![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Prospera Energy (delisted) | TSXV:GXR | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, Aug 26, 2014 /CNW/ - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) Georox has released financial and operating results for the second quarter ended June 30, 2014.
Unaudited second-quarter financial results are as follows:
Three months |
Three months |
Six months |
Six months | ||||
Revenue |
|||||||
Petroleum and natural gas |
1,501,543 |
382,688 |
2,060,886 |
674,529 | |||
Royalties |
(270,401) |
(30,803) |
(284,822) |
(66,038) | |||
$ |
1,231,142 |
351,885 |
$ |
1,776,064 |
608,491 | ||
Expenses |
|||||||
Operating |
238,604 |
118,033 |
418,801 |
215,323 | |||
Exploration |
- |
- |
- |
6,462 | |||
Depreciation, depletion and impairment |
545,414 |
94,505 |
582,232 |
200,971 | |||
Stock-based compensation |
14,946 |
- |
14,946 |
- | |||
General and administrative |
265,809 |
159,756 |
409,137 |
274,884 | |||
1,064,773 |
372,294 |
1,425,116 |
697,640 | ||||
Operating income (loss) |
166,369 |
(20,409) |
350,948 |
(89,149) | |||
Gain on sale of property and equipment |
- |
49,299 |
- |
463,895 | |||
Gain on acquisition of property and equipment |
560,896 |
- |
560,896 |
- | |||
Finance income (expense) |
(78,555) |
(615) |
(92,454) |
(1,197) | |||
Net income for the year |
648,710 |
28,275 |
819,390 |
373,549 | |||
Other comprehensive income (loss) |
|||||||
Net change in fair value of available for sale financial |
2,500 |
(32,520) |
- |
(52,520) | |||
Other comprehensive loss for the year |
- |
(32,520) |
- |
(52,520) | |||
Total comprehensive income for the year |
$ |
651,210 |
(4,245) |
$ |
819,390 |
321,029 | |
Income from continuing operations per share |
|||||||
Basic and diluted |
$ |
0.02 |
0.00 |
$ |
0.02 |
0.01 | |
Net income per share |
|||||||
Basic and diluted |
$ |
0.02 |
0.00 |
$ |
0.02 |
0.01 | |
The full Q2 Unaudited Financial Statements and Management Discussion and Analysis can be found in the Corporations filings at www.sedar.ca
Operations Update.
Georox is pleased to announce that the previously mentioned Silverdale vertical well B15-01-48-28W3 has been brought on production on July 15th and is currently producing at a stabilized rate of 19 m3/d of oil (120 bopd gross) of which Georox's Net share @ 8.458% is 1.6 m3/day or 10 bopd.
In Georox's Silverdale the GP Hz Project in which Georox has an interest is a well is scheduled to be drilled in the 3rd quarter that is expected to an increase in operating cash flow through the handling of produced water through its own facilities.
At Georox's recently acquired Red Earth field a Pressure build-up on one of its' prime workover candidates is currently taking place to assess the viability of fracing it to increase productivity.
About Georox
Georox is a Canadian natural resource company engaged in the acquisition, exploration and development of oil and gas properties in Western Canada.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Georox believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Georox can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Georox. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Georox does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Georox Resources Inc.
Copyright 2014 Canada NewsWire
1 Year Georox Resources Inc. Chart |
1 Month Georox Resources Inc. Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions