Kelowna, British Columbia, Canada, 1. November 2013: Georox Resources Inc. ("Georox" or the "Company") (GXR: TSX-V; OF6A: FRA) is pleased to announce that it has commenced its drill program over the next two months at the company's Silverdale GP Channel project to post.
The horizontal drill has on the 26. In October, 2013 drilled the first hole in the five horizontal well program completed by Husky Energy.
All five holes are expected to be drilled by the beginning of December and then completed, equipped and put into operation at the beginning of 2014. The total cost is approximately 7.050.000 C $ (share of Georox: 486.000 C $).
About Georox:
Georox is a Canadian natural resource company focused on the acquisition, exploration and development of oil and natural gas properties in western Canada. The Company's shares are traded on the TSX Venture Exchange under the symbol GXR and on the Frankfurt Stock Exchange under the symbol OF6A.
For more information, please contact:
Burkhard Franz,
President and Chief Executive Officer
Phone: + 1 (250) 712 2213
Fax: + 1 (250) 712-2215
Website: www.georoxresources.com
Precautionary note:
Neither the TSX Venture Exchange nor its regulatory service providers (as that term is defined in the Articles of Incorporation of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release
No stock exchange, securities commission or other regulatory authority has endorsed or disclaimed the information contained in this press release.
Comments on forward-looking statements
Forward-looking statements
Statements in this document may include forward-looking information, including management's opinion of future intentions or operations, reserve estimates, and future total capital related to the development of reserves, capital expenditures, and the date of publication of 2011's financial results. Readers are cautioned that the assumptions used in making such information may prove to be incorrect. Certain events or circumstances could cause actual results to differ materially from the projections due to many known and unknown risks, uncertainties and other factors. Many of them are beyond Georox control. These risks include, but are not limited to, risks related to the oil and gas industry, commodity prices and exchange rate movements. Industry-specific risks include operational risks in exploration, development and production; Delays or changes to plans; Risks associated with the uncertainty of reserve estimates; Health and safety risks; and the uncertainty of estimates and projections of output, costs and expenses. The Georox recovery and reserves figures for oil and gas listed herein are estimates only and no guarantee can be given that the estimated reserves will be recovered. In addition, forward-looking information is based on a variety of factors and assumptions used in the preparation of such statements and information, but could prove to be misleading. Although the Company believes that the expectations contained in such forward-looking statements or information relating to: If appropriate, future-oriented statements should not be relied upon. The company can not guarantee that such expectations will prove to be correct. Among other factors and assumptions that may be identified herein, assumptions have been made as to the following: the effects of increasing competition; the overall stability of the economic and political environment in which the company operates; the timely receipt of necessary regulatory approvals; the ability of the company to obtain skilled workers, equipment and services in a timely and cost-effective manner; drilling results; to operate the assets of the operator of the projects in which the company owns investments, the oil field in a safe, efficient and effective manner; the ability of the company to receive funds on acceptable terms; Delivery rates and take-off rates; the ability to replace and expand oil and gas reserves through acquisitions, development and exploration; the timetable and cost of constructing and developing pipelines, storage facilities and facilities; the ability of the company to ensure adequate transportation of its products; future commodity prices; Currency prices, exchange rates and interest rates; the regulatory framework with regard to levies, taxes and environmental matters in the jurisdictions in which the company operates; and the company's ability to successfully sell its oil and gas products. Readers are cautioned that the above list of factors and assumptions is not exhaustive. Further information regarding these and other factors that could affect the company's operations and financial results can be found in reports filed with the Canadian Securities Administrators and available on SEDAR (www.sedar.com) or on the company's website (www.georoxresources.com).
conversion ratio
The English term barrels of oil equivalent ("boe") could be misleading, especially when considered in isolation. The conversion ratio of 6.000 cubic feet of (6Mcf) natural gas to 1 barrel of oil equivalent is based on an energy equivalent conversion method that is primarily applicable to the burner head and does not necessarily represent a value equivalency at the wellhead. All boe conversions in this report are derived from gas to oil conversions in a ratio of 6.000 cubic feet to one barrel of oil. Given that the value ratio based on the current price of crude oil versus natural gas differs materially from the energy equivalence of 6: 1, applying a conversion based on a ratio of 6: 1 as an expression of value could be misleading.
Readers are cautioned that the assumptions used in making such information may prove to be incorrect. Certain events or circumstances could cause actual results to differ materially from the projections due to many known and unknown risks, uncertainties and other factors. Many of them are beyond Georox control. Consequently, we can not guarantee that forward-looking statements will be realized; Readers are therefore cautioned not to rely on forward-looking information. Such information, although considered appropriate by Company performance at the time of its preparation, may prove to be incorrect. Actual results could differ materially from the expected results. Forward-looking statements in this release are expressly limited by this cautionary statement. The forward-looking statements in this news release are as of the date of this news release and Georox undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise; unless expressly required by applicable securities laws.
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