GeoGlobal Resources Inc.
NYSE Amex : GGR

GeoGlobal Resources Inc.

July 01, 2011 09:30 ET

GeoGlobal Confirms Israel Rig Contract Signed

CALGARY, ALBERTA--(Marketwire - July 1, 2011) - GeoGlobal Resources Inc. (GeoGlobal or the Company) (NYSE Amex:GGR) today confirmed that the Company has finalized the terms of the Assignment Agreement entered into with a third party whereby GeoGlobal took assignment of the third party's rights and obligations to an existing Drill Rig and Associated Services Contract for a Semi-submersible Drilling Rig.

The Noble Homer Ferrington is a 4th Generation Enhanced Pacesetter design Semi-submersible rig capable of drilling in water depths of up to approximately 2,100 meters (7,000 feet). The rig will be available to the Company on or after December 1, 2011.

"We are very pleased to announce we have finalized this contract" said Mr. Paul B. Miller, President and CEO of GeoGlobal. "The Homer Ferrington is an extremely competent rig and will have no issue with drilling to the depths we are looking at. Further, it has the ability to execute any testing and logging that we need. The signing of this contract is yet another step forward in confirming our commitment to commence the drilling of our first well on our Myra and Sara licenses."

About GeoGlobal

GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a U.S. publicly traded oil and gas company, which, through its subsidiaries, is engaged in the pursuit of petroleum and natural gas in high potential exploration targets through exploration and development in India, Israel and Colombia.

Cautionary Statement For Purposes Of The "Safe Harbor" Provisions Of The US Private Securities Litigation Reform Act Of 1995

This press release may contain statements which constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, including statements regarding the plans, intentions, beliefs and current expectations of GeoGlobal Resources Inc., its directors, or its officers with respect to the oil and gas exploration, development and drilling activities being conducted and intended to be conducted and the outcome of those activities on the exploration blocks in which the Company has an interest. The company updates forward-looking information related to operations, production and capital spending on a quarterly basis and updates reserves, if any, on an annual basis.

We caution you that various risk factors accompany our forward-looking statements and are described, among other places, under the caption "Risk Factors" in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K. These risk factors could cause our operating results, financial condition and ability to fulfill our plans to differ materially from those expressed in any forward-looking statements made in this press release and could adversely affect our financial condition and our ability to pursue our business strategy and plans. If our plans fail to materialize, your investment will be in jeopardy.

An investment in shares of our common stock involves a high degree of risk. Our periodic reports we file with the Securities and Exchange Commission and Canadian provincial authorities may be viewed at http://www.sec.gov and www.sedar.com.

Contact Information

  • GeoGlobal Resources Inc.
    Paul B. Miller
    President and CEO
    +1 403 777-9250
    +1 403 777-9199 (FAX)

    GeoGlobal Resources Inc.
    Carla Boland
    Investor Relations and Corporate Affairs
    +1 403 777-9250
    +1 403 777-9199 (FAX)
    info@geoglobal.com
    www.geoglobal.com

    The Equicom Group
    Dave Feick
    Managing Director, Western Canada
    +1 403 218-2839
    +1 403 218-2830 (FAX)
    dfeick@equicomgroup.com