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KELOWNA, BC, March 29, 2012 /CNW/ - Georox Resources Inc. ("Georox"or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has acquired one section of land in northwest Alberta in a recent Crown Land Sale.
Georox was successful in acquiring one section (640 acres) of prospective oil and gas mineral rights located in the Swan Hills area of Alberta on March 21st, 2012. Georox has 45% working interest in the acquired land and is the designated operator in this area. The section of acquired land is adjacent to the one-half section that is subject to the Swan Hills farm-out agreement which the Corporation announced on October 14th, 2011 and is part of an area of mutual interest in that agreement.
The Swan Hills farmout, which now includes one and one-half sections of land (960 acres) as a result of the March 21st land sale, has the potential of high productivity light Devonian oil. Georox will drill, complete and equip the earning exploration well at 75% working interest before payout to earn a 45% working interest after payout in the balance of the farmout lands. There is seismic support as well as a geological cross section supporting the play. The deadline to drill the first farm-out well on April 1st, 2012 has been postponed due to early spring break-up road closures. A new drilling date is estimated to be in the third or forth quarter of this year. Georox is the designated Operator of the project.
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