NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Kelowna, British Columbia (FSCwire) – Georox Resources Inc. ("Georox" or the "Corporation") (GXR: TSX-V; OF6A:FRA) Georox is pleased to announce that the waterflood project at Red Earth, Alberta is near completion. The project was announced in a press release dated September 8, 2017. The waterflood project has the goal to significantly improve the production and netback economics. In addition Georox undertook this project to become fully independent of competing producers and also to increase recoverable reserves from the existing eight wells.
The corporation continues to pursue the acquisition of Saskatchewan oil and gas assets which was announced in a press release dated December 27, 2017.
The Corporation also announces that the TSX Venture Exchange has approved an extension of the deadline to complete the previously announced private placement of up to 7,000,000 units at a price of $0.10 per unit for gross cash proceeds of up to $700,000 to February 28, 2017.
Georox is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Georox will use its experience to develop, acquire and drill assets with potential for primary and secondary recovery.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (403) 457-9010
Production volumes are commonly expressed on a barrel of oil equivalent ("boe") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.
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. More particularly, it contains forward-looking statements concerning: (i) the completion and potential benefits of the Consolidation; (ii) the timing and completion of the Offering and the use of proceeds from the Private Placement; and (iii) the potential appointment of a new director to Georox's board of directors. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States. The Units (or constituent securities) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
To view the associated document to this release, please click on the following link:
Source: Georox Resources Inc. (TSX Venture:GXR, FWB:OF6A)
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