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KELOWNA, BC, March 14, 2012 /CNW/ - Georox Resources Inc. ("Georox"or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce an update to its' drilling activities.
Silverdale Sparky Non Channel Project- Eight wells have been drilled and are on production at 363 bopd gross (55 bopd net to Georox). A ninth well has been completed and is currently being evaluated. In addition, two more wells are awaiting a pooling arrangement and a down spacing application respectively and are expected to be drilled following Spring break-up in May or June of 2012. Georox has a 15% working interest in these wells.
Silverdale GP Channel Project- Four horizontal wells have been drilled and completed since mid December, 2011. All four wells are currently being production tested. Georox has a 6.9% working interest in these wells.
The drilling dates of the two northern Alberta farm-in locations, as referenced in the December 5th News Release, have been postponed due to the earlier than anticipated spring break-up. The new drilling dates are estimated to be in the third quarter of this year. Georox will drill, the earning Exploration wells at 75% working interest before payout to earn a 45% working interest after payout in the balance of the farm-out 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 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