GeoGlobal Resources Inc. Press Releases

GeoGlobal Announces Sale of Certain Indian Assets

Tue, 09 Apr 2013 16:34:00 -0400

Calgary, Alberta, Canada, April 9, 2013 - GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) announced today that it has entered into a share purchase agreement with Sarus Energy Ltd. ("Sarus") pursuant to which Sarus will acquire 100% of the issued and outstanding shares of a wholly owned subsidiary of the Company, GeoGlobal Exploration (Barbados) Inc. ("GEB"), in a two-part transaction.

Included in the transaction is the Company's 14% - 20% participating interest ( "PI" ) in the CB-ON/2 PSC ("Tarapur"), which includes: the Tarapur Mining Lease and the Tarapur Ring Fenced PSC; a 10% PI in CB-ONN-2003/2 ( "Ankleshwar"); and a 10% PI in CB-ONN-2002/3 ("Sanand/Miroli"), (collectively referred to as the "Cambay Assets").

On the first closing date, Sarus will acquire 49% of the issued and outstanding shares of GEB for US$2,000,000.00 The first part of the transaction is expected to close on April 12, 2013.

On the second closing date, Sarus will acquire the remaining 51% of the shares of GEB for US$14,000,000.00. The second closing is subject to certain terms, conditions and consents, including the approval of the Government of India.

About GeoGlobal<_o3a_o3a_p>

GeoGlobal Resources Inc., headquartered in Calgary, Alberta, Canada, is a US 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.

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<_o3a_o3a_p><_o3a_o3a_p>

Cautionary Statement For Purposes Of The “Safe Harbor” Provisions Of The Private Securities Litigation Reform Act Of 1995.<_o3a_o3a_p>

This press release contains 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.<_o3a_o3a_p>

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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. <_o3a_o3a_p>

<_o3a_o3a_p>

An investment in shares of our common stock involves a high degree of risk. Our periodic reports, which we file with the Securities and Exchange Commission and Canadian provincial authorities may be viewed at http://www.sec.gov and www.sedar.com.<_o3a_o3a_p>

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GEOGLOBAL RESOURCES INC. THE EQUICOM GROUP<_o3a_o3a_p>

www.geoglobal.com Nick Hurst<_o3a_o3a_p>

Phone: +1-403-777-9250 Phone: +1-403-218-2835<_o3a_o3a_p>

Email: info@geoglobal.com Email: nhurst@tmxequicom.com

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GeoGlobal Announces NYSE MKT Approves Plan

Thu, 21 Feb 2013 09:30:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 02/21/13 -- GeoGlobal Resources Inc. (the "Company") (NYSE MKT:GGR) received notice from the NYSE MKT LLC (the "Exchange") on November 30, 2012, indicating that the Company is not in compliance with two of the continued listing standards as set forth in Section 1003(a)(iv) and Section 1003(f)(v) of the NYSE MKT's Company Guide.

The Company was afforded the opportunity to submit a Plan of compliance to the Exchange and on December 31, 2012 presented its Plan to the Exchange.

On February 15, 2013, the Exchange notified the Company that it accepted the Company's Plan of compliance and granted the Company an extension until May 31, 2013 to regain compliance with the continued listing standards. The Company will be subject to periodic review by Exchange Staff during the extension period. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the extension period could result in the Company being delisted from the NYSE MKT LLC.

About GeoGlobal

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

Contacts:
GeoGlobal Resources Inc
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@tmxequicom.com

Source: GeoGlobal Resources Inc.

GeoGlobal Announces Financing

Tue, 22 Jan 2013 09:30:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 01/22/13 -- GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) announces that on January 16, 2013 it entered into an Agreement with a private Israeli investment group to sell 90% of the issued shares of the Company's Israeli subsidiary, GeoGlobal Resources (Israel) Ltd. ("GRL"), in exchange for an Investor's Loan of US$775,000 to be used to repay shareholder loans to GeoGlobal, subject to certain terms and conditions.

GRL does not hold any of the ownership in the Myra, Sara and Samuel licences in Israel which are currently held in other GeoGlobal subsidiaries.

Under the terms of the Agreement, there is a 14 business day due diligence period. Closing is expected to take place on or before March 15, 2013 unless otherwise extended, subject to certain terms and conditions. Such terms and conditions include among others, receipt of written approval of the Petroleum Commissioner at the Ministry of Energy and Water Resources of Israel for GRL to serve as an "Operator" in petroleum exploration activities in Israel at depths exceeding 1,000 meters.

Upon closing, US$625,000 of the Investor's Loan will be paid into GRL, to be used firstly to discharge any and all third party liabilities and obligations of GRL, with the remainder to be paid to GeoGlobal by way of a repayment of previous shareholder's loans. The remaining US$150,000 of the Investor's Loan will only be advanced in the event that GRL enters into a Services Contract during a period of one year from closing.

"Through this deal we have pulled together expertise to execute exploration programs and make an Israeli based operator. We have brought together the owners of the Israeli Shipyards Ltd. lead by Shlomi Fogel to provide shore base and logistics support, the proven Engineering and Drilling expertise lead by Ken Stanley that has been part of the existing major discoveries in Israel, and the Geology and Geophysics expertise and local experienced staff of GGR. The combination of the three owners brings the key elements together for a well balanced team to execute on exploration programs in Israel. I am excited by the possibilities and continued investment opportunities that this transaction will provide GGR as new blocks become available in the region," says Paul B. Miller, President and CEO.

About GeoGlobal

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

Contacts:
GeoGlobal Resources Inc.
www.geoglobal.com
+1-403-777-9250
info@geoglobal.com
The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@tmxequicom.com

Source: GeoGlobal Resources Inc.

GeoGlobal Announces Financing

Fri, 21 Dec 2012 09:15:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 12/21/12 -- GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) announces today that it has entered into a Securities Purchase Agreement with an institutional investor, Crede CG II, Ltd., to purchase 13,827,387 Units in a registered direct offering for aggregate gross proceeds of US$926,435. Each Unit consists of one common share and one warrant wherein one full warrant entitles the holder to initially purchase one common share for a term of five years from today's date.

The shares are being offered directly by GeoGlobal pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The public offering is being made only by means of a prospectus and prospectus supplement. Copies of the prospectus and prospectus supplement relating to the offering may be obtained, when available, from GeoGlobal at Suite 200, 625 - 4 Avenue SW, Calgary, Alberta T2P 0K2, Attn: Corporate Secretary, or by calling (403) 777-9250.

This press release does not and shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities, nor shall there be any sale of the securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any state.

About GeoGlobal

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

Contacts:
GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@tmxequicom.com

Source: GeoGlobal Resources Inc.

GeoGlobal Announces Location Change for 2012 Annual Meeting of Stockholders

Tue, 18 Dec 2012 16:45:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 12/18/12 -- GeoGlobal Resources Inc. (GeoGlobal) (NYSE MKT:GGR) (NYSE Amex:GGR) today announced that its Annual Meeting of Stockholders to be held on Wednesday, December 19, 2012, at 3:00 pm MT will now be held at the offices of GeoGlobal located in downtown Calgary at Suite 200, 625 - 4th Avenue SW, Calgary, Alberta.

All other details as stated in the Proxy Statement remain unchanged.

Following the business portion of the meeting, Mr. Paul Miller, President and CEO of GeoGlobal will make a presentation covering recent operational progress.

A live audio webcast of the meeting will be available at: http://event.on24.com/r.htm?e=535943&s=1&k=4F16F3965E946F294BF6A90248A08118 or on the company's website at www.geoglobal.com. It is recommended that listeners log on 15 minutes in advance of the presentation to register and download any necessary software.

An audio replay will be accessible following the presentation at either of the above links.

About GeoGlobal

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

Contacts:
GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@tmxequicom.com

Source: GeoGlobal Resources Inc.

GeoGlobal Receives Notice of Non-Compliance from NYSE MKT

Tue, 04 Dec 2012 16:40:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 12/04/12 -- GeoGlobal Resources Inc. ("GeoGlobal"or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) today announced that on November 30, 2012, GeoGlobal was notified by NYSE MKT LLC (the "Exchange") that the Company was not in compliance with two of the continued listing standards as set forth in Part 10 of the Exchange's Company Guide (the "Company Guide").

Specifically, the Company is not in compliance with Section 1003(a)(iv) of the Company Guide in that it has sustained losses which are so substantial in relation to its overall operations or its existing financial resources, or its financial condition has become so impaired that it appears questionable, in the opinion of the Exchange, as to whether such company will be able to continue operations and/or meet its obligations as they mature.

The notice is based on a review by the Exchange of information that the Company has publicly disclosed, including information contained in the Company's Form 10-Q for the period ended September 30, 2012, which disclosed the financial status of the Company at that time.

Over the last 30 trading days, the price per share of the common stock of GeoGlobal has averaged $0.11 per share and as of November 29, 2012, it closed at $0.08 per share. Therefore, pursuant to Section 1003(f)(v) of the Company Guide, the Company's continued listing is predicated either on an increase in the price per share of GeoGlobal common stock or on it effecting a reverse stock split of its common stock within a reasonable period of time and no later than June 28, 2013. In order to maintain the listing of its common stock on the Exchange, the Company must submit a plan of compliance (the "Plan") to the Exchange by December 31, 2012 addressing how it intends to regain compliance with the continued listing standards by March 29, 2013.

The Company is currently in the process of preparing the Plan for submission to the Exchange. If the Company does not submit the Plan to the Exchange or if the Plan is not accepted by the Exchange, the Company will be subject to delisting proceedings.

About GeoGlobal

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

Contacts:
GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@tmxequicom.com

Source: GeoGlobal Resources Inc.

GeoGlobal Reports Third Quarter 2012 Financial Results

Fri, 16 Nov 2012 18:32:00 -0500

CALGARY, ALBERTA -- (MARKET WIRE) -- 11/16/12 -- GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) today announced operating highlights and selected financial results for the quarter ended September 30, 2012. All amounts are in US dollars unless otherwise noted.

Selected Operational Highlights

Since July 1, 2012 the Company has announced:


--  Sale of 8,500,000 shares acquired in the Securities Purchase and
    Exchange Agreement between the Company and ILDE for net proceeds to
    GeoGlobal of approximately US$1.4 million; 
--  Completion of drilling operations and initiation of testing on the
    Punam-1 well on the RJ-20 block onshore India based on positive
    indications of oil-bearing formations within the targeted Bilara-Jodhpur
    reservoirs. The oil samples recovered from the wireline formation tests
    and conventional testing program have a density of 17-degree API. Based
    on this oil discovery, the consortium is pursuing a further extension of
    Exploration Phase-I to complete the minimum work program commitments on
    this block; 
--  Approval by the Government of India of a 28-month extension to the
    Phase-I exploration period on the KG Onshore Block. This extension
    allows the Oil India Limited GeoGlobal consortium until December 2014 to
    complete the minimum work program commitments in the block, primarily
    the drilling of 12 exploratory wells; 
--  Completion of drilling of the Myra-1 side-track well reaching a final
    Total Vertical Depth Subsea ("TVDSS") of 5,388 metres. Based on logging
    performed during the drilling, sands were encountered in the Miocene but
    they appeared to be water saturated and no significant quantities of
    hydrocarbons were detected and the well was plugged and abandoned; 
--  Completion of drilling of the Sara-1 well reaching a final TVDSS of
    3,928 metres. We encountered approximately 98 meters of high quality
    reservoir sands in the lower Miocene / upper Oligocene which had good
    porosity and permeability. Wireline logs confirmed residual gas
    saturation in the reservoir suggesting hydrocarbon migration through the
    system. The sands were wet with no commercial quantities of hydrocarbons
    present and the well was plugged and abandoned; 
--  Receipt of a Resource Report prepared by Netherland, Sewell &
    Associates, Inc. of Houston, Texas on the offshore Israel license known
    as 388/Samuel. The Company holds an effective 34.872% interest in the
    license; and 
--  Grant of a further extension by the Ministry of Energy and Water of the
    State of Israel of the dates for the execution of a drilling rig
    contract and the spudding of the first well on the Samuel offshore
    license to March 31, 2013 and April 30, 2013, respectively.

"We made rapid progress on our planned drilling program offshore Israel during the quarter, drilling exploration wells in both the Myra and Sara licenses," said Paul B. Miller, President and CEO of GeoGlobal. "Although we did not find commercial quantities of hydrocarbons in either well, we significantly expanded the consortium's understanding of the geology of the region, which will support future drilling decisions in the area. We also secured an extension to the drilling deadlines at Samuel, which will give us sufficient time to finalize our plans for the license."

Financial Review

All of the Company's oil and gas sales were derived from production of six wells in India. Oil and gas sales for the three months ended September 30, 2012 were $109,000 compared with $195,000 for the three months ended September 30, 2011. Oil and gas sales for the nine months ended September 30, 2012 were $379,000 compared with $446,000 for the nine months ended September 30, 2011. The decreases are mainly attributable to lower oil and gas production and sales for the three and nine months ended September 30, 2012 combined with a decrease in the average oil and gas commodity price when compared with the same periods in 2011.

Oil sales are currently based on the spot price based on discount to the Nigeria Bonny Light Crude bench mark. To date, none of GeoGlobal's production has been hedged. All associated natural gas is sold to local markets at a firm contract price of $7.00 per Mcf adjusted for rebate/premium on account of calorific value.

Operating costs for the three months ended September 30, 2012 remained fairly constant at $34,000, or $20.86 per BOE, compared with $36,000 or $19.95 per BOE for the three months ended September 30, 2011. Operating costs for the nine months ended September 30, 2012 also remained fairly constant at $106,000, or $19.57 per BOE, compared with $104,000 or $20.47 per BOE for the nine months ended September 30, 2011. The operating costs include handling and processing charges, transportation costs and utilities, maintenance and tank rental charges and contain a fixed and variable portion.

For the three months ended September 30, 2012, general and administrative expenses decreased to $121,000 from $826,000 for the three months ended September 30, 2011. This decrease is mostly attributable to management's efforts on overall cost control combined with an increase in our overhead recoveries as a result of our drilling activity in Israel. Management's efforts on overall cost control include a decrease in the Directors' and Special Committee fees of $107,000, a decrease in salaries and benefits of $85,000, and a decrease in travel, hotel, advertisement and promotion of $64,000. These efforts when combined with an increase in overhead recoveries of $559,000 contributed to a significant decrease in overall general and administrative costs.

The decrease in the overall general and administrative costs were offset with an increase in stock-based compensation costs of $99,000 to $192,000 for the three months ended September 30, 2012 from $93,000 for the comparative three months in 2011. These compensation costs are for stock-based compensation arrangements with employees and directors which are being expensed over their respective vesting periods of the related option grants.

For the nine months ended September 30, 2012, general and administrative expenses were $933,000, a decrease of $2,192,000 compared with $3,125,000 for the nine months ended September 30, 2011. This decrease is mostly attributable to management's efforts on overall cost control combined with an increase in our overhead recoveries as a result of our drilling activity in Israel. Management's efforts on overall cost control resulted in a reduction of $294,000 in the Directors' and Special Committee fees and a decrease in salaries and benefits of $262,000, which mostly relate to bonuses in 2011 paid to directors and employees that was not paid in 2012. These efforts when combined with an increase in our overhead recoveries as a result of increased drilling activity in Israel further contributed to the reduction in general and administrative costs by $1,018,000.

These decreases combined with additional reductions in travel and hotel by $114,000, education and training of $19,000, bank guarantee fees of $132,000, and a decrease in stock-based compensation costs of $332,000 to $251,000 for the nine months ended September 30, 2012 compared with $583,000 for the nine months ended September 30, 2011 all contributed to a significant decrease in the Company's overall general and administrative costs.

General and administrative expenses also include other costs related to the corporate head office including rent and office costs, insurance, NYSE MKT listing and filing fees, investor relation services and transfer agent fees and services.

For the three and nine months ended September 30, 2012, the Company recorded $9.6 and $10.6 million, respectively, of impairment on oil and gas properties compared to $nil for the three and nine months ended September 30, 2011. Any impairment to unproved properties is transferred to the Company's full cost pool of proved properties which is subject to ceiling test limitations and impairment charges and is recorded if the net capitalized costs of proved oil and gas properties exceed the ceiling test limitations.

For the three and nine months ended September 30, 2012, the Company recorded a $2.7 million loss on and impairment of available for sale investment. This loss on and impairment of available for sale investment can be split into two components. During the year, the Company received 28.4 million common shares of ILDE as an available for sale investment, in exchange for the issuance of certain securities in GeoGlobal. ILDE's common stock is listed and traded on the Tel Aviv Stock Exchange.

During the third quarter of 2012, GeoGlobal sold 13.9 million shares of ILDE for a net loss of $0.8 million. Fair value of this investment is measured on the reporting date using the closing price of ILDE's shares traded on the Tel Aviv Stock Exchange. As the decrease in fair value is deemed other than temporary, a further $1.9 million of impairment charges were recorded.

During the three months ended September 30, 2012, the Company incurred a net loss of approximately $13.9 million, used approximately $1.5 million of cash flow in its operating activities, used approximately $0.1 million in its investing activities and had an accumulated deficit of approximately $75.8 million.

At September 30, 2012, GeoGlobal's cash and cash equivalents were $10.1 (December 31, 2011 - $10.5 million) of which $10.0 million is committed to carry out the exploration activities of the Myra and Sara joint venture and not available for use in general operations or other exploration activities. The residual cash of $0.1 million is available to us for general operations. As at September 30, 2012, the Company had a working capital deficiency of approximately $14.2 million.

GeoGlobal's cash balance at September 30, 2012 and anticipated cash flow from operating activities are not sufficient to satisfy its current liabilities and meet its exploration commitments of $15.1 million and $27.9 million, over the twelve months ending September 30, 2013 and the twenty-seven months ending December 31, 2014, respectively.

To meet its obligations, the Company will be required to divest certain oil and gas interests, subsidiaries or other available assets, including by entering into other financing arrangements typical in the industry such as farming out interests in oil and natural gas properties. The Company will also continue to seek to raise capital through equity and debt markets.

The Company's cash as at September 30, 2012, available for general operations of $0.1 million is not sufficient to meet its ongoing operational requirements. Subsequent to September 30, 2012, the Company has curtailed staffing at its Canadian and Indian offices and rationalized other expenditures to minimize the ongoing operational requirements pending the outcome of uncommitted financing activities described above. If these activities are unsuccessful, the Company will be forced to substantially curtail or cease exploration, appraisal and development expenditures and other operating activities.

The Company's ability to continue as a going concern is dependent on the success of the operational and financing initiatives and the successfully completion of further exploration and development activities that will generate profitable operations from its oil and natural gas interests in the future. The Company must make an assessment of its ability to fulfill current liabilities and to meet future exploration requirements in the normal course of business. The assessment requires estimates regarding future uncommitted financing, future costs of exploration programs, timing of activities, future oil and gas prices, amongst other things. Such estimates are subject to uncertainty and should our estimates be materially incorrect, the Company's ability to continue as a going concern would be impaired and these unaudited consolidated financial statements could require material adjustments to the value of assets and liabilities. The unaudited consolidated financial statements for the quarter ended September 30, 2012, do not reflect any such adjustments or reclassifications.

Outlook

Management's exploration and development activities pursuant to the Company's PSCs in India will continue through the remainder of 2012 and throughout 2013 in accordance with the terms of those agreements. During the first quarter of 2013, based on the current budgets in India, GeoGlobal anticipates drilling its first shallow exploration well in the KG Onshore block as well as anticipates, during the second and third quarters of 2013, drilling one additional exploration well and ten core wells. The Company further expects to tie-in additional oil wells in Tarapur along with the Tarapur G gas well and to continue with the construction of the gas gathering and production facilities together with further development drilling on the KG Offshore Block in which it has a carried interest. Additional expenditures may be incurred in connection with additional exploratory, appraisal and development wells the Company may participate in.

Management also expects exploration activities pursuant to our licenses in Israel will continue through the remainder of 2012 and 2013 in accordance with the terms of those agreements.

The Company has filed with the US and Canadian Regulatory authorities its unaudited consolidated financial statements for the quarter ended September 30, 2012.

Set forth below is certain financial information taken from the unaudited consolidated financial statements.


                                      September 30, 2012   December 31, 2011
                                                     US$                 US$
                                    ----------------------------------------
Current assets                                68,881,794          71,047,262
Property and equipment                        45,229,522          42,580,105
Total assets                                 116,158,415         114,967,629
Current liabilities                           83,116,114          72,978,114
Total liabilities                             83,931,621          73,744,826
Stockholders' equity                          32,226,794          41,222,803
                     Three months  Three months   Nine months   Nine months 
                       ended Sept    ended Sept    ended Sept    ended Sept 
                         30, 2012      30, 2011      30, 2012      30, 2011 
                    --------------------------------------------------------
Oil and gas sales         108,536       195,300       378,849       446,326 
Interest Income             3,271         7,528        10,785        27,730 
Total expenses         12,967,942     1,443,870    15,953,672     4,823,766 
Net loss              (12,862,370)   (1,255,464)  (15,583,519)   (4,386,564)
Net loss per share -                                                        
 basic and diluted          (0.10)        (0.02)        (0.12)        (0.05)

Conference Call

The Company's Annual Meeting of Stockholders is scheduled for December 19, 2012 at 3:00 pm at the Westin Calgary, 320 - 4th Avenue SW, Calgary, Alberta. The Company will not be holding a quarterly update conference call at this time due to the proximity to the upcoming Annual Meeting of Stockholders. The Company will address all items associated with the third quarter financial results and operational updates during the annual meeting on December 19, 2012.

About GeoGlobal

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

This press release contains 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 and spudding 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.

Contacts:
GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
Debby Communications
Moshe Debby
+1-972-3-5683000
moshe@debby.co.il
The Equicom Group
Dave Feick
Managing Director, Western Canada
+1-403-218-2839
dfeick@equicomgroup.com

Source: GeoGlobal Resources Inc.

GeoGlobal Provides Update on Sara-1 Exploration Drilling

Mon, 22 Oct 2012 09:15:00 -0400

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2012) - GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) today announced that the Sara-1 exploration well has reached a final Total Vertical Depth Subsea of 3,928 meters. Based on the cutting samples and logging performed during the drilling, the Company encountered approximately 98 meters of high quality reservoir sands in the lower Miocene / upper Oligocene which had good porosity and permeability. Although there were indications that gas has migrated through the system, the sands are wet with no commercial quantities of hydrocarbons present.

Wire line logs confirmed residual gas saturation in the reservoir suggesting hydrocarbon migration through the high quality sands. GeoGlobal is in the process of abandoning the Sara-1 exploration well, which is expected to be completed by the end of October, at which point the Noble Homer Ferrington semi-submersible drill rig will be released.

"We completed the drilling of Sara-1 exploration well within the planned budget and timelines," said Paul B. Miller, President and CEO of GeoGlobal. "The result from the well did not meet our expectations but we believe there are additional prospects in the Myra and Sara licenses and the basin. The Company will use the information it has acquired through these drilling operations to further refine the geological model and evaluate the other potential targets in Myra and Sara in conjunction with its partners. Having completed the work programs in Myra and Sara the Company is now qualified as a Deep Water Operator in Israel. We intend to use this qualification to open up new opportunities to us in the basin and abroad."

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 Private Securities Litigation Reform Act Of 1995.

Contact Information

GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com

The Equicom Group
Nick Hurst
+1-403-218-2835
nhurst@equicomgroup.com

Debby Communications
Moshe Debby
+1-972-3-5683000
moshe@debby.co.il

GeoGlobal Announces Resource Report for Samuel License Offshore Israel

Thu, 18 Oct 2012 21:07:00 -0400

CALGARY, ALBERTA -- (MARKET WIRE) -- 10/19/12 -- GeoGlobal Resources Inc. ("GeoGlobal" or the "Company") (NYSE MKT:GGR) (NYSE Amex:GGR) today announced a summary of the Resource Report prepared by Netherland, Sewell & Associates, Inc. (NSAI) of Houston, Texas on the offshore Israel license known as 388/Samuel. The Company holds an effective 34.872% interest in the license.

NSAI conducted an assessment of the gross (100%) prospective resources as of August 1, 2012. Prospective resources are those quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. The prospective resources included in the Resource Report indicate exploration opportunities and development potential in the event a petroleum discovery is made and should not be construed as reserves or contingent resources.

The estimated unrisked gross (100%) prospective resources for the Samuel license are:


                                        Unrisked Gross (100%) Prospective   
                                                    Resources               
                                    ----------------------------------------
                                     Light/Medium                        Oil
Prospect/Prospective                      Oil(1)       Gas(2)  Equivalent(3)
 Reservoir                  Category       (Mbbl)       (MMcf)        (MBOE)
----------------------------------------------------------------------------

Cretaceous Reef                                                             
  Talme Yafe            Low Estimate       10,332       10,332        12,054
                       Best Estimate       32,558       32,558        37,984
                       High Estimate       93,359       93,359       108,919

Jurassic Reef                                                               
  Upper Jurassic        Low Estimate       11,700       11,700        13,650
                       Best Estimate       31,132       31,132        36,321
                       High Estimate       76,601       76,601        89,368

Jurassic Structural                                                         
  Upper Jurassic        Low Estimate          205          205           239
                       Best Estimate          628          628           733
                       High Estimate        1,749        1,749         2,041

  Barnea Formation      Low Estimate          498          498           581
                       Best Estimate        1,499        1,499         1,749
                       High Estimate        4,189        4,189         4,887

(1) The oil resources shown include light and medium crude oil only. Oil volumes are expressed in thousands of barrels (Mbbl); a barrel is equivalent to 42 United States gallons.

(2) Based on well test information data from analogue fields, a gas-oil ratio of 1,000 standard cubic feet per barrel was estimated for each prospect's low, best and high estimates. Gas volumes are expressed in millions of cubic feet (MMcf) at standard temperature and pressure bases.

(3) Oil equivalent volumes are expressed in thousands of barrels of oil equivalent (MBOE), determined using the ratio of 6 MMcf of gas to 1 Mbbl of oil. MBOE, or other applicable units of equivalency, may be misleading, particularly if used in isolation.

The prospective resources shown in this Resource Report have been estimated using probabilistic methods and are dependent on a petroleum discovery being made. In the probabilistic method, the estimator defines a distribution representing the full range of possible values for each input parameter. These distributors may be randomly sampled (typically using Monte Carlo simulation) to compute a full range and distribution of potential outcome of results of recoverable quantities. This approach is most often applied to volumetric resources calculations in the early phases of an exploration and development project. If a discovery is made, the probability that the potentially recoverable volumes will equal or exceed the unrisked estimated amounts is 90% for the low estimate, 50% for the best estimate and 10% for the high estimate.

The following table shows the risk elements and overall probability of geological success for each prospect.


                               Geologic Risk Elements (%)                   
                       -----------------------------------------            
                                                                 Probability
                                                                          of
Prospect/Prospective         Trap Reservoir     Source   Timing/  Geological
 Reservoir              Integrity   Quality Evaluation Migration Success (%)
----------------------------------------------------------------------------
Cretaceous Reef                60        70         95        50          20
Jurassic Reef                  50        60         95        60          17
Jurassic Structural            70        70         95        70          33

Geologic risking of prospective resources addresses the probability of success for the discovery of petroleum; this risk analysis is conducted independent of probabilistic estimations of petroleum volumes and without regard to the chance of development. Principal risk elements of the petroleum system include: (1) trap and seal characteristics; (2) reservoir presence and quality; (3) source rock capacity, quality and maturity; and (4) timing, migration and preservation of petroleum in relation to trap and seal formation. Geologic risk assessment is a highly subjective process dependent upon the experience and judgment of the evaluators and is subject to revisions with further data acquisition or interpretation

About GeoGlobal

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

This press release contains 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.

Cautionary Note to U.S. Investors

The United States Securities and Exchange Commission (the "SEC") permits oil and gas companies, in their filings with the SEC, to disclose proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions, as well as probable and possible reserves. The Company uses certain terms in this press release, such as prospective resources, that the SEC guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are cautioned that the discussion of resource estimates in this news release does not contain any information about deposits that would qualify as deposits of "reserves" under SEC reserves reporting rules. Investors should not assume that any part of the resources estimates discussed in this news release will ever be considered "reserves" under applicable U.S. standards. Also, investors are cautioned not to assume that all or any part of a resource exists or (if it exists) is economically or legally extractable. The commercial viability of these resources is affected by numerous factors which are beyond the Company's control and which cannot be predicted, such as the potential for further financing, environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2011, as amended, and subsequent quarterly reports on Form 10-Q available on http://www.sec.gov.

The estimates in the referenced report were prepared for use in filings with the Israel Securities Authority in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System (PRMS) approved by the Society of Petroleum Engineers (SPE). As a consequence, the information contained in this news release may not be comparable to resource information provided by other oil and gas companies in the United States.

Contacts:
GeoGlobal Resources Inc.
+1-403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Dave Feick
Managing Director, Western Canada
+1-403-218-2839
dfeick@equicomgroup.com
Debby Communications
Moshe Debby
+1-972-3-5683000
moshe@debby.co.il

Source: GeoGlobal Resources Inc.

GeoGlobal Announces Spudding of Sara-1 Well

Fri, 21 Sep 2012 09:15:00 -0400

CALGARY, ALBERTA -- (MARKET WIRE) -- 09/21/12 -- GeoGlobal Resources Inc. ("GeoGlobal") (NYSE MKT:GGR) (NYSE Amex:GGR) today announced that at 5:30 pm Israel time on September 20, 2012, the Sara-1 well was spud by GeoGlobal and its partners using the Noble Homer Ferrington semi-submersible drill rig.

The Sara-1 location is 60 kilometers off the coast of Israel, in approximately 1,400 meters of water. The Sara-1 well is planned to be drilled vertically to approximately 4,000 meters TVDSS and is anticipated to take approximately 50 days to drill.

GeoGlobal is the well operator and owns 5% of Sara, ILDC Energy and its affiliates own 41.6%, and its parent company Israel Land Development Company owns 5%. Modiin Energy LP, controlled by Tzahi Sultan and Nochi Danker's IDB Holding Corp. Ltd., owns 29.2%, IDB directly owns 5.6%, and IPC Oil and Gas Holdings Ltd. (IPC) owns 13.6%.

About GeoGlobal

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

This press release contains 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 and spudding 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.

Contacts:
GeoGlobal Resources Inc.
403-777-9250
info@geoglobal.com
www.geoglobal.com
The Equicom Group
Nick Hurst
403-218-2835
nhurst@equicomgroup.com
Debby Communications
Moshe Debby
1-972-3-5683000
moshe@debby.co.il

Source: GeoGlobal Resources Inc.