NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATATION IN THE UNITED STATES
KELOWNA, BC, July 18, 2011 /
CNW/ -
Georox Resources Inc. (“Georox“ or the “Corporation“) (TSXV: GXR) (OF6A: FRA) provides the following update with respect to its drilling activities relating to the Silverdale Project near Lloydminster, Saskatchewan.
Sparky Non Channel Project
Through its Joint Venture Partner, the Company has drilled and cased six wells in the initial drilling program. The Production casing was set on all six wells after logging operations confirmed potential Sparky Oil pay. Three of the wells have been completed and equipped and production will be tested and optimized over the next several weeks. Operations are currently under way to complete and equip the other three wells. A seventh well is pending an application to reduce the drilling spacing unit and should be approved in the next few weeks.
The Company will have earned its 15% interest on the farm-out lands consisting of 1040 acres at a cost of $600,000 following the completion of the wells.
General Petroleums Channel Project
In the same lands referred to above the Joint Venture Partner has identified a total of approximately 14 to 18 potential drilling locations for horizontal oil wells in the Channel Project. The pooling of the JV lands with an adjacent producer to form a larger area of common interest has been completed which will yield a pooled working interest of 6.9% to Georox in approximately 840 acres (the “pooled lands“). The 3D Seismic program and interpretation has now been completed on the pooled lands. The drilling of four horizontal wells plus three vertical wells is expected to commence in the fourth quarter of 2011 on the pooled lands. After an evaluation period, a further 14 horizontal wells could be drilled in 2012 on the pooled lands.
About Georox
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.
Cautionary Statement:
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.
FORWARD-LOOKING STATEMENTS
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
Website:
www.georoxresources.com
