Geo Finance Corporation

March 03, 2011 12:20 ET

Geo Finance Corporation Undertakes Due Diligence on the Weichman Lease

TORONTO, ONTARIO--(Marketwire - March 3, 2011) - Geo Finance Corporation (PINK SHEETS:GEFI) announces that it has completed the initial review of a report on an 80 acre portion of the subject lease prepared by a qualified petroleum engineer for the current lease holder. The total 140 acre Weichman Lease is located approximate 4 miles east of the City of Jean, Texas and has 7 existing wells and one injection well currently located thereon and was originally drilled in 1949 with production coming from the Gunsite Horizon at 700 feet. Production is reported to have been continuous since inception.

It was recommended to the current lease holder that the existing wells be re-entered and cleaned and a new injection well be drilled to enhance pressure thus improving recovery.

The 140 acre site would allow for additional production wells to be drilled upon receipt of permitting as required, receipt of satisfactory geological and engineering reports prepared by Geo Finance Corporation's petroleum engineers as well as an economically feasible cost and financing analysis.

GEFI 's management has recommended that the Company move forward with the development of a letter of intent to acquire this lease from the current lease holders subject to financing being made available


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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