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KELOWNA, BC, July 9 /CNW/ - Georox Resources Inc. ("Georox")
Georox (GXR:TSX-V; 0F6A:FRA) is pleased to announce it's success in the acquisition of 240 acres in the Lloydminster area of the Province of Alberta in the July 7th, 2010 Alberta land sale at a cost of $200,000. Georox also announces that it has entered into a Letter of Intent with a company in Alberta which provides for a joint venture to develop these lands.
The Letter of Intent provides that Georox's partner shall pay $200,000 towards the drilling and completion of an initial well on the lands. Upon completion of this obligation, Georox shall assign a 50% interest in the lands to its joint venture partner.
The overall plan is to verify the Waseca Channel Sand presence by acquiring additional seismic in the area, followed by the drilling of 1 to 2 vertical wells. These wells will be drilled on 10 acre spacing and produced via high volume lift. Success will lead to the drilling of up to 3 additional horizontal wells plus the implement of a Huff and Puff Steam operation and the conversion of a local well to a water disposal well.
This acquisition and joint venture agreement is an important move in the growth of the company to participate in a low-risk/high reward growth potential development opportunity.
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.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of the Company, 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 Company's expectations are exploration risks detailed from time to time in the filings made by the Company 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.
SOURCE Georox Resources Inc.
For further information: For further information: Burkhard Franz, President, CEO, Georox Resources, Phone: (250) 712-2213