates expected to be limited to approximately 150 bopd initially and progressively optimized.
Georox recently acquired a 25% interest in an additional 960 acres of oil and gas mineral rights adjoining the Coteau Lake prospect area of SE Saskatchewan from a private company. The newly acquired land has 3D seismic information which identifies 3 additional potential drill targets. Georox now has 3,040 gross (682 net) acres of oil and gas mineral rights in the light-medium Mississippian oil Coteau Lake prospect. 3-D seismic on the Coteau Lake prospect is now under review and at least one additional well is expected to be drilled on this prospect before December 1, 2012.
Georox also recently acquired Crown oil and gas mineral rights located in the Meekwap area of NW Alberta to hold a 100% interest in 1,440 acres of land in this additional core light oil exploration area.
Burkhard, Franz, Georox President, expressed satisfaction with these recent corporate developments stating that: "Our expansion of land holdings in the Coteau Lake project as well as at Meekwap in NW Alberta gives us two additional core areas and the opportunity to drill and participate in highly prospective, light/medium oil exploration opportunities."
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