Business
Georox Announces Sale of Gift Lake Assets
/ NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n THE UNITED STATES/\n\n\nKELOWNA, BC, Nov. 30, 2012 /CNW/ - Georox Resources Inc. (\"Georox\" or\n the \"Company\") entered into an asset purchase agreement for the sale of\n certain oil and gas interests located in the Gift Lake area of north\n central Alberta to Yorkton Ventures Inc. (\"YVI\") for $750,000 comprised\n of cash consideration of $700,000 and 500,000 common shares of YVI at a\n deemed price of $0.10 per common share, subject to certain adjustments.\n YVI is a capital pool corporation listed on the TSX Venture Exchange. \n The Gift Lake sale is intended by YVI to constitute its qualifying\n transaction, and, as such, is subject to exchange approval.  The\n transaction is an arm's length transaction and is not expected to\n require YVI shareholder approval.\n\n\nThe Gift Lake assets include interests in producing Slave Point light\n oil (1 well at 25 percent working interest) and producing Gilwood light\n oil (1 well at 45 percent working interest, 1 well at 15.198 percent\n working interest and 1 well at 1.875 percent royalty interest) in the\n area. The wells are currently producing approximately 33 barrels per\n day of light oil net to the Company.  As aggregate 12 month revenue\n from these assets constitutes in excess of 25% of Georox revenue for\n the preceding 12 months, the disposition is reviewable and subject to\n the consent of the TSX Venture Exchange.\n\n\n\"The sale of the Gift Lake assets will provide capital to fund\n exploration and development programs on the Company's other properties\n and for other potential acquisitions.\" commented Burkhard Franz, CEO.\n\n\nCompletion of the transaction is subject to a number of conditions,\n including but not limited to, TSX Venture Exchange approval.  There can\n be no assurance that the transaction will be completed as proposed or\n at all.\n\n\nCautionary Statement\n\n\nThe TSX Venture Exchange Inc. has in no way passed upon the merits of\n the proposed transaction and has neither approved nor disapproved the\n contents of this press release.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this rele...