TORONTO, ONTARIO - January 10, 2012 - Investorideas.com energy stocks newswire - 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 9 th, 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.
Source: Geo Finance Corp.
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