GeoGlobal Resources Announces Receipt of Notice of Exercise of Samuel Option

GeoGlobal Resources Inc. GGR announced that the Emanuelle Energy Ltd., a wholly-owned subsidiary of The Israel Land Development - Energy Ltd., has given notice that it elects to exercise its participating option interest of 7.128 percent in the 388/Samuel License offshore Israel under Article 1.1 of the Option Agreement - Samuel License dated May 19, 2010. This option became available following the Company's completion and filing with the Israel Ministry of National Infrastructure on March 29, 2012 of the Interpretation Summary Report of the recently processed and interpreted 3-D OBC (Ocean Bottom Cable) seismic. The option under Article 1.1 of the Option Agreement allows the members of the Myra and Sara consortium to exercise up to a 12.5 percent participating interest in the Samuel License by paying their proportionate share of all past costs and future costs in the Samuel joint venture. This option remains open to the other members of the Myra and Sara consortium until May 24, 2012.