TORONTO, Jan. 9, 2012 /PRNewswire/ -- Geo Finance
Corporation (Pink: GEFI) is pleased to announce that the managing
partner of the newly acquired Jackson A&D leases, Armurtex Oil
Corporation (a private corporation) has retained GGP Exploration
Ltd of Shreveport Louisiana to
operate the 200 acre field located in Archer and Wichita Counties, Texas.
The Jackson A&D lease has 30 existing closed wells and one
injection well currently located thereon. As announced on
November 9th, 2012, Geo
Finance Corporation entered into an option agreement with Armurtex
Oil Corporation whereby Armurtex partnered with GEFI to acquire the
property.
The operator has identified the initial wells for rework and has
established a budget for the necessary work. All of the wells
identified were shut in the late 1990's with production, primarily
due to low oil prices.
"Because of today's price of oil, a lot of the wells that were
shut in during times of low oil prices are profitable again.
We're in an excellent position to take advantage of higher oil
prices and current technological improvements we're employing on
our current properties and on our acquisitions," commented
John Arnold, CEO of Geo Finance
Corp.
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.
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 intentions, the
expected timetable for completing any transaction, benefits and
synergies of any transaction, future opportunities for the company,
expectations regarding the value and benefits of any 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 any
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 any 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.
Contact:
Geo Finance Corporation
John M. Arnold, C.E.O.
1 416 304 0600 Ext 224
info@geofinancecorp.com
www.geofinancecorp.com
Investor Relations:
gefi@wrhmediagroup.com
SOURCE Geo Finance Corporation