KELOWNA, BC,
Georox has agreed to pay the Farmor a fee of
The Farmout Lands have both 2-D and 3-D seismic support as well as a geological cross section analysis which verifies the Mannville Channel play. 3D Seismic confirms the presence of an undeveloped, deep-cut, oil bearing, Mannville Channel. Based on analogous wells drilled into similar Mannville Channels reserves in excess of 100,000 bbls per well are potential. The plan is to develop this Channel through vertical and primarily horizontal drilling. Drilling activity in the first phase of the program is expected to commence sometime in the beginning of the fourth quarter of 2009 as stated above.
Georox's contribution will be used as part of a
This acquisition is a major strategic move in the growth of the company to participate in a low-risk/high-growth potential development opportunity.
About Georox
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR and its common shares on the
For further information you can visit the Corporation's website at: www.georoxresources.com or view the Corporation's records on SEDAR at: www.sedar.com
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. 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 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.
For further information: Burkhard Franz, President/CEO, Georox Resources Inc., 205B - 478 Bernard Avenue, Kelowna, British Columbia, Canada, V1Y 6N7, Tel: (250) 712-2213, Fax: (250) 712-2215
Share this article