Georox Resources Inc. Sale Of Shares Of Canuc Resources Corporation.
About Georox
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR and its common shares on the Frankfurt Stock Exchange under the symbol OF6A.
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
Georox Resources Inc. Signs Farmout Agreement
Georox has agreed to pay the Farmor a fee of $50,000 for the opportunity to participate. $25,000 is paid on signing of the agreement and $25,000 will be paid immediately upon spudding of the first well. The initial spud date is November 1, 2009 subject to changes that may occur. $600,000 will be held in trust by Georox legal counsel and shall be released immediately upon receipt of authorization for expenditure relating to the Work Program from the Farmor. Once Georox has completed its obligations under the agreement, the Farmor shall assign to Georox its Earned Interest in the title documents as they pertain to the Farmout Lands subject to any Crown royalties and any other encumbrances. The Farmor shall use its best efforts to novate Georox into the Joint Venture Agreement as to its proportionate working interest.
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 $3,000,000 initial work program committed by the joint venture partners, which includes the drilling of three vertical and one horizontal wells in Phase 1. The joint venture partners have identified a total of approximately ten to twelve horizontal oil wells in this play.
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 Frankfurt Stock Exchange under the symbol OF6A.
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
Georox Resources Inc. Closes Private Placement of 416,667 Units.
Each Unit is comprised of one common share of the Corporation and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder thereof to purchase one additional common share of the Corporation at a price of $0.17 per common share at any time prior to 4:30 p.m. (Calgary time) on September 23, 2011. All securities issued under the Private Placement are subject to a hold period of four months following the date of closing, in accordance with applicable securities laws.
The proceeds of the Private Placement will be utilized for working capital purposes.
Participation in the Private Placement by an officer of Georox was 291,667 Units or approximately 70 % of the Units issued pursuant to the Private Placement.
After giving effect to this Private Placement, the Corporation will have 13,381,185 outstanding common shares. An additional 208,334 common shares will be reserved for issuance on exercise of the common share purchase warrants issued pursuant to the Private Placement.
The TSX Venture Exchange has accepted the documents filed by the Corporation.
About Georox
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR and its common shares on the Frankfurt Stock Exchange under the symbol OF6A.
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
Georox Resources Inc.
205B -- 478 Bernard Avenue
Kelowna, British Columbia
Canada V1Y 6N7
Tel: (250) 712-2213
Fax: (250) 712-2215
Georox Resources Inc. Grants Options
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR, and on the Frankfurt Stock Exchange under the symbol OF6A.
For further information you can visit the Company's website at: www.georoxresources.com or view the Company'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.
The TSX Venture Exchange has not reviewed, and does not accept 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.
For further information:
Burkhard Franz, President/CEO
Georox Resources Inc.
Suite 205, 478 Bernard Avenue
Kelowna, British Columbia
Canada V1L 4J2
Tel: (250) 712-2213
Fax: (250) 712-2215
Georox Resources Inc. Purchased Oil & Gas Interests
The purchase price paid is Five Hundred and Fifty Thousand Dollars ($550,000) plus GST in Canadian Funds with an effective date of May 1, 2009 and the closing date of June 26, 2009. The acquisition includes a forty five percent working interest in five producing oil wells as well as a 12.5% gross overriding royalty in a sixth well. All of the wells have a lengthy production history and are currently producing. The acquisition is considered an Exempt Acquisition in accordance with TSX Venture Exchange Policy 5.3.
About Georox
Georox Resources Inc. is a natural resource based company. The Company is committed to the creation of shareholder value through the exploration and development of natural resources in an environmentally, economically and socially responsible manner.
The Company trades its common shares on the TSX Venture Exchange under the symbol GXR, and on the Frankfurt Stock Exchange under the symbol OF6A.
For further information you can visit the Company's website at: www.georoxresources.com or view the Company'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.
The TSX Venture Exchange has not reviewed, and does not accept 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.
For further information:
Burkhard Franz, President/CEO
Georox Resources Inc.
Suite 205, 478 Bernard Avenue
Kelowna, British Columbia
Canada V1L 4J2
Tel: (250) 712-2213
Fax: (250) 712-2215