/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
KELOWNA, BC, Nov. 28, 2016 /CNW/ - Georox Resources Inc.
("Georox" or the "Corporation") (GXR:TSX-V;
OF6A:FRA) Georox owns a pooled 6.9% interest in the General
Petroleums pool in the Silverdale,
Saskatchewan area.
Recently the Corporation completed a salt water disposal well,
07-012-48-28W3 through its operator. An injectivity test has
confirmed that the well is capable of 14,500 bbls of water per day
which can handle all the needs of the entire field. This will now
lead to the tie-in of all of its eight oil wells and is expected to
increase operating cash flow through the handling of produced water
through its own facilities.
In addition a high volume lift program was initiated on the well
10-11-48-28W3 to determine its high volume lift production
capability. Gross oil production from this well increased from 25
bopd to 70 bopd. From this test the entire field capability can be
extrapolated to justify a complete expansion of the project and it
is currently estimated that this field will increase by an
estimated 225 bopd gross (15 bopd net to Georox for a total of 35
bopd.
About Georox:
The Corporation currently produces approximately 140 boepd of
which 75% is light oil, 24% is heavy oil and 1% is gas.
FORWARD-LOOKING STATEMENTS
This 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 prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. More particularly, it contains
forward-looking statements concerning the use of proceeds from the
Private Placement.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the Units in the United States. The Units (or constituent
securities) have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE Georox Resources Inc.