GeoGlobal Announces Sale of Shares in ILDE; Net Proceeds $1.4M

GeoGlobal Resources Inc.

today announced that it has sold 8,500,000 shares acquired in the Securities Purchase and Exchange Agreement (the "Agreement") by and between the Company and The Israel Land Development Company - Energy Ltd. ("ILDE"), dated as of November 21, 2011. GeoGlobal sold the shares of ILDE through two Israeli investment houses, on an off market basis, at a 12% discount to market due to the shares being restricted until the end of August 2012. Net proceeds to GeoGlobal from the sale of the shares are approximately US$1.4 million.