PROSPERA ENERGY INC. : http://www.georoxresources.com/ : QwikReport

News Releases

#July 18, 2018
Georox Announces Name Change to Prospera Energy Inc.

 
Not For Distribution to U.S. News Wire Services or For Dissemination in the United States

Kelowna, British Columbia, Canada, July 18, 2018: ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) Pursuant to a resolution passed by shareholders on Jun 28, 2018 Georox has changed the name to Prospera Energy Inc. At the opening of trading on July 19, 2018 the common shares of the Corporation will commence trading on the TSX Venture Exchange under the new name, Cusip No. 74360U 10 2 and trading symbol PEI. There will be no consolidation of capital in connection with the change of name. The change of name has been implemented to better represent the Corporation's activities.

About Prospera (formerly Georox)

Prospera is a Canadian natural resource company engaged in the acquisition, exploration, development and exploitation of oil and gas properties in Western Canada.

For further information:

Burkhard Franz,

President and Chief Executive Officer
Email: admin@georoxresources.com
Tel: (403) 457-9010
Website: www.georoxresources.com

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.
 
#July 05, 2018
Georox Announces Technical Team for Management and Development of Assets, Agrees to Operations Settlement of Dispute on Red Earth Operations and grants Stock Options to directors and Consultants

 
Not For Distribution to U.S. News Wire Services or For Dissemination in the United States

Kelowna, British Columbia, Canada, July 5, 2018: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has appointed several officers and consultants to join its team to manage and develop the recently acquired oil assets.

Sarshar Ahmad - Vice President of Exploration and Development

Mr Ahmad is an Explorationist with over 20 years of experience in the upstream oil and gas industry. He was an integral part of the exploration and development team at Canadian Natural Resources Ltd. Mr Ahmad has extensive experience in acquisition evaluation and assessment of exploration assets and development projects, geological expertise in drilling operations, and integration of new technology to improve efficiency of oil and gas upstream operations. Mr Ahmad has a masters degree in geology from the University of Oslo, Norway. He and will manage and be responsible to explore and develop the Corporation's assets in Alberta and Saskatchewan.

Glenn Thunberg - Vice President of Production and Operations

Mr. Thunberg has over 25 years of industry experience predominately in production, operations and facilities engineering and project management. He has worked extensively in Canada holding positions of increasing responsibility with Renaissance Energy Ltd., Storm Energy Inc., and Trident Exploration Corp. Mr. Thunberg was founder and CEO of Goodland Energy Ltd., a private oil & gas exploration company before he joined Georox as a consultant in 2016 overseeing the implementation of the Red Earth Creek, Alberta waterflood project. Mr. Thunberg has also obtained some international experience working for Pacalta Resources Ltd. in Ecuador. Mr. Thunberg attended the University of Calgary in Oil and Gas Engineering. He will be responsible to oversee the production and operations of the recently acquired assets in Saskatchewan.

Marty Yurchak - Consulting Geophysicist

Marty Yurchak has 18 years of experience as a geoscientist in the Canadian Oil and Gas industry. He has held varying positions within numerous asset teams at Exxon Mobil Canada, Bonavista Energy, Storm Gas Resources, and Goodland Energy. Mr. Yurchak has worked with several companies developing financial and economic models, corporate presentations and corporate marketing. He joined Georox Resources in 2016 as an operations and production consultant for Pouce Coupe, Silverdale and Red Earth. Mr Yurchak does corporate modelling, economics and IT work. He graduated from the University of Alberta in 2002 with a Bachelor of Science Specializing in Geophysics. Mr. Yurchak will oversee the Corporation's assets Pouce Coupe, Red Earth and Silverdale.

Stephen Terry - Consulting Exploitation and Production Engineer

Mr. Stephen Terry has been hired as a consultant and will be responsible for downhole optimization, facilities construction and field operations. Mr. Terry has over 20 years of petroleum engineering experience including primary production and enhanced oil recovery including polymer flooding. Recent experience includes production engineering, reservoir exploitation, full field asset development strategy and economic evaluation. Before joining Georox Mr. Terry worked for Baker Hughes, Husky Oil, Canadian Natural Resources and was Vice President of Production of Bronco Energy.

With its recent appointment of experienced engineers, geologists and consultants, Georox believes that there is significant opportunity to manage and develop its newly acquired properties beyond primary recovery through the implementation of water flood/pressure support as well as numerous reactivations and infill drilling opportunities.

Stock Options

The company has set two million stock options for directors, officers and consultants at $0.065 per share for two years effective date July 5, 2018.

Director's Resignation

Mansoor Anjum has tendered his resignation as director and the board of directors has accepted the resignation dated July 4, 2018. Company management gratefully acknowledges both the advice and dedicated service provided by Mr. Anjum over the past several years. The Corporation thanks Mr Anjum and wishes to express its appreciation to him.

Settlement for Processing Fees of Liquids at Red Earth

Georox has entered into an agreement with respect to a long outstanding dispute with the former operator of its Red Earth properties,(Obsidian Energy then Penn West), pursuant to which it has agreed to pay the sum of approximately $542,654 on or before September 10, 2018, failing which Obsidian Energy will be permitted to enter a consent judgment in such amount against the Corporation. Georox maintains its counterclaim against Obsidian, provided that the agreed upon payment is made on a timely basis. The liability to Obsidian had been carried and reported in Georox financial statements of $501,000. Georox anticipates paying this amount on a timely basis from working capital on hand at the appropriate time.

About Georox

Georox is a Canadian natural resource company engaged in the acquisition, exploration, development and exploitation of oil and gas properties in Western Canada.

For further information:

Burkhard Franz,

President and Chief Executive Officer
Email: admin@georoxresources.com
Tel: (403) 457-9010
Website: www.georoxresources.com

Production volumes are commonly expressed on a barrel of oil equivalent ("BOE") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.

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. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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, Georox 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.
 
#June 13, 2018
Georox Completes Acquisition of Producing Oil and Gas Interests in Southwest Saskatchewan and Southeast Alberta

 
Not For Distribution to U.S. News Wire Services or For Dissemination in the United States


Kelowna, British Columbia, Canada, June 13, 2018: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has completed its previously announced agreement to acquire certain high working interest producing oil (~94%) and natural gas (~6%) interests in Southwest Saskatchewan (Luseland, Hearts Hill and Cuthbert) and Eastern Alberta ( Cuthbert), from arm's-length private vendors (the "Acquisition" or the "Transaction"). Georox was Transaction lead, having initiated and concluded arrangements, but was significantly supported by an arm's-length private company participant ("Participant") responsible for 80% of the approximate $5.4 million (net to Georox approximate $1.1 million) Transaction.

The Transaction consists of the acquisition of working interests in a total of 64 sections (approximately 41,526 acres) of land (62 net sections) with an average overall 96.6% working interest. Approximately 94% of the land is located in Saskatchewan. There are 240 oil and 12 natural gas wells producing on the properties. Georox believes that a number of suspended wells have potential for reactivation and accordingly a review process will be initiated. There are also approximately 34 sections of undeveloped land.

Georox has become the operator of the wells where operatorship can be transferred; being the majority of the wells (largely with an acquired 100% working interest). Georox operatorship of the properties acquired in the Transaction will be supported by the Participant for a minimum of 18 months following closing and be subject to the terms of a joint operating agreement entered into between Georox and the Participant.

Georox has an option to acquire from the Participant 10% of the assets acquired in the Transaction for a period of 18 months following closing for $1.25 million, with an effective date being the date of the option exercise.

At Closing on June 11, 2018, average total production/sales from the Transaction properties for 5 months was approximately 1290 boepd (1,222 bopd and 68 boepd of natural gas); Georox net of approximately 258 boepd based on its 20% interest.

Georox believes that there is significant opportunity to reduce operating expenditures, potential beyond primary recovery through the implementation of water flood/pressure support as well as numerous reactivations and infill drilling opportunities which may significantly extend the life and increase recoverable reserves from the Transaction properties.

About Georox

Georox is a Canadian natural resource company engaged in the acquisition, exploration, development and exploitation of oil and gas properties in Western Canada.

For further information:

Burkhard Franz,
President and Chief Executive Officer
Email: admin@georoxresources.com
Tel: (403) 457-9010
Website: www.georoxresources.com

Production volumes are commonly expressed on a barrel of oil equivalent ("BOE") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.

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. More particularly, it contains forward-looking statements concerning: (i) production (ii) planned drilling, reactivation, development and waterflood activities, (iii) the potential number of drilling locations at certain of the Transactions properties, (iv) timing and completion of the Transaction, including expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the Transaction, and (v) potential development opportunities associated with the Transaction.

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. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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, Georox 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.
 
#May 28, 2018
Georox Closes Private Placement

 Kelowna, British Columbia, Canada, May 28, 2018: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) has completed its previously announced non-brokered private placement (the "Private Placement") of 18,000,000 common shares on an oversubscribed basis for subscriptions of 19,700,000 common shares. The offering was $0.05 per share for aggregate gross proceeds of $985,000. All securities in the Private Placement will be subject to a four month hold period from closing. The Private Placement proceeds will be used for the payment of the balance of its share of purchase price relating to the acquisition of oil and gas assets announced on March 26, 2018 and for general working capital. Finder's fees of $74,406 was paid in cash and by 120,000 common share issuance at a deemed price of $0.05.

A Director of Georox subscribed for 2,000,000 shares or 10 % of the Private Placement.

After giving effect to the Private Placement, Georox now has 46,192,311 Common Shares outstanding on a basic basis.

About Georox

Georox is a public oil and gas exploration, exploitation and development company focusing on conventional oil and gas reservoirs in Western Canada. Georox develops, acquires and exploits oil and gas mineral rights for primary and secondary recovery.

For further information:

Burkhard Franz, President and Chief Executive Officer

Tel: (403) 457-9010
Fax: (403) 265-7424
Website: www.georoxresources.com

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. More particularly, this news release contains forward-looking statements concerning the use of proceeds from the Private Placement and the issuance of Common Shares to the Consultant.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States. The Units (or constituent securities) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.
 
#March 26, 2018
Georox to Acquire Certain Producing Oil and Gas Interests in Southwest Saskatchewan, Amends Non Brokered Private Placement.

 Kelowna, British Columbia, Canada, March 26, 2018: Georox Resources Inc. ("Georox" or the "Corporation") (GXR:TSX-V; OF6A:FRA) is pleased to announce that it has entered into an asset purchase agreement to acquire certain high working interest producing oil (~94%) and natural gas (~6%) interests in Southwest Saskatchewan and Eastern Alberta, from arm's length vendors (the "Acquisition" or the "Transaction"). Georox is lead on the Transaction, having initiated and concluded arrangements, but is significantly supported by an arm's-length private company participant ("Participant"), responsible for 80% of the Transaction.

In connection with the Transaction, the Corporation will terminate its previously announced non brokered unit private placement and launch a new non-brokered share private placement for up to $900,000 (18,000,000 Common Shares), at $0.05 per Share. The Participant has undertaken to identify private placement participants to support 50% of the Georox 20% Transaction participation (approximately $450,000, subject to adjustments).

Acquisition

The Transaction consists of working interests in a total of 64 sections (41,526 acres) of land (62 net sections) comprised with an average overall 96.6% working interest. Approximately 94% of the land is located in Saskatchewan. There are 164 oil and 12 natural gas wells producing on the properties, as well as 155 suspended wells for potential reactivation. There are also approximately 34 sections of undeveloped land.

The Transaction is expected to close April 30, 2018.

Following closing, Georox will become the operator of the wells where operatorship can be transferred; being the majority of the wells (largely with an acquired 100% working interest). Georox operatorship of the properties acquired in the Transaction will be supported by the Participant for a minimum of 18 months following closing and be subject to the terms of a joint operating agreement to be entered into between Georox and the Participant. The Participant will also grant Georox an option to acquire 10% of the assets acquired in the Transaction for a period of 18 months following closing, for $1.25 million, with an effective date being the date of the option exercise.

At November 30, 2017, production from the properties subject to the Transaction was approximately 1550boepd (1150bopd and natural gas liquids and 400boepd of natural gas).

Georox believes that there is significant opportunity and potential beyond primary recovery through the implementation of water flood/pressure support as well as reactivations and infill drilling opportunities to significantly extend the life and increase recoverable reserves from the Transaction properties.

The Transaction is subject to several customary conditions, including completion of satisfactory due diligence with minimal negative impact on the value of the Assets. There is no assurance that the Transaction will be completed or completed as currently described.

Non-Brokered Private Placement

The Corporation's previously announced private placement of Units has been terminated and no securities were issued thereunder. The Corporation is proceeding with a non-brokered private placement of up to 18,000,000 Common Shares of the Corporation ("Shares") at a price of $0.05 per Share for aggregate gross proceeds of up to $900,000.

All securities in the Private Placement will be subject to a four month hold period from closing. Agents may be paid a finder's fee of up to 10% of the aggregate subscription price in cash or Common Shares pursuant to the Private Placement.

Closing of the Private Placement is not subject to a minimum aggregate subscription amount but shall be subject to receipt of all required regulatory approvals, including the TSX Venture Exchange.

The proceeds of the Private Placement are intended to be used in connection with closing the Transaction and, if any excess, for general working capital purposes.

The Shares will be issued to purchasers pursuant to exemptions from the prospectus requirements of applicable securities legislation and will be subject to resale restrictions, as required under the applicable securities legislation. After giving effect to a fully subscribed Private Placement, Georox will have 44,372,311 Shares outstanding on a basic basis.

Any participation by insiders of the Corporation in the private placement will be on the same terms as the arm's length investors. It is anticipated that certain directors or officers will subscribe for Shares but in any event not in excess of 50% of the Private Placement. The Corporation has no reason to believe that the Private Placement will result in a change of control of the Corporation.

Red Earth, Alberta Update

The Red Earth water flood project is near completion, with expected plant commissioning this week. This will bring on an additional 20-30 bopd as well as the commencement of the water flood. Production increases from the water flood is expected within 12 months of commencement. The completed facility will see a substantial drop in operating costs from the previous contracted producer, as well as full control of production and sales from the field.

The facility will also change economics on currently shut in wells and justify small workovers to bring them on production. Production increases could be as high as 20 bopd from current suspended wells.

About Georox

Georox is a Canadian natural resource company engaged in the acquisition, exploration and development of oil and gas properties in Western Canada.

For further information:

Burkhard Franz, President and Chief Executive Officer

Email: admin@georoxresources.com

Tel: (403) 457-9010
Website: www.georoxresources.com

Production volumes are commonly expressed on a barrel of oil equivalent ("BOE") basis whereby natural gas volumes are converted at a ratio of six thousand cubic feet to one barrel of oil. The intention is to convert oil and natural gas measurement units into one basis for improved analysis of results and comparisons with other industry participants. The term BOE may be misleading, particularly if used in isolation. The conversion ratio is based on an energy equivalent method and does not represent an economic value equivalency at the wellhead.

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. More particularly, it contains forward-looking statements concerning: (i) production (ii) planned drilling, reactivation, development and waterflood activities, (iii) the potential number of drilling locations at certain of the Transactions properties, (iv) timing and completion of the Transaction, including expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the Transaction, and (v) potential development opportunities associated with the Transaction.

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. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

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.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Units in the United States. The Units (or constituent securities) have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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.
 

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