Geo Finance Corporation

February 25, 2011 09:14 ET

GEO Finance Corp Proceeds Toward Acquisition of Interest in Additional Texas US Oil Field

TORONTO, ONTARIO--(Marketwire - Feb. 25, 2011) - GEO Finance Corporation (PINK SHEETS:GEFI) Announced today that they have begun the due diligence prior to acquiring an interest in a second U.S. based on shore oil field in Texas. This puts the company ahead of schedule and a solid notification of the company executing strategies in its business plan. 

This new field acquisition consists of 140 acres 7 existing wells with one injection well. The lease is capable of 20 barrels per day from the existing wells. Additional acreage is available for development. The calculated reserves from a correlation of existing well information are approximately 40-60,000 barrels from existing wells. Another calculated reserve on the undeveloped acreage is a further 60,000 barrels. If the acquisition proceeds, the company plans to remediate and enhance production from these wells.

Chief Executive Officer of GEO Finance Corp. John Arnold states "We are very excited about the new opportunity and currently doing our due diligence to complete this acquisition. Not only will GEFI be creating new jobs in the U.S. we are also acquiring and drilling on mainland U.S.A.!"


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.


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 on oil from the Medlin 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.

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