Kelowna, British Columbia (FSCwire) - Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that further to the press release dated March 27, 2018, the Corporation is proceeding with the purchase to acquire certain high-working interest-producing oil (approximately 94 per cent) and natural gas (about 6 per cent) interests in southwest Saskatchewan and eastern Alberta, from arm's-length vendors. Georox is lead on the transaction, having initiated and concluded arrangements, but is significantly supported by an arm's-length private company participant, responsible for 80 per cent of the transaction. Georox will be the operator subject to an industry standard joint operating agreement.
On May 14, 2018 the vendors and Georox agreed to amend and restate the purchase agreement to extend the Closing Date to June 11, 2018. Georox and its supporting purchaser deposited with the vendor an additional non-refundable $900,000 adding to the initial $450,000 deposit. An additional deposit of $900,000 is required to be made on May 31, 2018 to extend to June 11, 2018 be made on May 31, 2018 prior to closing.
About Georox
Georox is a Canadian natural resource company engaged in the acquisition, exploration and development of oil and gas properties in Western Canada.