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Georox Acquires Trinidadian Oil-Prone Acreage
Georox Acquires Trinidadian Oil-Prone Acreage
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\n Sep. 13, 2010 (Canada NewsWire Group) -- \n\nTR.cnwUnderlinedCell TD {\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD {\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell {\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell {\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell {\n BORDER-BOTTOM: #000000 3px solid\n}\n\nKELOWNA, BC, Sept. 13 /CNW/ - Georox Resources Inc. ("Georox" or the "Company") (GXR:TSX-V; OF6A:FRA) is pleased to announce that its Trinidad and Tobago subsidiary "Gulf Central Limited", was the successful bidder in the recent comprehensive bid for the North Marine Block located in the Gulf of Paria offshore Trinidad and Tobago ("NM Block" or "North Marine Block"). Gulf Central Limited, ("GCL") is a new company owned 80% by Georox and 20% by Carbon Dioxide Caribbean Holdings Ltd (CDCH). CDCH is a member of the Krishna Persad & Associates (KPA) Group. The KPA Group's founder & CEO, Dr. Krishna Persad, has been engaged in oil and gas exploration and production, and in intensive research on the petroleum geology, tectonic history and petroleum geochemistry of the surrounding Trinidad area for over 40 years. The award of the NM Block is subject to the approval of the bid terms by the government of Trinidad & Tobago.\nThe North Marine Block is located in less than 30m of water and is approximately 205 sq km (50,000 acres) in size. Twenty two wells have been drilled in the NM Block between 1955 and 1968 over the acreage on the previously State owned Petrotrin operated property. A 3D seismic survey covering 454 sq km (covering the entire NM Block) was acquired and processed in 2004. Normal faulting is a common fault style throughout the North Marine Block.\nThe closest fields to the North Marine Block are Brighton (to the immediate east), which has accumulated production of 125 million barrels of oil, and the 3 Soldado fields (to the south), which have accumulated production of 775 million barrels of oil to-date and currently produce over 20,000 bopd. The Soldado fields have accounted for a large percentage of the Trinidad & Tobago oil production to-date. In the Soldado fields, oil zones in the Manzanilla Formation reservoir...