GeoGlobal Sells Shares In ILDE

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
$14.0MM
Description

GeoGlobal Resources Inc. (NYSE MKT:GGR;NYSE Amex:GGR) has sold 8.5 million shares in The Israel Land Development Co. - Energy Ltd. ("ILDE") for about $1.4 million, a 12% discoun to to market because the shares were restricted until the end of August 2012.

"We sold a modest portion of our holding in ILDE purely for working capital purposes and retain a significant holding in ILDE. We continue to believe there is real value in our investment in that organization," says Paul B. Miller, president and chief executive of GeoGlobal. "The proceeds from the sale will be directly applied to meeting our capital commitments in the Myra and Sara Blocks. The drilling of Myra-1 is progressing as planned and we anticipate reaching TD in August as previously reported. This is an exciting time for GGR and its partners in the region and we continue to be excited by the prospects."

GeoGlobal Resources Inc., headquartered in Calgary, Alberta, is a U.S. publicly traded oil and gas company with assets in India, Israel and Colombia.