GEOROX RESOURCES INC. : http://www.georoxresources.com/ : QwikReport

News Releases

#June 29, 2017
Georox Announces Results of AGM, 2017

 
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Kelowna, British Columbia, Canada, June 29, 2017: Georox Resources Inc. ("Georox" or the "Corporation") (GXR: TSX-V; OF6A:FRA) announces the voting results from the Corporation's annual general meeting held in Calgary on June 21, 2017.

The scrutineer reported that there were 4,918,660 common shares represented in person or proxy at the meeting. This represents 21.41% of the votes attached to all outstanding shares as at the record date May 19, 2017. All of the matters submitted to the shareholders for approval as set out in the Corporation's notice of meeting and information circular, both dated May 23rd , 2017 were approved by the requisite majority of votes cast at the AGM. Shareholders voted in favour of the four incumbent directors are as follows:

Daryl Fridhandler 4,918,660 Votes For 100%
Burkhard Franz 4,918,660 Votes For 100%
Lorraine McVean 4,918,660 Votes For 100%
Mansoor Anjum 4,918,660 Votes For 100%

Shareholders also approved the reappointment of MNP LLP as auditor of the Corporation for the ensuing year and the Directors Share Option Plan.

About Georox:

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
Website: www.georoxresources.com

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.

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. 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.
 
#May 24, 2017
Georox Resources Announces Proposed Private Placement of up to $450,000

 
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES


Kelowna, British Columbia, Canada, May 24, 2017: Georox Resources Inc. ("Georox" or the "Corporation") (GXR: TSX-V; OF6A:FRA) is seeking to raise $450,000 in a non-brokered private placement ("Private Placement").

Under the proposed terms of the Private Placement, and subject to TSXV approval, the Corporation will issue, up to 6,428,571 units at a price of $0.07 per unit for gross cash proceeds of approximately $450,000 the ("Offering").

Each unit will consist of one (1) Common Share and one (1) Common Share half purchase warrant. Each whole warrant will entitle the holder to acquire one (1) Common Share at a price of $0.14 for a period of two years to and including May 22, 2019. The Offering will be completed in one or more tranches and the securities under the Offering will have a hold period of four (4) months from the applicable closing date of each tranche. Closing of the Offering is not subject to a minimum aggregate subscription amount but shall be subject to receipt of all required regulatory approvals, including the TSX Venture Exchange.

The Corporation may pay finders' fees to eligible persons consisting of cash of up to 10% of the proceeds from the units sold to investors introduced by and attributable to the efforts of the finders.

After giving effect to the maximum Offering, Georox will have 29,402,466 common shares outstanding on a basic basis. Any participation by insiders of the Corporation in the Offering will be on the same terms as the arm's length investors. The Corporation has no reason to believe that the Private Placement will result in a change of control of the Corporation.

The Offering is expected to be completed within thirty days.

The Private Placement proceeds will be used for the optimization of production on its Red Earth, Alberta Property for the completion of a water flood program, and for general corporate purposes.

The water flood program is scheduled to begin during the third week of June. Management believes that the implementation of water flood will result in a significant increase in recoverable reserves and in daily production rates and a decrease of operating costs.

About Georox:

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
Website: www.georoxresources.com

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.

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. 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.
 
#February 24, 2017
Georox Announces Year-End NI 51-101 Reserves At 696,000 Barrels

 
Not for distribution to U.S. News wire services or for dissemination in the United States


KELOWNA, BC, Feb 24th, 2017 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to provide information on its oil and gas reserves as of December 31, 2016 as evaluated in a report (the "Report") by the Corporation's independent reserve engineering firm, Sproule Unconventional Limited ("Sproule"). The reserves were evaluated in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation ("COGEH") Handbook. The Statement of Reserves Data (Form 51-101 F1), providing additional summary information from the Report can be found on SEDAR at www.sedar.ca under the Corporation's name.

Highlights of Georox's year end reserves are as follows:
  • A year over year increase of 19% in total proved plus probable oil and gas reserves, or an increase of 112,700 barrels of oil equivalent ("boe") to 696,000 boe.

  • A year over year increase of 56% in the before tax net present value of the proved plus probable reserves, discounted at 10 percent, to $16.1MM.

  • A reserve replacement of 39% on total proved reserves and a 359% increase on proved plus probable reserves.

  • Current reserve life index of 19.0 years based on proved plus probable reserves

  • Reserves weighted 98% to crude oil as a percentage of total proved plus probable reserves.

APPRAISAL REPORT - EFFECTIVE DATE DECEMBER 31, 2016
PETROLEUM RESERVES AND ECONOMIC EVALUATION(1)
RED EARTH & POUCE COUPE, ALBERTA and SILVERDALE AREA, SASKATCHEWAN

RESERVES NET TO APPRAISED INTEREST(2) (3)


PRODUCT
VOLUMES
Net Working
Interest


    BOE   BEFORE TAX CASH FLOW
(Thousands of Dollars CDN)
Discounted Per Annum @
RESERVE
CATEGORY
  (MBOE)   0%   5%   10%   15%
                     
  Proved Developed                    
  Producing   161.0   4,516   4,047   3,631   3,284
                     
  Non-Producing   18.8   709   543   427   345
  Proved Undeveloped   231.5   6,865   5,445   4,338   3,477
  Total Proved   411.4 12,090   10,035 8,396   7,106
                     
  Probable   284.6   12,813   9,737   7,682   6,248
  Total Proved Plus Probable 696.0 24,903 19,772 16,078 13,354


Notes:
  1. Based on Sproule's December 31, 2016 escalated price forecast.

  2. The reserves definitions and ownership classification used in this evaluation are the standards defined by COGEH reserve definitions and consistent with NI 51-101 and used by Sproule. The oil reserves are presented in thousands of barrels, at stock tank conditions. The natural gas reserves are presented in millions of cubic feet, at base conditions of 101.325kPa and 15 degrees Celsius. The natural gas liquids reserves are presented in thousands of barrels, at base conditions of 15 degrees Celsius and equilibrium pressure.

  3. Numbers may not reflect exact numbers in report tables due to rounding.
Reserve Reconciliation

The following is a reconciliation of Georox's Reserve changes in the Corporation's gross working interest reserves from December 31, 2015 to the gross working interest reserves at December 31, 2016.

Reserves (MBOE) Proved Probable Proved plus Probable
Opening Balance (December 31, 2015) 437.7 145.7 583.4
Infill Drilling 0 0 0
Extensions 0 0 0
Acquisitions 0 0 0
Economic Factors (10.2) (1.1) (11.3)
Dispositions 0 0 0
Production (43.5) 0 (43.5)
Technical Revisions (18.1) 23.9 5.8
Improved Recovery 45.5 116.2 161.7
Closing Balance (December 31, 2016) 411.4 284.7 696.1

The term "gross working interest" means Georox's working interest (operated or non-operated) share before the deductions of royalties and without any royalty interests of Georox, which is referred to as "Gross" reserves under NI 51-101.

Georox is pleased to announce that it has received significant recognition in both proven and proven plus probable reserves categories for its future water flood in Red Earth. In addition to increased reserves and future rates, this water flood is also expected to significantly reduce operating costs. Georox has begun the application process for the water flood which is expected to be fully operational later this year.

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

READER ADVISORIES

Forward-Looking Statements


Statements in this document may contain forward-looking information including management's assessment of future plans and operations, reserve estimates and the total future capital associated with development of reserves, capital expenditures and timing of release of 2011 financial results. The reader is cautioned that assumptions used in the preparation of such 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 the Corporation. These risks include, but are not limited to: the risks associated with the oil and gas industry; commodity prices, and; exchange rate changes. Industry related risks could include, but are not limited to: operational risks in exploration; development and production; delays or changes in plans; risks associated to the uncertainty of reserve estimates; health and safety risks, and the uncertainty of estimates and projections of production, costs and expenses. The recovery and reserve estimates of Georox's reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. In addition, forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Corporation believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Corporation can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the impact of increasing competition; the general stability of the economic and political environment in which the Corporation operates; the timely receipt of any required regulatory approvals; the ability of the Corporation to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects which the Corporation has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Corporation to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and costs of pipeline, storage and facility construction and expansion and the ability of the Corporation to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Corporation operates; and the ability of the Corporation to successfully market its oil and natural gas products. Readers are cautioned that the foregoing lists of factors and assumptions are not exhaustive. Additional information on these and other factors that could affect the Corporation's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or at the Corporation's website (www.georoxresources.com).

Conversion

The term barrels of oil equivalent ("boe") may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet of natural gas to one boe (6 mcf/bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. All boe conversions in this report are derived from converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

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 applicable securities law.


For further information:

Burkhard Franz, President and Chief Executive Officer
Tel: (403) 457-9010
 
#December 06, 2016
Georox Resources Announces Red Earth, Alberta Project Update

 Kelowna, British Columbia, Canada, December 6, 2016: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) Recently Georox has initiated a process to enhance production and reduce operating costs from its existing oil wells at Red Earth, Alberta. In addition the company has pre evaluated opportunities beyond primary oil recovery. The Corporation owns 2.125 sections of land and operates eight wells. The property is located approximately 320 km northwest of Edmonton. Georox is producing 78 barrels of light oil and 20,000 cubic feet of solution gas per day from the Q4Q Pool in the Granite Wash formation.


1. All producing Red Earth wells have been recently converted to utilize solution gas produced from the Red Earth wells for fuel instead of propane. This will significantly reduce operating costs, resulting in higher cash flows. The amount of gas being processed for sales will accordingly be reduced giving rise to a slightly lower boepd rate but significantly higher cash flow income.


2. Two low rate wells have been shut in at locations 1-11 and 2-11 due to uneconomic production. These wells will be evaluated for future use as injection wells in the potential water flood.


3. Preliminary evaluation of a water flood program at Georox's Red Earth Granite Wash pool indicates that more than 200,000 barrels of incremental oil is likely. Preliminary economics indicate that such a project would be economic at current oil prices. Reviews are underway to determine the optimal injection sites and detailed economic analysis will follow.


Georox is encouraged with the results from its preliminary evaluation and work program and is continuing to investigate other methods to increase production and reduce operating costs at Red Earth.


About Georox


Georox is a public oil and gas exploration 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


Fax:(403) 265-7424


Website:www.georoxresources.com


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. 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.
 
#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.

About Georox:

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

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. 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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