Georox Resources Inc. Announces the Release of Consolidated Financial
Statements for the Year Ended December 31, 2009


KELOWNA, BC, March 12 /CNW/ - Georox Resources Inc. ("Georox" or the "Company") today filed its audited annual consolidated financial statements for the year ended December 31, 2009 and related Management's Discussion and Analysis on


Georox is a company engaged in the acquisition of, exploration for and the development of petroleum and natural gas properties. Over the course of 2009, as a result of change in Ecuadorian natural resources law, the Company let lapse or disposed of all Ecuadorian assets held by the Company's wholly owned subsidiaries. The 215 contiguous units of claims that the company staked in April, 2008 in the West Kootenay region of southeastern British Columbia was not renewed in February, 2009. During this period, the Company also acquired interests in a property in Gift Lake, Alberta which has five producing oil wells and a gross overriding royalty on the sixth well. The Company intends to continue to pursue economically attractive petroleum and natural gas properties in and around Alberta, Saskatchewan and British Columbia.


    -   The Company has reduced net operating losses in 2009 by $148,299 as
        compared to 2008 a total loss of $440,879 due to the acquisition of
        income producing properties, reduction in general and administrative
        expenditures, the sale of part of its investment in Canuc Resources
        Corporation and revenues received from the income producing property
        purchased. This loss excludes the loss from discontinued operations
        of its Ecuadorian Assets.

    -   Georox's production from the Gift Lake property for the 6 months
        ending on December 31, 2009 amounted to $631,189. The Company's total
        production from the Gift Lake property was 8,902 bbls of oil with a
        daily average volume of 56 BOE per day.

    -   Georox realized a gain of $112,784 on the sale of an investment in
        the common shares of Canuc Resources Corporation. The fair market
        value as at December 31, 2009 of the remaining investment in common
        shares of Canuc Resources Corporation is $174,248.

    -   The Company recorded a total loss of $495,036 for the year ended
        December 31, 2009. The loss arose primarily as a result of the write
        down of all of the Ecuadorian assets, other mineral properties and
        the severance payment to a former employee.

    -   Total operating costs were $131,761 or $14.08 per BOE. This is
        attributable to a combination of fixed costs being spread over
        volumes of production, workover requirements on one well and a high
        percentage of processing fees by the operator on three wells.

    Overall Performance

    Year Ended                           December 31, 2009 December 31, 2008
    Petroleum and natural gas revenue             $631,189               Nil
    Net loss                                     $(495,036)      $(1,161,465)
    Net loss per share, basic and diluted           $(0.04)           $(0.11)
    Total assets                                $2,137,190        $2,216,508
    Total current liabilities                    $(200,480)         $(79,870)
    Deferred Exploration fees                          Nil          $123,380


    -   The Company has sufficient working capital to meet all of its
        foreseeable obligations based on its business plan for the next
        twelve months. The Company may be required to raise additional debt
        or equity financing in the future in order to fund additional capital
        expenditures on existing projects or to acquire additional assets.

    -   Georox signed a farm-in agreement on September 25, 2009 with a
        Company for total expenses of $600,000. The farm-in agreement will
        enable the Company to earn a 15 percent working interest on the farm-
        in lands consisting of 1,040 acres in Saskatchewan. In addition, the
        Company has agreed to pay $50,000 for the right to participate in
        this project of which $25,000 was paid on signing of the agreement
        and $25,000 is to be paid upon the spudding of the first well. The
        spud date is expected to be near the end of April 2010.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Georox will not be and have been registered in the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.


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 includes certain "forward looking statements". 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.


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 "may", "should", "anticipate", "expects" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking statements are subject to important risks, uncertainties and assumptions.

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 Inc., Phone: (250) 712-2213

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Georox Resources Inc.

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