Business
Georox Clarifies Earlier Disclosure and Announces Corporate Update
/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/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nKELOWNA, BC, Aug. 21, 2015 /CNW/ - Georox Resources Inc. (\"Georox\" or the \"Corporation\") (GXR:TSX-V; OF6A:FRA) \n\nFurther to the Corporation's  news release on June 17, 2015 referencing the table of the 8 % secondary recovery and related volumes estimates, the Corporation is unable to confirm whether the disclosure was prepared  in accordance with the Canadian Oil and Gas Handbook (COGEH) and therefore cannot be relied on.\n\nThe Corporation's prove plus probable reserves (2P) as calculated by the Corporation's reserve engineers, as of December 31, 2014 are not affected and remain unchanged.\n\nFurther to the news release on July 2, 2015, the Corporation announces that it has reduced its loan with its senior lender by an additional $450,000 to date. The loan outstanding to its senior lender is approximately $1,400,000.\n\nAbout Georox\n\nThe Corporation is a Canadian oil and gas exploration and production company engaged in the acquisition, exploration and development of oil and gas in western Canada.\n\nProduction 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.\n\nFORWARD-LOOKING STATEMENTS\n\nThis 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 ...