GeoGlobal Resources Announces Third Quarter Results

GeoGlobal Resources Inc (NYSE:GGR, AMEX:GGR) announced its financial results for Q3 2012.

As quoted in the press release:

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.

GeoGlobal Resources Inc’s President and CEO, Paul Miller, said:

We made rapid progress on our planned drilling program offshore Israel during the quarter, drilling exploration wells in both the Myra and Sara licenses.

To view the whole press release, click here.