ENP Newswire -
Release date- 27082014 -
Unaudited second-quarter financial results are as follows:
Revenues from oil and gas sales increased 292 per cent to
EBITDA (earnings before interest, taxes, depreciation and amortization) increased to
Georox's oil and natural gas production increased by 236 per cent to 16,861 boes for the three month period ended
Average net production volumes increased 313 per cent to 250 boes per day for the three month period ended
Operating net back increased to
The average oil price received was
The Corporation has drawn an aggregate of
The full Q2 Unaudited Financial Statements and Management Discussion and Analysis can be found in the Corporations filings at www.sedar.ca
Georox is pleased to announce that the previously mentioned
At Georox's recently acquired Red Earth field a pressure build-up on one of the wells is currently taking place to assess the viability of fracing it to increase productivity.
Georox is a Canadian natural resource company engaged in the acquisition, exploration and development of oil and gas properties in
President and Chief Executive Officer
Tel: (403) 457-9010
Fax: (403) 457-9011
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.
Although Georox believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Georox can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
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 Canadian securities law.
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