Business
Georox Acquires Alberta Producing Oil and Gas Interests
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATE...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/\n\n\nKELOWNA, BC, June 3, 2013 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has completed an\n acquisition of oil and gas interests located in the Pouce Coupe area,\n NW Alberta (the \"Assets\") from a company at arms-length. The purchase\n price of the Assets is approximately $2,000,000 with an effective date\n of May 1st, 2013. The acquisition was funded from the Corporation's working\n capital (33%), a recently revised bank credit facility (60%) and a\n subordinated unsecured loan from an insider (7%).\n\n\nThe Assets consist of a majority interest in 1.5 sections of land ( 960\n gross acres and 576 net acres) with three current producing wells; a\n 52.42% working interest in one (1) section, 50% in ¼ section and 100%\n in a final ¼ section. Two wells will be operated by Georox and one well\n will be operated by an industry third party.\n\n\nThe wells are currently producing approximately 36 boepd per day\n consisting of light oil and approximately 100 mcfd of solution natural\n gas (30 boepd net to the Corporation) from the Boundary Lake formation.\n\n\nAbout Georox\n\n\nGeorox is a Canadian natural resource company engaged in the\n acquisition, exploration and development of oil and gas properties in\n Western Canada.\n\n\nProduction volumes are commonly expressed on a barrel of oil equivalent\n (\"BOE\") basis whereby natural gas volumes are converted at a ratio of\n six thousand cubic feet to one barrel of oil.  The intention is to\n convert oil and natural gas measurement units into one basis for\n improved analysis of results and comparisons with other industry\n participants.  The term BOE may be misleading, particularly if used in\n isolation.  The conversion ratio is based on an energy equivalent\n method and does not represent an economic value equivalency at the\n wellhead.\n\n\nFORWARD-LOOKING STATEMENTS\n\n\nThis news release contains forward-looking statements relating to the\n future operations of the Corporation and other statements that are not\n historical facts. Forward-looking statements are often identified by\n terms such as \"will\", \"may\", \"should\", \"anticipate\", \"expects\" and\n similar expressions....