GEFI Signs a Letter of Intent (LOI) to Acquire Lease on 200 Acres of Oil Wells in Texas (PINK SHEETS: GEFI)
15 Agosto 2011 - 6:47PM
Marketwired
Geo Finance Corporation (PINK SHEETS: GEFI) is pleased to announce
that it has signed a binding Letter of Intent with TitleOne Energy
& Land Services, L.L.C to develop a 200 acre field located in
Archer and Wichita Counties, Texas. The Archer Jackson lease has 30
existing closed wells and one injection well currently located
thereon.
The existing wells were recommended to the current lease holder
and will be re-entered and cleaned up and a new injection well be
drilled to enhance pressure to expedite recovery. The Company plans
to commence drilling at the beginning of the 4th quarter of this
year.
The 200 acre site permits spacing that will allow additional
wells to be drilled subject to receipt of permitting as required,
satisfactory geological and engineering reports and subject to
economically feasible cost and financing analysis.
The Company has agreed to make all and best efforts to complete
and execute the Definitive Agreements to acquire this lease from
the current lease holders by September 30, 2011. Re-working of the
existing wells is subject to financing being made available in the
immediate future.
"We are pleased with the speedy progress of our initial
acquisition's cash flow (see press release August 8, 2011) and
believe this additional acquisition continues the Company's
development plans to further increase the asset and cash flow
models," stated John M. Arnold, CEO of GEFI.
According to the LOI, Geo Finance Corp would acquire a 87.5% Net
Revenue interest in the Archer Field from a private Louisiana
company. The Louisiana company would participate in 8.75% as
remuneration for assembling the project resulting in a net interest
of 78.75% to the Company.
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 or oil from the
Archer 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
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