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Georox Resources Inc. Announces Success in July 7th Alberta Land Sale and Signing of Letter of Intent
Georox Resources Inc. Announces Success in July 7th Alberta Land Sale and Signing of Letter of In...
About this update from Prospera Energy Inc.
[{"type":"text","content":"\n\n\n\n Jul. 9, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATATION IN THE UNITED STATES/\n\n Georox Resources Inc. ("Georox")\nGeorox (GXR:TSX-V; 0F6A:FRA) is pleased to announce it's success in the acquisition of 240 acres in the Lloydminster area of the Province of Alberta in the July 7th, 2010 Alberta land sale at a cost of $200,000. Georox also announces that it has entered into a Letter of Intent with a company in Alberta which provides for a joint venture to develop these lands.\nThe Letter of Intent provides that Georox's partner shall pay $200,000 towards the drilling and completion of an initial well on the lands. Upon completion of this obligation, Georox shall assign a 50% interest in the lands to its joint venture partner.\nThe overall plan is to verify the Waseca Channel Sand presence by acquiring additional seismic in the area, followed by the drilling of 1 to 2 vertical wells. These wells will be drilled on 10 acre spacing and produced via high volume lift. Success will lead to the drilling of up to 3 additional horizontal wells plus the implement of a Huff and Puff Steam operation and the conversion of a local well to a water disposal well.\nThis acquisition and joint venture agreement is an important move in the growth of the company to participate in a low-risk/high reward growth potential development opportunity.\n\nCAUTIONARY STATEMENT\n\nNeither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.\nNo stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.\nBOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.\n\nFORWARD-LOOKING STATEMENTS\n\nThis news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects"...