| ||November 28, 2016|
Georox Resources announces Silverdale, Saskatchewan Project Update
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Kelowna, British Columbia, Canada, November 28, 2016: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) Georox owns a pooled 6.9% interest in the General Petroleums pool in the Silverdale, Saskatchewan area.
Recently the Corporation completed a salt water disposal well, 07-012-48-28W3 through its operator. An injectivity test has confirmed that the well is capable of 14,500 bbls of water per day which can handle all the needs of the entire field. This will now lead to the tie-in of all of its eight oil wells and is expected to increase operating cash flow through the handling of produced water through its own facilities.
In addition a high volume lift program was initiated on the well 10-11-48-28W3 to determine its high volume lift production capability. Gross oil production from this well increased from 25 bopd to 70 bopd. From this test the entire field capability can be extrapolated to justify a complete expansion of the project and it is currently estimated that this field will increase by an estimated 225 bopd gross (15 bopd net to Georox for a total of 35 bopd.
The Corporation currently produces approximately 140 boepd of which 75% is light oil, 24% is heavy oil and 1% is gas.
For further information:
Burkhard Franz, President and Chief Executive Officer
Tel: (403) 457-9010
Fax: (403) 265-7424 Website:www.georoxresources.com
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 the use of proceeds from the Private Placement.
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.
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