2nd Medlin Oil Well Re-Work Production Flow Announced by Geo Finance Corporation (PINK SHEETS: GEFI)
08 Août 2011 - 2:45PM
Marketwired
Geo Finance Corporation (PINK SHEETS: GEFI) is pleased to announce
that its re-work of well # 2 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 as was experienced in Well # 1 (please refer to company press
release August 4, 2011).
The Company's operator is monitoring the amount of gas produced
and will arrange for the delivery and sale as it is warranted as
the operator is doing for Well # 1
"We are pleased with the progress our operator is making even
with the extreme temperatures which have necessitated operating at
night when the temperatures are lower and the risk of damaging the
equipment is reduced," stated John M. Arnold, CEO of GEFI. "As we
projected we are receiving cash flow from our first two wells which
were reworked as oil wells. Gas flow from these first two wells is
an added bonus. We are monitoring the production which should
stabilize in the next 30 days or so."
The operator estimates wells Number 1 and 2 should have a useful
economic life of approximately fifteen years.
Arnold also said that "We continue to work closely with our
operator and are comfortable that the results from reworking of
these wells is supporting our revenue model and strategies."
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 info@geofinancecorp.com www.geofinancecorp.com
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