Geoglobal Resources, Inc. (fka GGLR)

[protrade7]

GeoGlobal Resources Inc. (GGR) Locates oil and gas and has begun drilling

GeoGlobal Resources (GGR 0.07 ?-12.50%) Inc. (“GeoGlobal” or the “Company”) (NYSE MKT: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
Prospect/Prospective Reservoir Category Light/Medium Oil(1)
(Mbbl) Gas(2)
(MMcf) Oil Equivalent(3)
(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 (%)
Prospect/Prospective Reservoir Trap Integrity Reservoir Quality Source Evaluation Timing/
Migration Probability of Geological 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



GeoGlobal Resources Inc.
625
Suite 200
Calgary, AB (16.77 ?0.48%) T2P 0K2
Canada - Map
Phone: [phone]
Fax: [phone]
Website: http://www.geoglobal.com

Details
Index Membership: N/A
Sector: Basic Materials
Industry: Independent Oil & Gas
Full Time Employees: 25




Business Summary

GeoGlobal Resources Inc., through its subsidiaries, engages in the exploration and development of oil and natural gas reserves in India, Israel, and Colombia. It has activities in four geological basins located offshore and onshore in India; one geological basin located offshore in Israel; and one geological basin located onshore in Colombia. The company has exploration rights pursuant to PSCs with the government of India are located in the Krishna Godavari Basin offshore and onshore in the State of Andhra Pradesh in south eastern India; the Cambay Basin onshore in the State of Gujarat in western India; the Deccan Syneclise Basin onshore in the State of Maharashtra in west central India; and the Bikaner-Nagaur Basin onshore in the State of Rajasthan in north western India. It also has exploration rights pursuant to licenses located in the Levantine Basin located off the coast of Israel. As of December 31, 2011, the company had interests in approximately 1,609,645 net acres. GeoGlobal Resources Inc. was founded in 2002 and is headquartered in Calgary, Canada.

GeoGlobal Resources Inc. (GGR)
0.0790 0.0002(0.25%) 1:20PM EDT - Nasdaq Real Time Price

We are very bullish on shares of (GGR) and we are placing a short term price target of .50 cents a share giving the stock a 500% gain! There is heavy accumulation on the stock in the .07 -.08 range.