Oil Well Re-Work Production Flow Announced by Geo Finance Corporation (PINK SHEETS: GEFI)
The Operator of Well #1 for the Company's Medlin Oil Lease Reports Significant Gas Flow in Addition to Oil Recovery
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 08/04/11 -- Geo Finance Corporation (PINK SHEETS: GEFI) is pleased to announce that its re-work of well Number 1 has been successful. The Company has been informed by the well operator that in addition to producing oil, there has also been an initial production of gas from this well.
The Company's operator is monitoring the amount of gas produced and will arrange for the delivery and sale as it is warranted.
"This is excellent news for our Company," stated John M. Arnold, CEO of GEFI. "As anticipated we're into cash flow from our first well. Not only is the oil flowing, but we've got the added bonus of finding gas. At this rate we could recoup our entire investment before the eighteen months we originally anticipated."
The operator estimates well Number 1 to have a useful economic life of fifteen years.
The operator further reports that the completion of the second well on the Medlin Oil Lease is nearing completion.
"This is a substantial achievement for the Company," continued Arnold. "Not only have we completed the acquisition of the first oil lease but the reworking of the well signifies the beginning of the execution of the revenue model and strategies that will enhance the long term revenues for the company."
In this acquisition Geo Finance Corp acquired 34% working interest in the Medlin Field, an estimated 500 acre stacked gas and oil sands in Young County, Texas owned by McDermett Operating Co. and Sundial Resources Inc. (private Texas corporations of Graham, Texas).
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
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Datum: 04.08.2011 - 08:00 Uhr
Sprache: Deutsch
News-ID 1027682
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