Red Earth, Alberta is a hamlet located amidst Slave Lake, Peace River and Wabasca with a total population of about 400. Georox Resources owns 2.125 sections of land in this area. There are 8 producing wells and one standing oil well, and Georox believes that there is an opportunity to drill two to three more. “The wells are currently producing approximately 78 barrels of light oil and approximately 20,000 cubic feet per day of solution natural gas (81 barrels of oil equivalent per day net to the corporation) from the Granite Wash & Slave Point formations. Georox believes that potential beyond primary recovery through the implementation of water flood/pressure support to significantly extend the life and recoverable reserves from the Red Earth properties. Georox is currently reviewing and assessing the Red Earth properties in detail to identify opportunities to enhance production before initiating new operations. As oil prices continue to improve Georox is looking at drilling two vertical locations in the Granite Wash formation and one horizontal location to drill in the Slave Point location in 2017. There also is potential beyond primary recovery through the implementation of water flood/pressure support to significantly extend the life and recoverable reserves from the Red Earth properties. Georox is engaged in the exploration, development and production of oil and natural gas in Western Canada. The Corporation is growth oriented and has been prudent in its acquisitions. The strategic objective is to grow shareholder value based on current assets while remaining focused on continued expansion, exploration and production opportunities. The strategic focus provides for stable growing production with current assets in Canada.
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