/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
KELOWNA, BC,
Nov. 1, 2013 /CNW/ - Georox
Resources Inc. ("Georox" or the "Corporation")
(GXR:TSX-V; OF6A:FRA) is pleased to announce the commencement of
its drilling program that will take place over the next two months
in its Silverdale GP Channel Project.
The horizontal drilling rig has spudded the
first well of the five well horizontal drilling program on
October 26th, 2013 that is
operated by Husky Energy.
All five wells are expected to be drilled by
early December and completed, equipped and put on production early
in 2014 at a total estimated cost of $7,050,000 ($486,000 net to Georox).
About Georox:
Georox is a Canadian natural resource company
engaged in the acquisition, exploration and development of oil and
gas properties in Western Canada.
The Common Shares trade on the TSX Venture Exchange under the
symbol GXR and on the Frankfurt Stock Exchange under the symbol
OF6A.
Cautionary Statement:
Neither 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.
No stock exchange, securities commission or
other regulatory authority has approved nor disapproved the
information contained herein.
FORWARD-LOOKING STATEMENTS
READER ADVISORIES
Forward-Looking Statements
Statements in this document may contain
forward-looking information including management's assessment of
future plans and operations, reserve estimates and the total future
capital associated with development of reserves, capital
expenditures and timing of release of 2011 financial results. The
reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect. Events or circumstances
may cause actual results to differ materially from those predicted,
as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the
Corporation. These risks include, but are not limited to: the risks
associated with the oil and gas industry; commodity prices, and;
exchange rate changes. Industry related risks could include, but
are not limited to: operational risks in exploration; development
and production; delays or changes in plans; risks associated to the
uncertainty of reserve estimates; health and safety risks, and the
uncertainty of estimates and projections of production, costs and
expenses. The recovery and reserve estimates of Georox's reserves
provided herein are estimates only and there is no guarantee that
the estimated reserves will be recovered. In addition,
forward-looking statements or information are based on a number of
factors and assumptions which have been used to develop such
statements and information but which may prove to be incorrect.
Although the Corporation believes that the expectations reflected
in such forward-looking statements or information are reasonable,
undue reliance should not be placed on forward-looking statements
because the Corporation can give no assurance that such
expectations will prove to be correct. In addition to other factors
and assumptions which may be identified herein, assumptions have
been made regarding, among other things: the impact of increasing
competition; the general stability of the economic and political
environment in which the Corporation operates; the timely receipt
of any required regulatory approvals; the ability of the
Corporation to obtain qualified staff, equipment and services in a
timely and cost efficient manner; drilling results; the ability of
the operator of the projects which the Corporation has an interest
in to operate the field in a safe, efficient and effective manner;
the ability of the Corporation to obtain financing on acceptable
terms; field production rates and decline rates; the ability to
replace and expand oil and natural gas reserves through
acquisition, development and exploration; the timing and costs of
pipeline, storage and facility construction and expansion and the
ability of the Corporation to secure adequate product
transportation; future commodity prices; currency, exchange and
interest rates; the regulatory framework regarding royalties, taxes
and environmental matters in the jurisdictions in which the
Corporation operates; and the ability of the Corporation to
successfully market its oil and natural gas products. Readers are
cautioned that the foregoing lists of factors and assumptions are
not exhaustive. Additional information on these and other factors
that could affect the Corporation's operations and financial
results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or at the Corporation's website
(www.georoxresources.com).
Conversion
The term barrels of oil equivalent ("boe")
may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet of natural gas to one
boe (6 mcf/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. All boe conversions in this
report are derived from converting gas to oil in the ratio of six
thousand cubic feet of gas to one barrel of oil. Given that the
value ratio based on the current price of crude oil as compared to
natural gas is significantly different from the energy equivalency
of 6:1, utilizing a conversion on a 6:1 basis may be misleading as
an indication of value.
The reader is cautioned that assumptions used
in the preparation of any forward-looking information may prove to
be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Georox. As a result, we cannot
guarantee that any forward-looking statement will materialize and
the reader is cautioned not to place undue reliance on any
forward-looking information. Such information, although considered
reasonable by management at the time of preparation, may prove to
be incorrect and actual results may differ materially from those
anticipated. Forward-looking statements contained in this news
release are expressly qualified by this cautionary statement. The
forward-looking statements contained in this news release are made
as of the date of this news release, and Georox does not undertake
any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise, except as expressly required by
applicable securities law.
SOURCE Georox Resources Inc.