SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
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Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported)
March 23, 1998
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Geo Petroleum, Inc.
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(Exact name of registrant as specified in its charter)
California 0-20915 33-0328958
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(State or other (Commission (I.R.S. Employer
jurisdiction File Number) Identification No.)
of incorporation)
501 Deep Valley Drive, Suite 300
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Rolling Hills Estates, CA 90274
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
310-265-0721
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(Former name or former address, if changed since last report.)
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Geo Petroleum, Inc.
Item 5 Other Events
Geo Petroleum Inc. Wins Exxon Waste Disposal Contract
Rolling Hills Estates, California; March 3, 1998: GEO Petroleum, Inc., an
independent oil and gas company specializing in high technology energy
development and industrial waste disposal, announced today that its disposal
services division executed a waste disposal contract with Exxon Corporation
[NYSE: XON].
Geo estimates the contract will provide up to $350,000 in additional gross
revenues per year. This will represent a 34% increase over current levels. Geo's
disposal technology is a new process for Exxon, and Exxon's engineers are still
calculating anticipated volumes and sampling additional waste streams. The
additional wastes could add significantly to disposal volumes and therefore
revenues. The initial waste streams will come from Exxon's Las Flores Canyon
hydrocarbon facility.
Before entering into contracts with Geo, each large company and agency conducts
intensive environmental audits of Geo's facilities and employee training. Geo
received one of the highest environmental and safety audit scores that Exxon has
ever awarded, and has passed all audits by other companies and agencies.
Geo also has contracts with: Chevron Corporation [NYSE: CHV]; Southern
California Gas Company, a subsidiary of Pacific Enterprises [NYSE: PET]; and
several other independent oil companies.
The disposal facilities are located on Geo's giant Vaca Tar Sands Property in
Ventura County, California. Waste liquids produced by other oil and gas well
operators are injected deep into the subsurface in wells below the Vaca Tar
Sands. The process is environmentally superior to any other in commercial use,
in that the waste streams are permanently disposed of deep in the earth, where
they cannot cause pollution or liability for cleanup.
Geo's mission is to: rapidly expand Vaca's industrial waste disposal operations
through diversification into Class I waste streams, implementation of advanced
injection and disposal techniques, and continued growth of Geo's customer base;
and aggressively develop Vaca's 216,000,000 bbls of oil in place with proven
Steam Assisted Gravity Drainage (SAGD) recovery methods.
Safe Harbor for Forward-Looking Statements: Except for historical information
contained herein, the statements in this Press Release are forward-looking
statements that are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements involve
know and unknown risks and uncertainties which may cause the Company's actual
results in the future periods to differ materially from forecasted results.
These risks and uncertainties include, among other things, volatility of oil
prices, product demand, market competition, risk inherent in the Company's
international operations, imprecision of reserve estimates and the Company's
ability to replace and expand oil and gas reserves. These and other risks are
described in the Company's Annual Report on Form 10KSB and other filings with
the Securities and Exchange Commission.
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Geo Petroleum, Inc.
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Registrant
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/s/ GERALD T. RAYDON
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GERALD T. RAYDON
(CHAIRMAN AND CHIEF EXECUTIVE OFFICER)
