News From Geo Petroleum.Business Editors LOS ANGELES--(BUSINESS WIRE)--Feb. 12, 2003 Geo Petroleum (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :GOPL GOPL General Outpost Line GOPL General Officer Policy Letter ): -- Geo Announces February 2003 Closing on Agreement of First Right of Refusal on 50,000 Acre Magnolia West AMI (Area of Mutual Interest) in Central West Kentucky with RETCO RETCO Regional Emergency Transportation Coordinator and the Continued Negotiations on the Brownsville West AMI, Which Covers Approximately 100,000 Acres. Dennis Timpe, President, Geo Petroleum (OTCBB:GOPL) of Yorba Linda, California Yorba Linda is a community in Orange County, California, approximately 13 miles northeast of Downtown Santa Ana, and 40 miles southeast of Downtown Los Angeles. As of the 2000 census, the city had a total population of 58,918. , in conjunction with Robert Thorpe Robert Thorpe (c. 1764 – May 11 1836) was a judge and political figure in Upper Canada. He was born in Dublin, Ireland around 1764. He graduated with a degree in law from Trinity College, Dublin and was admitted to the bar in 1790. , Managing Director of Resource & Energy Technologies Company (RETCO) of Bardstown, Kentucky, announced a closing agreement of first right of refusal on the Magnolia West 50,000 acre field. Geo and RETCO are presently in final completion on the J.H. Brooks #1, which was drilled to 8,250 feet. Shallow gas was also encountered during the drilling of the J.H. Brooks #1, which Geo plans to evaluate with further drilling in 2003. Additional deep formations may be identified by Geo Petroleum in conjunction with thirty-five miles of seismic shot over the AMI in 1997. This seismic is being re-processed by the Kentucky State Geological Survey at the University of Kentucky The University of Kentucky, also referred to as UK, is a public, co-educational university located in Lexington, Kentucky. at this time. The Brownsville West AMI covers approximately 100,000 acres. Geo and RETCO just completed the drilling of the Maxine Rose #1, which at a depth of 450 ft. had a 125 ft. zone of 18 gravity weight oil and 80 ft. of gas zone in the Black Shale at 1950 ft. to 2050 ft. RETCO will receive shares in Geo Petroleum as the areas are developed based on a prorated cost basis at the equivalent of $1.00 per share. The shares will be issued after a one-year accounting period and the number of shares to be issued to RETCO will be allocated at that time. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for Forward-Looking Statements The statements in this release are forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-Looking statements involve known and unknown risks and uncertainties that may cause the company's actual results in future periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include, among other things, volatility of oil prices, product demand, market competition, risks inherent in the company's operations, and imprecision of reserve estimates. These and other risks are described in the company's filings with the Securities and Exchange Commission. |
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