GEO Finance Corp Proceeds Toward Acquisition of Interest in Additional Texas US Oil Field
25 Febbraio 2011 - 3:14PM
Marketwired
GEO Finance Corporation (PINK SHEETS: GEFI) Announced today that
they have begun the due diligence prior to acquiring an interest in
a second U.S. based on shore oil field in Texas. This puts the
company ahead of schedule and a solid notification of the company
executing strategies in its business plan.
This new field acquisition consists of 140 acres 7 existing
wells with one injection well. The lease is capable of 20 barrels
per day from the existing wells. Additional acreage is available
for development. The calculated reserves from a correlation of
existing well information are approximately 40-60,000 barrels from
existing wells. Another calculated reserve on the undeveloped
acreage is a further 60,000 barrels. If the acquisition proceeds,
the company plans to remediate and enhance production from these
wells.
Chief Executive Officer of GEO Finance Corp. John Arnold states
"We are very excited about the new opportunity and currently doing
our due diligence to complete this acquisition. Not only will GEFI
be creating new jobs in the U.S. we are also acquiring and drilling
on mainland U.S.A.!"
ABOUT GEO FINANCE CORPORATION
Geo Finance Corporation is a Florida entity established to
develop and invest in energy related projects including waste to
energy, geothermal collection fields, natural gas and petroleum
production. The administrative office is based in Toronto, ON,
Canada.
SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
Statements in this document regarding the Transaction, the
expected timetable for completing the Transaction, benefits and
synergies of the Transaction, future opportunities for the company,
expectations regarding the value and benefits of the Transaction
and any other statements about Geo Finance Corporation's
managements' future expectations, beliefs, goals, plans or
prospects constitute forward-looking statements within the meaning
of the United States Private Securities Litigation Reform Act of
1995 and other applicable securities laws. Any statements that are
not statements of historical fact (including statements containing
the words "believes," "plans," "anticipates," "expects," estimates
and similar expressions) should also be considered to be
forward-looking statements. There are a number of important factors
that could cause actual results or events to differ materially from
those indicated by such forward-looking statements, including, but
not limited to: the ability of the parties to consummate the
Transaction and satisfy the conditions thereunder; the ability to
obtain, the impact of any actions taken by any other party to
complicate, delay or prevent the transaction and the ability to
produce commercially viable quantities of gas on oil from the
Medlin Field. Except as required by applicable law, Geo Finance
Corporation disclaims any intention or obligation to update any
forward-looking statements as a result of developments occurring
after the date of this document.
Contacts: Geo Finance Corporation John M. Arnold C.E.O. 1 416
669 2416 info@geofinancecorp.com www.geofinancecorp.com GEFI
Investor Relations provided by: Position Media Group 1 561-847-7222
1 888-420-3280 (FAX) ir@positionmediagroup.com
www.positionmediagroup.com
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