TORONTO, ONTARIO — (Marketwire) — 08/15/11 — Geo Finance Corporation (PINK SHEETS: GEFI) is pleased to announce that it has signed a binding Letter of Intent with TitleOne Energy & Land Services, L.L.C to develop a 200 acre field located in Archer and Wichita Counties, Texas. The Archer Jackson lease has 30 existing closed wells and one injection well currently located thereon.
The existing wells were recommended to the current lease holder and will be re-entered and cleaned up and a new injection well be drilled to enhance pressure to expedite recovery. The Company plans to commence drilling at the beginning of the 4th quarter of this year.
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.
The Company has agreed to make all and best efforts to complete and execute the Definitive Agreements to acquire this lease from the current lease holders by September 30, 2011. Re-working of the existing wells is subject to financing being made available in the immediate future.
“We are pleased with the speedy progress of our initial acquisition–s cash flow (see press release August 8, 2011) and believe this additional acquisition continues the Company–s development plans to further increase the asset and cash flow models,” stated John M. Arnold, CEO of GEFI.
According to the LOI, Geo Finance Corp would acquire a 87.5% Net Revenue interest in the Archer Field from a private Louisiana company. The Louisiana company would participate in 8.75% as remuneration for assembling the project resulting in a net interest of 78.75% to the Company.
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 Transaction, the expected timetable for completing the Transaction, benefits and synergies of the Transaction, future opportunities for the company, expectations regarding the value and benefits of the 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 the 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 the 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.
Contacts:
Geo Finance Corporation
John M. Arnold
C.E.O.
1 416 669 2416