----

----

| x  |   | Quarterly                Report pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 for the quarterly period ended September 30, 2007;                           |
|----|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| or |   |                                                                                                                                                                                                              |
| o  |   | Transition                report pursuant to Section 13 or 15(d) of the Securities Exchange                Act of                1934 for the transition period from ____________ to                ____________. |

**GEOGLOBAL      RESOURCES INC.**

----

| DELAWARE                                                                      |   | 33-0464753                                          |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation of organization) |   | (I.R.S.                employer identification no.) |

----

----

| YES                x | NO                o |
|----------------------|---------------------|

| Large                accelerated filer | o | Accelerated                filer | x | Non-accelerated                filer | o |
|----------------------------------------|---|----------------------------------|---|--------------------------------------|---|

| YES                o | NO                x |
|----------------------|---------------------|

| Class                                                  |   | Outstanding                at November 14, 2007 |
|--------------------------------------------------------|--------|-------------------------------------------------|
| COMMON                STOCK, PAR VALUE $.001 PER SHARE |   | 72,205,756                                      |

----

----

----

**GEOGLOBAL      RESOURCES INC.**

**(a      development stage enterprise)**

**QUARTERLY      REPORT ON FORM 10-Q**

**TABLE      OF CONTENTS**

|                        |                                                                                                                                                                                                                                                       | **Page                No.** |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------|
|                        |                                                                                                                                                                                                                                                       |                        |
| **PART                I.**  | **FINANCIAL                INFORMATION**                                                                                                                                                                                                                   |                        |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                1.**  | **Consolidated                Financial Statements                (Unaudited)**                                                                                                                                                                            | **3**                       |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        | Consolidated                Balance Sheets as of September 30, 2007 and December 31, 2006 (Unaudited)                                                                                                                                                      | 3                           |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        | Consolidated                Statements of Operations for the three and nine months ended September                30, 2007 and September 30, 2006 and from inception on August 21,                2002 to                September 30, 2007 (Unaudited)    | 4                           |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        | Consolidated                Statements of Changes in Stockholders’                Equity** **for the nine months ended September 30, 2007                and from inception on August 21, 2002 to September 30, 2007                (Unaudited) | 5                           |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        | Consolidated                Statements of Cash Flows for the three and nine months ended September                30, 2007 and September 30, 2006 and from inception on August 21,                2002 to                September 30, 2007 (Unaudited)    | 6                           |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        | Notes                to the Consolidated Financial Statements as at                September 30, 2007 (Unaudited)                                                                                                                                          | 7-29                        |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                2.**  | **Management's                Discussion and Analysis of Financial Condition                and Results of Operations**                                                                                                                                    | **30**                      |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                3.**  | **Quantitative                and Qualitative Disclosures About Market                Risk**                                                                                                                                                               | **52**                      |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                4.**  | **Controls                and Procedures**                                                                                                                                                                                                                 | **53**                      |
|                        |                                                                                                                                                                                                                                                       |                        |
|                        |                                                                                                                                                                                                                                                       |                        |
| **PART                II.** | **OTHER                INFORMATION**                                                                                                                                                                                                                       |                        |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                1A.** | **Risk                Factors**                                                                                                                                                                                                                            | **54**                      |
|                        |                                                                                                                                                                                                                                                       |                        |
| **Item                6.**  | **Exhibits**                                                                                                                                                                                                                                               | **54**                      |

----

*Table            of Contents*

| **PART                I.****Item                1.** | **FINANCIAL                INFORMATION****CONSOLIDATED                FINANCIAL STATEMENTS** |
|------------------------------------------------------|----------------------------------------------------------------------------------------------|

| **GEOGLOBAL                RESOURCES INC.****(a                development stage enterprise)****CONSOLIDATED                BALANCE SHEETS****(Unaudited)** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                        |   | **September                30, 2007****US                $** |   |   | December                31, 2006US                $ |   |
|                                                                                                                                                        |   |   |   |   |   |   |
| **Assets**                                                                                                                                                  |   |   |   |   |   |   |
| Current                                                                                                                                                     |   |   |   |   |   |   |
| Cash                and cash equivalents                                                                                                                    |   | ** ** | **49,255,804** |   |   |   | 32,362,978 |   |
| Accounts                receivable                                                                                                                          |   | ** ** | **431,335** |   |   |   | 202,821 |   |
| Prepaids                and deposits                                                                                                                        |   | ** ** | **154,214** |   |   |   | 31,232 |   |
|                                                                                                                                                        |   | ** ** | **49,841,353** |   |   |   | 32,597,031 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| Restricted                cash (note 11a)                                                                                                                   |   | ** ** | **4,545,148** |   |   |   | 3,590,769 |   |
| Property                and equipment (note 3)                                                                                                              |   | ** ** | **935,934** |   |   |   | 183,427 |   |
| Oil                and gas interests, not subject to depletion (note 4)                                                                                     |   | ** ** | **18,558,849** |   |   |   | 9,722,738 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                                        |   | ** ** | **73,881,284** |   |   |   | 46,093,965 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
| **Liabilities**                                                                                                                                             |   |   |   |   |   |   |   |   |
| Current                                                                                                                                                     |   |   |   |   |   |   |   |   |
| Accounts                payable                                                                                                                             |   | ** ** | **1,078,914** |   |   |   | 1,888,103 |   |
| Accrued                liabilities                                                                                                                          |   | ** ** | **1,076,319** |   |   |   | 33,487 |   |
| Due                to related companies (notes 8c, 8d and 8e)                                                                                               |   | ** ** | **52,745** |   |   |   | 33,605 |   |
|                                                                                                                                                        |   | ** ** | **2,207,978** |   |   |   | 1,955,195 |   |
| **Stockholders'                Equity**(note 5)                                                                                                             |   |   |   |   |   |   |   |   |
| Capital                stock                                                                                                                                |   |   |   |   |   |   |   |   |
| Authorized                                                                                                                                                  |   |   |   |   |   |   |   |   |
| 100,000,000                common shares with a par value of US$0.001 each                                                                                  |   |   |   |   |   |   |   |   |
| 1,000,000                preferred shares with a par value of US$0.01 each                                                                                  |   |   |   |   |   |   |   |   |
| Issued                                                                                                                                                      |   |   |   |   |   |   |   |   |
| 72,205,755                common shares (December 31, 2006 – 66,208,255)                                                                              |   | ** ** | **57,614** |   |   |   | 51,617 |   |
| Additional                paid-in capital                                                                                                                   |   | ** ** | **77,373,125** |   |   |   | 47,077,827 |   |
| Deficit                accumulated during the development stage                                                                                             |   | ** ** | **(5,575,433** | **)** |   |   | (2,990,674 | ) |
|                                                                                                                                                        |   | ** ** | **71,673,306** |   |   |   | 44,138,770 |   |
|                                                                                                                                                        |   |   |   |   |   |   |   |   |
|                                                                                                                                                        |   | ** ** | **73,881,284** |   |   |   | 46,093,965 |   |

----

*Table            of Contents*

**GEOGLOBAL        RESOURCES INC.**

**(a        development stage enterprise)**

**CONSOLIDATED        STATEMENTS OF OPERATIONS**

**(Unaudited)**

|                                                                                           |   | **Three****months****ended****Sept                30, 2007** |          |   | Three                months                ended                Sept                30, 2006 |   |     | **Nine****months****ended****Sept                30, 2007** |   |       | Nine                months                ended                Sept                30, 2006 |   |   | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007 |       |
|------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------|---------------|--------|----------------------------------------------------------------------------------------------|--------|----------|-------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                           |   | **US                $**                                      |          |   | US                $                                                                          |   |     | **US                $**                                     |   |       | US                $                                                                         |   |   | US$                                                                                                              |       |
|                                                                                           |   |                                                         |          |   |                                                                                         |   |     |                                                        |   |       |                                                                                        |   |   | (note                12a)                                                                                        |       |
| **Expenses**(notes 5g, 6b, 8c, 8d and 8e)                                                      |   |                                                         |          |   |                                                                                         |   |     |                                                        |   |       |                                                                                        |   |   |                                                                                                             |       |
| General                and administrative                                                      |   | ** **                                                   | **791,587**   |   |                                                                                         |   | 358,810  |                                                        |   | ** ** | **1,571,722**                                                                               |   |   |                                                                                                             | 1,054,504  |   |   |   | 4,082,438 |   |
| Consulting                fees                                                                 |   | ** **                                                   | **337,038**   |   |                                                                                         |   | 399,155  |                                                        |   | ** ** | **908,304**                                                                                 |   |   |                                                                                                             | 568,172    |   |   |   | 2,772,555 |   |
| Professional                fees                                                               |   | ** **                                                   | **147,424**   |   |                                                                                         |   | 61,039   |                                                        |   | ** ** | **488,918**                                                                                 |   |   |                                                                                                             | 161,967    |   |   |   | 1,241,594 |   |
| Depreciation                                                                                   |   | ** **                                                   | **14,941**    |   |                                                                                         |   | 12,975   |                                                        |   | ** ** | **39,285**                                                                                  |   |   |                                                                                                             | 33,974     |   |   |   | 250,595 |   |
|                                                                                           |   | ** **                                                   | **1,290,990** |   |                                                                                         |   | 831,979  |                                                        |   | ** ** | **3,008,229**                                                                               |   |   |                                                                                                             | 1,818,617  |   |   |   | 8,347,182 |   |
| **Other                expenses (income)**                                                     |   |                                                         |          |   |                                                                                         |   |     |                                                        |   |       |                                                                                        |   |   |                                                                                                             |       |   |   |   |   |   |
| Consulting                fees recovered                                                       |   | ** **                                                   | **--**        |   |                                                                                         |   | --       |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | --         |   |   |   | (66,025 | ) |
| Equipment                costs recovered                                                       |   | ** **                                                   | **--**        |   |                                                                                         |   | --       |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | --         |   |   |   | (19,395 | ) |
| Gain                on sale of equipment                                                       |   | ** **                                                   | **--**        |   |                                                                                         |   | --       |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | --         |   |   |   | (42,228 | ) |
| Foreign                exchange (gain) loss                                                    |   | ** **                                                   | **2,433**     |   |                                                                                         |   | (2,329   | )                                                           |   | ** ** | **(10,286**                                                                                 | **)**  |   |                                                                                                             | (3,750     | ) |   |   | 16,261 |   |
| Interest                income                                                                 |   | ** **                                                   | **(694,292**  | **)**  |                                                                                         |   | (461,123 | )                                                           |   | ** ** | **(1,551,184**                                                                              | **)**  |   |                                                                                                             | (1,288,741 | ) |   |   | (3,798,362 | ) |
|                                                                                           |   | ** **                                                   | **(691,859**  | **)**  |                                                                                         |   | (463,452 | )                                                           |   | ** ** | **(1,561,470**                                                                              | **)**  |   |                                                                                                             | (1,292,491 | ) |   |   | (3,909,749 | ) |
|                                                                                           |   |                                                         |          |   |                                                                                         |   |     |                                                        |   |       |                                                                                        |   |   |                                                                                                             |       |   |   |   |   |   |
| **Net                loss and comprehensive loss****for                the period**(note 9)    |   | ** **                                                   | **(599,131**  | **)**  |                                                                                         |   | (368,527 | )                                                           |   | ** ** | **(1,446,759**                                                                              | **)**  |   |                                                                                                             | (526,126   | ) |   |   | (4,437,433 | ) |
|                                                                                           |   |                                                         |          |   |                                                                                         |   |     |                                                        |   |       |                                                                                        |   |   |                                                                                                             |       |   |   |   |   |   |
| **Net                loss per share****–                basic and diluted**(note 5f, 5g) |   | ** **                                                   | **(0.03**     | **)**  |                                                                                         |   | (0.01    | )                                                           |   | ** ** | **(0.04**                                                                                   | **)**  |   |                                                                                                             | (0.01      | ) |   |   |   |   |

----

*Table            of Contents*

**GEOGLOBAL        RESOURCES INC.**

**(a        development stage enterprise)**

**CONSOLIDATED        STATEMENTS OF STOCKHOLDERS' EQUITY**

**(Unaudited)**

|                                                                                                 |   | Capital Stock                US                $ |       |   | Additional                paid-in                capitalUS                $ |       |           | Accumulated                DeficitUS                $ |   |       | Stockholders'                EquityUS                $ |
|------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------|------------|--------|-----------------------------------------------------------------------------|------------|----------------|-------------------------------------------------------|--------|------------|--------------------------------------------------------|
| Common                shares issued on incorporation on August 21, 2002                              |   |                                                  | 64         |   |                                                                        |       | --             |                                                  |   |       | --                                                     |   |   |   | 64 |   |
| Net                loss and comprehensive loss for the period                                        |   |                                                  | --         |   |                                                                        |       | --             |                                                  |   |       | (13,813                                                | ) |   |   | (13,813 | ) |
| Balance                at December 31, 2002                                                          |   |                                                  | 64         |   |                                                                        |       | --             |                                                  |   |       | (13,813                                                | ) |   |   | (13,749 | ) |
|                                                                                                 |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Common                shares issued during the year                                                  |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| On                acquisition                                                                        |   |                                                  | 34,000     |   |                                                                        |       | 1,072,960      |                                                  |   |       | --                                                     |   |   |   | 1,106,960 |   |
| Options                exercised for cash                                                            |   |                                                  | 397        |   |                                                                        |       | 101,253        |                                                  |   |       | --                                                     |   |   |   | 101,650 |   |
| December                2003 private placement financing                                             |   |                                                  | 6,000      |   |                                                                        |       | 5,994,000      |                                                  |   |       | --                                                     |   |   |   | 6,000,000 |   |
| Share                issuance costs on private placement                                             |   |                                                  | --         |   |                                                                        |       | (550,175       | )                                                     |   |       | --                                                     |   |   |   | (550,175 | ) |
| Net                loss and comprehensive loss for the year                                          |   |                                                  | --         |   |                                                                        |       | --             |                                                  |   |       | (477,695                                               | ) |   |   | (477,695 | ) |
| Balance                at December 31, 2003                                                          |   |                                                  | 40,461     |   |                                                                        |       | 6,618,038      |                                                  |   |       | (491,508                                               | ) |   |   | 6,166,991 |   |
|                                                                                                 |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Common                shares issued during the year                                                  |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Options                exercised for cash                                                            |   |                                                  | 115        |   |                                                                        |       | 154,785        |                                                  |   |       | --                                                     |   |   |   | 154,900 |   |
| Broker                Warrants exercised for cash                                                    |   |                                                  | 39         |   |                                                                        |       | 58,611         |                                                  |   |       | --                                                     |   |   |   | 58,650 |   |
| Net                loss and comprehensive loss for the year                                          |   |                                                  | --         |   |                                                                        |       | --             |                                                  |   |       | (867,496                                               | ) |   |   | (867,496 | ) |
| Balance                at December 31, 2004                                                          |   |                                                  | 40,615     |   |                                                                        |       | 6,831,434      |                                                  |   |       | (1,359,004                                             | ) |   |   | 5,513,045 |   |
|                                                                                                 |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Common                shares issued during the year                                                  |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Options                exercised for cash                                                            |   |                                                  | 739        |   |                                                                        |       | 1,004,647      |                                                  |   |       | --                                                     |   |   |   | 1,005,386 |   |
| 2003                Purchase Warrants exercised for cash                                             |   |                                                  | 2,214      |   |                                                                        |       | 5,534,036      |                                                  |   |       | --                                                     |   |   |   | 5,536,250 |   |
| Broker                Warrants exercised for cash                                                    |   |                                                  | 541        |   |                                                                        |       | 810,809        |                                                  |   |       | --                                                     |   |   |   | 811,350 |   |
| September                2005 private placement financing                                            |   |                                                  | 4,252      |   |                                                                        |       | 27,636,348     |                                                  |   |       | --                                                     |   |   |   | 27,640,600 |   |
| Share                issuance costs on private placement                                             |   |                                                  | --         |   |                                                                        |       | (1,541,686     | )                                                     |   |       | --                                                     |   |   |   | (1,541,686 | ) |
| Net                loss and comprehensive loss for the year                                          |   |                                                  | --         |   |                                                                        |       | --             |                                                  |   |       | (480,980                                               | ) |   |   | (480,980 | ) |
| Balance                at December 31, 2005                                                          |   |                                                  | 48,361     |   |                                                                        |       | 40,275,588     |                                                  |   |       | (1,839,984                                             | ) |   |   | 38,483,965 |   |
|                                                                                                 |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Common                shares issued during the year                                                  |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |
| Options                exercised for cash                                                            |   |                                                  | 2,285      |   |                                                                        |       | 2,706,895      |                                                  |   |       | --                                                     |   |   |   | 2,709,180 |   |
| Options                exercised for notes receivable                                                |   |                                                  | 185        |   |                                                                        |       | 249,525        |                                                  |   |       | --                                                     |   |   |   | 249,710 |   |
| 2003                Purchase Warrants exercised for cash                                             |   |                                                  | 786        |   |                                                                        |       | 1,962,964      |                                                  |   |       | --                                                     |   |   |   | 1,963,750 |   |
| Share                issuance costs                                                                  |   |                                                  | --         |   |                                                                        |       | (74,010        | )                                                     |   |       | --                                                     |   |   |   | (74,010 | ) |
| Stock-based                compensation                                                              |   |                                                  | --         |   |                                                                        |       | 1,956,865      |                                                  |   |       | --                                                     |   |   |   | 1,956,865 |   |
| Net                loss and comprehensive loss for the year                                          |   |                                                  | --         |   |                                                                        |       | --             |                                                  |   |       | (1,150,690                                             | ) |   |   | (1,150,690 | ) |
| Balance                at December 31, 2006                                                          |   |                                                  | 51,617     |   |                                                                        |       | 47,077,827     |                                                  |   |       | (2,990,674                                             | ) |   |   | 44,138,770 |   |
|                                                                                                 |
| **Common                shares issued during 2007**                                                  |   |                                                  |       |   |                                                                        |       |           |                                                  |   |       |                                                   |   |   |   |   |   |
| **Options                exercised for cash (note 6d)**                                              |   | ** **                                            | **317**    |   |                                                                        | ** ** | **320,358**    |                                                  |   | ** ** | **--**                                                 |   |   | ** ** | **320,675** |   |
| **June                2007 private placement financing (note 5b)**                                   |   | ** **                                            | **5,680**  |   |                                                                        | ** ** | **28,394,320** |                                                  |   | ** ** | **--**                                                 |   |   | ** ** | **28,400,000** |   |
| **Share                issuance costs on private placement (note 5b)**                               |   | ** **                                            | **--**     |   |                                                                        | ** ** | **(2,720,728** | **)**                                                 |   | ** ** | **--**                                                 |   |   | ** ** | **(2,720,728** | **)** |
| **2007                Compensation options (note 5b)**                                               |   | ** **                                            | **--**     |   |                                                                        | ** ** | **705,456**    |                                                  |   | ** ** | **--**                                                 |   |   | ** ** | **705,456** |   |
| **Stock-based                compensation (note 6b)**                                                |   | ** **                                            | **--**     |   |                                                                        | ** ** | **2,035,892**  |                                                  |   | ** ** | **--**                                                 |   |   | ** ** | **2,035,892** |   |
| **2005                Stock purchase warrant modification (note 5g)**                                |   | ** **                                            | **--**     |   |                                                                        | ** ** | **1,320,000**  |                                                  |   | ** ** | **(1,320,000**                                         | **)** |   | ** ** | **--** |   |
| **2005                Compensation option & warrant modification (note                5g)** |   | ** **                                            | **--**     |   |                                                                        | ** ** | **240,000**    |                                                  |   | ** ** | **--**                                                 |   |   | ** ** | **240,000** |   |
| **Net                loss and comprehensive loss for the period**                                    |   | ** **                                            | **--**     |   |                                                                        | ** ** | **--**         |                                                  |   | ** ** | **(1,446,759**                                         | **)** |   | ** ** | **(1,446,759** | **)** |
|                                                                                                 |   | ** **                                            | **5,997**  |   |                                                                        | ** ** | **30,295,298** |                                                  |   | ** ** | **(2,766,759**                                         | **)** |   | ** ** | **27,534,536** |   |
| **Balance                as at September 30, 2007**                                                  |   | ** **                                            | **57,614** |   |                                                                        | ** ** | **77,373,125** |                                                  |   | ** ** | **(5,757,433**                                         | **)** |   | ** ** | **71,673,306** |   |

----

*Table            of Contents*

**GEOGLOBAL        RESOURCES INC.**

**(a        development stage enterprise)**

**CONSOLIDATED        STATEMENTS OF CASH FLOWS**

**(Unaudited)**

|                                                                                                                                         |   | **Three****months****ended****Sept                  30, 2007**US $ |           |   | Three                  months                  ended                  Sept                  30, 2006US $ |   |       | **Nine****months                  ended****Sept                  30, 2007**US $ |   |       | Nine                  months                  ended                  Sept                  30, 2006US $ |   |   | Period                from Inception,                Aug                21, 2002 to  Sept                30, 2007US                $ |       |
|----------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------|----------------|--------|----------------------------------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|------------|
|                                                                                                                                         |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   | (note                12a)                                                                                                                 |       |
| **Cash                flows provided by (used in) operating activities**                                                                     |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |
| Net                loss                                                                                                                      |   | ** **                                                         | **(599,131**   | **)**  |                                                                                                     |   | (368,527   | )                                                                               |   | ** ** | **(1,446,759**                                                                                          | **)**  |   |                                                                                                                                      | (526,126   | ) |   |   | (4,437,433 | ) |
| Adjustment                to reconcile net loss to net cash used in operating                activities:                                     |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Depreciation                                                                                                                                 |   | ** **                                                         | **14,941**     |   |                                                                                                     |   | 12,975     |                                                                            |   | ** ** | **39,285**                                                                                              |   |   |                                                                                                                                      | 33,974     |   |   |   | 250,595 |   |
| Gain                on sale of equipment                                                                                                     |   | ** **                                                         | **--**         |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | --         |   |   |   | (42,228 | ) |
| Stock-based                compensation (note 6b)                                                                                            |   | ** **                                                         | **389,999**    |   |                                                                                                     |   | 419,509    |                                                                            |   | ** ** | **1,060,206**                                                                                           |   |   |                                                                                                                                      | 632,550    |   |   |   | 2,250,382 |   |
| 2005                Compensation option &                warrant    modification  (note                5g) |   | ** **                                                         | **240,000**    |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **240,000**                                                                                             |   |   |                                                                                                                                      | --         |   |   |   | 240,000 |   |
| Changes                in operating assets and liabilities:                                                                                  |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Accounts                receivable                                                                                                           |   | ** **                                                         | **(232,529**   | **)**  |                                                                                                     |   | (41,044    | )                                                                               |   | ** ** | **(228,514**                                                                                            | **)**  |   |                                                                                                                                      | (40,478    | ) |   |   | (356,335 | ) |
| Prepaids                and deposits                                                                                                         |   | ** **                                                         | **(42,350**    | **)**  |                                                                                                     |   | (10,190    | )                                                                               |   | ** ** | **(122,982**                                                                                            | **)**  |   |                                                                                                                                      | (11,793    | ) |   |   | (154,214 | ) |
| Accounts                payable                                                                                                              |   | ** **                                                         | **13,382**     |   |                                                                                                     |   | 13,980     |                                                                            |   | ** ** | **102,958**                                                                                             |   |   |                                                                                                                                      | 43,140     |   |   |   | 137,609 |   |
| Accrued                liabilities                                                                                                           |   | ** **                                                         | **30,000**     |   |                                                                                                     |   | (17,500    | )                                                                               |   | ** ** | **(3,487**                                                                                              | **)**  |   |                                                                                                                                      | (35,000    | ) |   |   | 30,000 |   |
| Due                to related companies                                                                                                      |   | ** **                                                         | **24,678**     |   |                                                                                                     |   | 1,114      |                                                                            |   | ** ** | **19,140**                                                                                              |   |   |                                                                                                                                      | (118,168   | ) |   |   | 10,989 |   |
|                                                                                                                                         |   | ** **                                                         | **(161,010**   | **)**  |                                                                                                     |   | 10,317     |                                                                            |   | ** ** | **(340,153**                                                                                            | **)**  |   |                                                                                                                                      | (21,901    | ) |   |   | (2,070,635 | ) |
| **Cash                flows provided by (used in) investing activities**                                                                     |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Oil                and gas interests                                                                                                         |   | ** **                                                         | **(5,479,467** | **)**  |                                                                                                     |   | (1,168,813 | )                                                                               |   | ** ** | **(7,860,425**                                                                                          | **)**  |   |                                                                                                                                      | (5,149,439 | ) |   |   | (16,816,474 | ) |
| Property                and equipment                                                                                                        |   | ** **                                                         | **(317,255**   | **)**  |                                                                                                     |   | (24,782    | )                                                                               |   | ** ** | **(791,792**                                                                                            | **)**  |   |                                                                                                                                      | (85,765    | ) |   |   | (1,227,101 | ) |
| Proceeds                on sale of equipment                                                                                                 |   | ** **                                                         | **--**         |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | --         |   |   |   | 82,800 |   |
| Cash                acquired on acquisition (note 7)                                                                                         |   | ** **                                                         | **--**         |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | --         |   |   |   | 3,034,666 |   |
| Restricted                cash (note 11a)                                                                                                    |   | ** **                                                         | **(1,347,532** | **)**  |                                                                                                     |   | (1,879,984 | )                                                                               |   | ** ** | **(954,379**                                                                                            | **)**  |   |                                                                                                                                      | (3,089,820 | ) |   |   | (4,545,148 | ) |
| Changes                in investing assets and liabilities:                                                                                  |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Cash                call receivable                                                                                                          |   | ** **                                                         | **62,547**     |   |                                                                                                     |   | 21,620     |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | (12,265    | ) |   |   | -- |   |
| Accounts                payable                                                                                                              |   | ** **                                                         | **485,641**    |   |                                                                                                     |   | (958,159   | )                                                                               |   | ** ** | **(916,597**                                                                                            | **)**  |   |                                                                                                                                      | 197,356    |   |   |   | 887,847 |   |
| Accrued                liabilities                                                                                                           |   | ** **                                                         | **833,360**    |   |                                                                                                     |   | 217,000    |                                                                            |   | ** ** | **1,046,319**                                                                                           |   |   |                                                                                                                                      | 739,427    |   |   |   | 1,046,319 |   |
|                                                                                                                                         |   | ** **                                                         | **(5,762,706** | **)**  |                                                                                                     |   | (3,793,118 | )                                                                               |   | ** ** | **(9,476,874**                                                                                          | **)**  |   |                                                                                                                                      | (7,400,506 | ) |   |   | (17,537,091 | ) |
| **Cash                flows provided by (used in) financing activities**                                                                     |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Proceeds                from issuance of common shares                                                                                       |   | ** **                                                         | **--**         |   |                                                                                                     |   | 1,949,979  |                                                                            |   | ** ** | **28,720,675**                                                                                          |   |   |                                                                                                                                      | 4,667,878  |   |   |   | 74,952,165 |   |
| Share                issuance costs                                                                                                          |   | ** **                                                         | **(112,226**   | **)**  |                                                                                                     |   | (15,457    | )                                                                               |   | ** ** | **(2,015,272**                                                                                          | **)**  |   |                                                                                                                                      | (74,008    | ) |   |   | (4,181,143 | ) |
| Changes                in financing liabilities:                                                                                             |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Note                payable (note 8a)                                                                                                        |   | ** **                                                         | **--**         |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | --         |   |   |   | (2,000,000 | ) |
| Accounts                payable                                                                                                              |   | ** **                                                         | **(63,840**    | **)**  |                                                                                                     |   | --         |                                                                            |   | ** ** | **4,450**                                                                                               |   |   |                                                                                                                                      | (10,800    | ) |   |   | 65,528 |   |
| Due                to related companies                                                                                                      |   | ** **                                                         | **--**         |   |                                                                                                     |   | --         |                                                                            |   | ** ** | **--**                                                                                                  |   |   |                                                                                                                                      | --         |   |   |   | 26,980 |   |
|                                                                                                                                         |   | ** **                                                         | **(176,066**   | **)**  |                                                                                                     |   | 1,934,522  |                                                                            |   | ** ** | **26,709,853**                                                                                          |   |   |                                                                                                                                      | 4,583,070  |   |   |   | 68,863,530 |   |
| **Net                increase (decrease) in cash and cash equivalents**                                                                      |   | ** **                                                         | **(6,099,782** | **)**  |                                                                                                     |   | (1,848,279 | )                                                                               |   | ** ** | **16,892,826**                                                                                          |   |   |                                                                                                                                      | (2,839,337 | ) |   |   | 49,255,804 |   |
|                                                                                                                                         |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Cash                and cash equivalents, beginning of period                                                                                |   | ** **                                                         | **55,355,586** |   |                                                                                                     |   | 35,046,330 |                                                                            |   | ** ** | **32,362,978**                                                                                          |   |   |                                                                                                                                      | 36,037,388 |   |   |   | -- |   |
|                                                                                                                                         |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| **Cash                and cash equivalents, end of period**                                                                                  |   | ** **                                                         | **49,255,804** |   |                                                                                                     |   | 33,198,051 |                                                                            |   | ** ** | **49,255,804**                                                                                          |   |   |                                                                                                                                      | 33,198,051 |   |   |   | 49,255,804 |   |
|                                                                                                                                         |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| **Cash                and cash equivalents**                                                                                                 |   |                                                               |           |   |                                                                                                     |   |       |                                                                            |   |       |                                                                                                    |   |   |                                                                                                                                      |       |   |   |   |   |   |
| Current                bank accounts                                                                                                         |   | ** **                                                         | **1,065,149**  |   |                                                                                                     |   | 700,029    |                                                                            |   | ** ** | **1,065,149**                                                                                           |   |   |                                                                                                                                      | 700,029    |   |   |   | 1,065,149 |   |
| Term                deposits                                                                                                                 |   | ** **                                                         | **48,190,655** |   |                                                                                                     |   | 32,498,022 |                                                                            |   | ** ** | **48,190,655**                                                                                          |   |   |                                                                                                                                      | 32,498,022 |   |   |   | 48,190,655 |   |
|                                                                                                                                         |   | ** **                                                         | **49,255,804** |   |                                                                                                     |   | 33,198,051 |                                                                            |   | ** ** | **49,255,804**                                                                                          |   |   |                                                                                                                                      | 33,198,051 |   |   |   | 49,255,804 |   |

----

*Table            of Contents*

**GeoGlobal              Resources              Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30,              2007**

**1.         Nature      of Operations**

**2.         Significant      Accounting Policies**

**a)         Basis      of presentation**

*Business      Corporations Act *
*Companies Act of Barbados*
*Business Corporations Act*
*Companies Act of Barbados*
*Companies Act, 1956, *

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**2.         Basis      of presentation (continued)**

**b)         Stock-based      compensation plan**

*Accounting for Stock-Based Compensation. *
*Share-Based Payment *

**3.         Property      and Equipment**

|                                         |   | **September                30, 2007****US$** |         |   | December                31, 2006US$ |   |
|----------------------------------------------|--------|----------------------------------------------|--------------|--------|-------------------------------------|--------|
|                                         |   |                                         |         |   |                                |   |
| Computer                and office equipment |   | ** **                                   | **370,672**  |   |                                |   | 324,419 |   |
| Accumulated                depreciation      |   | ** **                                   | **(208,367** | **)**  |                                |   | (169,082 | ) |
|                                         |   | ** **                                   | **162,305**  |   |                                |   | 155,337 |   |
|                                         |   |                                         |         |   |                                |   |   |   |
| Office                condominium - India    |   | ** **                                   | **773,629**  |   |                                |   | 28,090 |   |
|                                         |   | ** **                                   | **935,934**  |   |                                |   | 183,427 |   |

**4.         Oil      and Gas Interests**

|                                              |   | **September                30, 2007****US$** |           |   | December                31, 2006US$ |   |
|---------------------------------------------------|--------|----------------------------------------------|----------------|--------|-------------------------------------|--------|
| **Exploration                costs incurred in:** |   |                                         |           |   |                                |   |
| 2002                                              |   |                                         | 21,925         |   |                                |   | 21,925 |   |
| 2003                                              |   |                                         | 156,598        |   |                                |   | 156,598 |   |
| 2004                                              |   |                                         | 460,016        |   |                                |   | 460,016 |   |
| 2005                                              |   |                                         | 1,578,124      |   |                                |   | 1,578,124 |   |
| 2006                                              |   |                                         | 7,506,075      |   |                                |   | 7,506,075 |   |
|                                              |   |                                         | 9,722,738      |   |                                |   | 9,722,738 |   |
| **2007**                                          |   | ** **                                   | **8,836,111**  |   |                                |   | -- |   |
|                                              |   | ** **                                   | **18,558,849** |   |                                |   | 9,722,738 |   |

**a)         Exploration      costs**

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30,              2007**

| **4.** |   | **Oil                and Gas Interests                (continued)** |
|--------|--------|---------------------------------------------------------------------|

**b)         Capitalized      overhead costs**

| **c)                          **Carried                  Interest Agreement**** |   |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|--------|

|   | On                August 27, 2002, GeoGlobal entered into a CIA with GSPC, which grants                the                Company a 10% Carried Interest (“CI”) (net 5% - see note 4d) in the KG                Offshore Block. The CIA provides that GSPC is responsible for GeoGlobal's                entire share of any and all costs incurred during the Exploration                Phase                prior to the date of initial commercial                production. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Under                the terms of the CIA, all of GeoGlobal's and Roy Group (Mauritius)                Inc.'s                (“RGM”), a related party (see note 8b) proportionate share of capital                costs for exploration and development activities will be recovered                by GSPC                without interest over the projected production life or ten years,                whichever is less, from oil and natural gas produced on the Exploration                Block. GeoGlobal is not entitled to any share of production until                GSPC has                recovered the Company's share of the costs and expenses that were                paid by                GSPC on behalf of the Company and                RGM. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | GeoGlobal                has been advised by GSPC, that GSPC is seeking payment of the amount                by                which the exploration costs attributable to GeoGlobal under the PSC                relating to the KG Offshore Block exceeds the amount that GSPC deems                it is                obligated to pay on behalf of GeoGlobal (including the net 5%                participating interest of RGM) under the terms of the CIA.  GSPC                asserts that the Company is required to pay 10% of the exploration                expenses over and above US$59.23 million.  GeoGlobal disputes                this assertion of GSPC.  See note                11e. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

|   | **4.** | **Oil                and Gas Interests                (continued)** |
|--------|--------|---------------------------------------------------------------------|

|   | **d)** | **Participating                Interest Agreement** |
|--------|--------|-----------------------------------------------------|

** **

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**5.         Capital      Stock**

**a)         Common      shares**

|                                                                                                            |   | Number                of shares |           |   | Capital                stock US                $ |       |       | Additional                paid-in                capitalUS                $ |   |
|-----------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------------|--------|--------------------------------------------------|------------|------------|-----------------------------------------------------------------------------|--------|
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |
| Balance                at  December 31, 2002                                                          |   |                            | 1,000          |   |                                             |       | 64         |                                                                        |   |   | -- |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **2003                Transactions**                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| Capital                stock of GeoGlobal at August 29, 2003                                                    |   |                            | 14,656,687     |   |                                             |       | 14,657     |                                                                        |   |   | 10,914,545 |   |
| Common                shares issued by GeoGlobal to acquire GeoGlobal India                                     |   |                            | 34,000,000     |   |                                             |       | 34,000     |                                                                        |   |   | 1,072,960 |   |
| Share                issuance costs on acquisition                                                              |   |                            | --             |   |                                             |       | --         |                                                                        |   |   | (66,850 | ) |
| Elimination                of GeoGlobal capital stock in recognition of reversetakeover                (note 7) |   |                            | (1,000         | )      |                                             |       | (14,657    | )                                                                           |   |   | (10,914,545 | ) |
| Options                exercised for cash                                                                       |   |                            | 396,668        |   |                                             |       | 397        |                                                                        |   |   | 101,253 |   |
| December                2003 private placement financing (note 5d)                                              |   |                            | 6,000,000      |   |                                             |       | 6,000      |                                                                        |   |   | 5,994,000 |   |
| Share                issuance costs on private placement                                                        |   |                            | --             |   |                                             |       | --         |                                                                        |   |   | (483,325 | ) |
|                                                                                                            |   |                            | 55,052,355     |   |                                             |       | 40,397     |                                                                        |   |   | 6,618,038 |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **2004                Transactions**                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| Options                exercised for cash                                                                       |   |                            | 115,000        |   |                                             |       | 115        |                                                                        |   |   | 154,785 |   |
| Broker                Warrants exercised for cash (note 5d)                                                     |   |                            | 39,100         |   |                                             |       | 39         |                                                                        |   |   | 58,611 |   |
|                                                                                                            |   |                            | 154,100        |   |                                             |       | 154        |                                                                        |   |   | 213,396 |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **2005                Transactions**                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| Options                exercised for cash                                                                       |   |                            | 739,000        |   |                                             |       | 739        |                                                                        |   |   | 1,004,647 |   |
| 2003                Stock Purchase Warrants exercised for cash                                                  |   |                            | 2,214,500      |   |                                             |       | 2,214      |                                                                        |   |   | 5,534,036 |   |
| Broker                Warrants exercised for cash (note 5d)                                                     |   |                            | 540,900        |   |                                             |       | 541        |                                                                        |   |   | 810,809 |   |
| September                2005 private placement financing (note 5c)                                             |   |                            | 4,252,400      |   |                                             |       | 4,252      |                                                                        |   |   | 27,636,348 |   |
| Share                issuance costs on private placement (note 5c)                                              |   |                            | --             |   |                                             |       | --         |                                                                        |   |   | (1,541,686 | ) |
|                                                                                                            |   |                            | 7,746,800      |   |                                             |       | 7,746      |                                                                        |   |   | 33,444,154 |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **2006                Transactions**                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| Options                exercised for cash                                                                       |   |                            | 2,284,000      |   |                                             |       | 2,285      |                                                                        |   |   | 2,706,895 |   |
| Options                exercised for notes receivable                                                           |   |                            | 184,500        |   |                                             |       | 185        |                                                                        |   |   | 249,525 |   |
| 2003                Stock Purchase Warrants exercised for cash (note 5e(i))                                     |   |                            | 785,500        |   |                                             |       | 786        |                                                                        |   |   | 1,962,964 |   |
| Share                issuance costs                                                                             |   |                            | --             |   |                                             |       | --         |                                                                        |   |   | (74,010 | ) |
| Stock-based                compensation                                                                         |   |                            | --             |   |                                             |       | --         |                                                                        |   |   | 1,956,865 |   |
|                                                                                                            |   |                            | 3,254,000      |   |                                             |       | 3,256      |                                                                        |   |   | 6,802,239 |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| Balance                as at December 31, 2006                                                                  |   |                            | 66,208,255     |   |                                             |       | 51,617     |                                                                        |   |   | 47,077,827 |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **2007                Transactions**                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **Options                exercised for cash (note 6d)**                                                         |   | ** **                      | **317,500**    |   |                                             | ** ** | **317**    |                                                                        |   | ** ** | **320,358** |   |
| **June                2007 private placement financing (note 5b)**                                              |   | ** **                      | **5,680,000**  |   |                                             | ** ** | **5,680**  |                                                                        |   | ** ** | **28,394,320** |   |
| **Share                issuance costs on private placement (note 5b)**                                          |   | ** **                      | **--**         |   |                                             | ** ** | **--**     |                                                                        |   | ** ** | **(2,720,728** | **)** |
| **2007                Compensation options (note 5b)**                                                          |   | ** **                      | **--**         |   |                                             | ** ** | **--**     |                                                                        |   | ** ** | **705,456** |   |
| **Stock-based                compensation (note 6b)**                                                           |   | ** **                      | **--**         |   |                                             | ** ** | **--**     |                                                                        |   | ** ** | **2,035,892** |   |
| **2005                Stock purchase warrant modification (note 5g)**                                           |   | ** **                      | **--**         |   |                                             | ** ** | **--**     |                                                                        |   | ** ** | **1,320,000** |   |
| **2005                Compensation option & warrant modification (note                5g)**                 |   |                            |           |   |                                             | ** ** | **--**     |                                                                        |   | ** ** | **240,000** |   |
|                                                                                                            |   | ** **                      | **5,997,500**  |   |                                             | ** ** | **5,997**  |                                                                        |   | ** ** | **30,295,298** |   |
|                                                                                                            |   |                            |           |   |                                             |       |       |                                                                        |   |   |   |   |
| **Balance                as at September 30, 2007**                                                             |   | ** **                      | **72,205,755** |   |                                             | ** ** | **57,614** |                                                                        |   | ** ** | **77,373,125** |   |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**5.         Capital      Stock (continued)**

**b)         June      2007 Financing**

| Risk-free                interest rate | 4.97%                    |
|----------------------------------------|--------------------------|
| Expected                life           | 2.0                years |
| Contractual                life        | 2.0                years |
| Expected                volatility     | 69%                      |
| Expected                dividend yield | 0%                       |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**5         Capital      Stock (continued)**

|                                                           |   | Common                Shares |       |   | 2007                Stock Purchase                Warrants |   |      | Total  |   |
|----------------------------------------------------------------|--------|------------------------------|------------|--------|------------------------------------------------------------|--------|-----------|--------|--------|
|                                                           |   | US$                          |       |   | US$                                                        |   |      | US$    |   |
|                                                           |   |                         |       |   |                                                       |   |      |   |   |
| Proceeds                from private placement financing       |   |                         | 24,992,000 |   |                                                       |   | 3,408,000 |   |   |   | 28,400,000 |   |
| Issuance                costs from private placement financing |   |                         | (2,394,241 | )      |                                                       |   | (326,487  | )      |   |   | (2,720,728 | ) |
| Balance                September 30, 2007                      |   |                         | 22,597,759 |   |                                                       |   | 3,081,513 |   |   |   | 25,679,272 |   |

**c)         September      2005 Financing**

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**5.         Capital      Stock (continued)**

**d)         December      2003 Financing**

**e)         Warrants      and Compensation Options**

**i)         2003      Stock Purchase Warrants**

**ii)         2005      Stock Purchase Warrants**

|   | **iii)** | **2005                Compensation Options** |
|--------|----------|----------------------------------------------|

**iv)         2005      Compensation Option Warrants**

|   | As                at September 30, 2007, none of the 97,572 2005 Compensation Option                Warrants have been issued as a result of the 2005 Compensation Options                not                being exercised.  If the 2005 Compensation Options are exercised                and the 2005 Compensation Option Warrants issued, such Warrants if                exercised, would result in the issuance of 97,572 common shares for                gross                proceeds of US$878,148. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **v)  ** | **2007                Stock Purchase Warrants** |
|--------------------|-------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**5.         Capital      Stock (continued)**

**vi)        2007      Compensation Options**

| **f)** | **Weighted-average                number of shares** |
|--------|------------------------------------------------------|

| **g)** | **Extended                warrants and compensation                modification** |
|--------|-----------------------------------------------------------------------------------|

|                                   | September                6, 2007 | September                9, 2007 |
|----------------------------------------|----------------------------------|----------------------------------|
|                                   |                             |                             |
| Risk-free                interest rate | 4.28%                            | 4.08%                            |
| Expected                life           | 4                days            | 22                months         |
| Contractual                life        | 4                days            | 22                months         |
| Expected                volatility     | 134%                             | 75%                              |
| Expected                dividend yield |   0%                   |   0%                   |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**6.         Stock      Options**

**a)         The      Company’s 1998 Stock Incentive Plan**

**b)         Stock-based      compensation**

|                                                 |   | **Three****months****ended****Sept                  30, 2007**US $ |        |   | Three                  months                  ended                  Sept                  30, 2006US $ |   |    | **Nine****months****ended****Sept                  30, 2007**US $ |   |       | Nine                  months                  ended                  Sept                  30, 2006US $ |   |   | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007US                $ |      |
|------------------------------------------------------|--------|--------------------------------------------------------------------|-------------|--------|----------------------------------------------------------------------------------------------------------|--------|---------|-------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|-----------|
|                                                 |   |                                                               |        |   |                                                                                                     |   |    |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |      |
| **Stock                based compensation**          |   |                                                               |        |   |                                                                                                     |   |    |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |      |
| Consolidated                Statements of Operations |   |                                                               |        |   |                                                                                                     |   |    |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |      |
| General                and administrative            |   | ** **                                                         | **215,552** |   |                                                                                                     |   | 167,419 |                                                              |   | ** ** | **547,449**                                                                                             |   |   |                                                                                                                                | 380,460   |   |   |   | 1,111,000 |   |
| Consulting                fees                       |   | ** **                                                         | **174,447** |   |                                                                                                     |   | 252,090 |                                                              |   | ** ** | **512,757**                                                                                             |   |   |                                                                                                                                | 252,090   |   |   |   | 1,139,382 |   |
|                                                 |   | ** **                                                         | **389,999** |   |                                                                                                     |   | 419,509 |                                                              |   | ** ** | **1,060,206**                                                                                           |   |   |                                                                                                                                | 632,550   |   |   |   | 2,250,382 |   |
| Consolidated                Balance Sheets           |   |                                                               |        |   |                                                                                                     |   |    |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |      |   |   |   |   |   |
| Oil                and gas interests                 |   |                                                               |        |   |                                                                                                     |   |    |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |      |   |   |   |   |   |
| Exploration                costs - India             |   | ** **                                                         | **498,645** |   |                                                                                                     |   | 326,385 |                                                              |   | ** ** | **975,686**                                                                                             |   |   |                                                                                                                                | 393,810   |   |   |   | 1,742,375 |   |
|                                                 |   | ** **                                                         | **888,644** |   |                                                                                                     |   | 745,894 |                                                              |   | ** ** | **2,035,892**                                                                                           |   |   |                                                                                                                                | 1,026,360 |   |   |   | 3,992,757 |   |

|   | **i)** | At                January 1, 2006, the impact of the adoption of FAS123(R) required                the                Company to recognize a charge for past stock-based compensation options                granted of US$367,596 over the next 3 years in accordance with their                respective vesting periods.  In the period from inception August                21, 2002 to September 30, 2007 US$343,247; (three and nine months                ended                September 30, 2007, US$14,073 and US$42,219, respectively; and for                the                three and nine months ended September 30, 2006, US$49,340 and US$286,955,                respectively) of this charge was recognized in the Consolidated Statement                of Operations as general and administrative expense.  This                resulted in an increase in the net loss and comprehensive loss for                the                respective periods in the same amount and no impact on the net loss                per                share – basic and diluted for the                periods. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **ii)** | At                September 30, 2007, the total compensation cost related to non-vested                awards not yet recognized was US$2,283,389 (December 31, 2006 –                US$1,577,286) which will be recognized over the remaining vesting                period                of the options.  The total fair value of all options vested                during the three and nine months ended September 30, 2007 was US$1,549,275                and US$1,965,475, respectively (year ended December 31, 2006 -                US$1,046,490). |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**6.         Stock      Options (continued)**

**c)         Black-Scholes      Assumptions**

|                                                            | **Three****months****ended****Sept                30, 2007** | Three                months                endedSept                30, 2006 | **Nine****months****ended****Sept                30, 2007** | Nine                months                endedSept                30, 2006 |
|-----------------------------------------------------------------|--------------------------------------------------------------|------------------------------------------------------------------------------|-------------------------------------------------------------|-----------------------------------------------------------------------------|
| Fair                value of stock options granted (per option) | **US$1.76**                                                  | US$1.08                                                                      | **US$1.89**                                                 | US$1.19                                                                     |
| Risk-free                interest rate                          | **4.93%**                                                    | 4.17%                                                                        | **4.84%**                                                   | 4.17%                                                                       |
| Volatility                                                      | **65%**                                                      | 70%                                                                          | **67%**                                                     | 70%                                                                         |
| Expected                life                                    | **1.6  years**                                     | 1.3                years                                                     | **1.7years**                                                | 1.3                years                                                    |
| Dividend                yield                                   | **0%**                                                       | 0%                                                                           | **0%**                                                      | 0%                                                                          |

| **i)  ** | The                risk-free rate is based on the U.S. Treasury yield curve in effect                at the                time of grant. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------|

| **ii)  ** | Expected                volatilities are based on historical volatility of the Company's                stock and                other factors. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

| **iii)  ** | The                expected life of options granted represents the period of time that                the                options are expected to be outstanding and is derived from historical                exercise behavior and current                trends. |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**6.         Stock      Options (continued)**

**d)         Stock      option table**

| Grant                    date                    mm/dd/yy | Option                        exercise                        price                        US$ | Fair                          Value at                          Original Grant                          Date US$ | Expiry                    date mm/dd/yy | Vesting date mm/dd/yy | Balance                    Dec                    31/06 # | Granted                    during the                    period ii)                    # | Cancelled                    (c) Expired                    (x) Exercised                    (e) during                    the period iv) # | Balance Sept                    30/07 iii)                    # | Balance                        Exercisable                        Sept                        30/07 # |
|-----------------------------------------------------------|------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------|---------------------------------|----------------------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------|
|                                                      |                                                                                           |                                                                                                                            |                                         |                            |                                                           |                                                                                          |                                                                                                                                        |                                                                 |                                                                                                  |
| 12/09/03                                                  | 1.18                                                                                           | 0.24                                                                                                                            | 08/31/06                                     | Vested                          | --                                                             | --                                                                                            | --                                                                                                                                          | --                                                                   | --                                                                                                    |
| 12/30/03                                                  | 1.50                                                                                           | 0.32                                                                                                                            | 08/31/06                                     | Vested                          | --                                                             | --                                                                                            | --                                                                                                                                          | --                                                                   | --                                                                                                    |
| 01/17/05                                                  | 1.01                                                                                           | 0.38                                                                                                                            |  i)                06/30/07             | Vested                          | 352,500                                                        | --                                                                                            | 317,500                (e) 35,000                (x)                                                                                   | --                                                                   | --                                                                                                    |
| 01/18/05                                                  | 1.10                                                                                           | 0.62                                                                                                                            | 08/31/08                                     | Vested                          | 600,000                                                        | --                                                                                            | --                                                                                                                                          | 600,000                                                              | 600,000                                                                                               |
| 01/25/05                                                  | 1.17                                                                                           | 0.43                                                                                                                            | 08/31/06                                     | Vested                          | --                                                             | --                                                                                            | --                                                                                                                                          | --                                                                   | --                                                                                                    |
| 06/14/05                                                  | 3.49                                                                                           | 1.55                                                                                                                            | 06/14/15                                     | Vested                          | 150,000                                                        | --                                                                                            | --                                                                                                                                          | 150,000                                                              | 150,000                                                                                               |
| 08/24/05                                                  | 6.50                                                                                           | 2.38                                                                                                                            | 08/24/08                                     | Vested                          | 110,000                                                        | --                                                                                            | --                                                                                                                                          | 110,000                                                              | 110,000                                                                                               |
| 10/03/05                                                  | 6.81                                                                                           | 3.07                                                                                                                            | 10/03/15                                     | Vested                          | 16,666                                                         | --                                                                                            | -                                                                                                                                           | 16,666                                                               | 16,666                                                                                                |
| 10/03/05                                                  | 6.81                                                                                           | 3.83                                                                                                                            | 10/03/15                                     | 10/03/07                        | 16,667                                                         | --                                                                                            | --                                                                                                                                          | 16,667                                                               | --                                                                                                    |
| 10/03/05                                                  | 6.81                                                                                           | 4.38                                                                                                                            | 10/03/15                                     | 10/03/08                        | 16,667                                                         | --                                                                                            | --                                                                                                                                          | 16,667                                                               | --                                                                                                    |
| 06/14/06                                                  | 5.09                                                                                           | 2.06                                                                                                                            | 06/14/16                                     | Vested                          | 200,000                                                        | --                                                                                            | --                                                                                                                                          | 200,000                                                              | 20,000                                                                                                |
| 07/25/06                                                  | 3.95                                                                                           | 1.14                                                                                                                            | 12/31/09                                     | Vested                          | 100,000                                                        | --                                                                                            | --                                                                                                                                          | 100,000                                                              | 100,000                                                                                               |
| 07/25/06                                                  | 3.95                                                                                           | 1.39                                                                                                                            | 12/31/09                                     | Vested                          | 660,000                                                        | --                                                                                            | --                                                                                                                                          | 660,000                                                              | 660,000                                                                                               |
| 07/25/06                                                  | 3.95                                                                                           | 1.60                                                                                                                            | 12/31/09                                     | 12/31/07                        | 50,000                                                         | --                                                                                            | --                                                                                                                                          | 50,000                                                               | --                                                                                                    |
| 07/25/06                                                  | 3.95                                                                                           | 1.78                                                                                                                            | 12/31/09                                     | 07/25/08                        | 145,000                                                        | --                                                                                            | --                                                                                                                                          | 145,000                                                              | --                                                                                                    |
| 07/25/06                                                  | 3.95                                                                                           | 2.01                                                                                                                            | 12/31/09                                     | 07/25/09                        | 70,000                                                         | --                                                                                            | --                                                                                                                                          | 70,000                                                               | --                                                                                                    |
| 07/25/06                                                  | 3.95                                                                                           | 1.14                                                                                                                            | 07/25/16                                     | Vested                          | 500,000                                                        | --                                                                                            | --                                                                                                                                          | 500,000                                                              | 500,000                                                                                               |
| 07/25/06                                                  | 3.95                                                                                           | 1.14                                                                                                                            | 07/25/16                                     | Vested                          | 500,000                                                        | --                                                                                            | --                                                                                                                                          | 500,000                                                              | 500,000                                                                                               |
| 11/24/06                                                  | 7.52                                                                                           | 2.47                                                                                                                            | 11/24/09                                     | Vested                          | 10,000                                                         | --                                                                                            | --                                                                                                                                          | 10,000                                                               | 10,000                                                                                                |
| 11/24/06                                                  | 7.52                                                                                           | 2.92                                                                                                                            | 11/24/09                                     | 12/31/07                        | 10,000                                                         | --                                                                                            | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 11/24/06                                                  | 7.52                                                                                           | 3.70                                                                                                                            | 11/24/09                                     | 12/31/08                        | 10,000                                                         | --                                                                                            | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 03/30/07                                                  | 6.11                                                                                           | 2.02                                                                                                                            | 03/30/10                                     | 12/31/07                        | --                                                             | 50,000                                                                                        | --                                                                                                                                          | 50,000                                                               | --                                                                                                    |
| 03/30/07                                                  | 6.11                                                                                           | 2.69                                                                                                                            | 03/30/10                                     | 12/31/08                        | --                                                             | 50,000                                                                                        | --                                                                                                                                          | 50,000                                                               | --                                                                                                    |
| 03/30/07                                                  | 6.11                                                                                           | 2.82                                                                                                                            | 03/30/10                                     | 03/30/09                        | --                                                             | 50,000                                                                                        | --                                                                                                                                          | 50,000                                                               | --                                                                                                    |
| 05/16/07                                                  | 5.09                                                                                           | 1.51                                                                                                                            | 05/16/10                                     | 12/31/07                        | --                                                             | 10,000                                                                                        | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 05/16/07                                                  | 5.09                                                                                           | 2.09                                                                                                                            | 05/16/10                                     | 12/31/08                        | --                                                             | 10,000                                                                                        | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 05/16/07                                                  | 5.09                                                                                           | 2.09                                                                                                                            | 05/16/10                                     | 05/31/09                        | --                                                             | 10,000                                                                                        | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 06/20/07                                                  | 5.06                                                                                           | 2.08                                                                                                                            | 06/20/17                                     | 06/20/08                        | --                                                             | 200,000                                                                                       | --                                                                                                                                          | 200,000                                                              | --                                                                                                    |
| 07/03/07                                                  | 5.03                                                                                           | 1.70                                                                                                                            | 12/31/10                                     | Vested                          | --                                                             | 35,000                                                                                        | --                                                                                                                                          | 35,000                                                               | 35,000                                                                                                |
| 07/03/07                                                  | 5.03                                                                                           | 1.70                                                                                                                            | 12/31/10                                     | 10/03/07                        | --                                                             | 10,000                                                                                        | --                                                                                                                                          | 10,000                                                               | --                                                                                                    |
| 07/03/07                                                  | 5.03                                                                                           | 1.70                                                                                                                            | 12/31/10                                     | 12/31/07                        | --                                                             | 42,500                                                                                        | --                                                                                                                                          | 42,500                                                               | --                                                                                                    |
| 07/03/07                                                  | 5.03                                                                                           | 1.70                                                                                                                            | 12/31/10                                     | 07/03/08                        | --                                                             | 847,500                                                                                       | --                                                                                                                                          | 847,500                                                              | --                                                                                                    |
| 07/03/07                                                  | 5.03                                                                                           | 1.98                                                                                                                            | 12/31/10                                     | 12/31/08                        | --                                                             | 20,000                                                                                        | --                                                                                                                                          | 20,000                                                               | --                                                                                                    |
| 07/03/07                                                  | 5.03                                                                                           | 2.25                                                                                                                            | 12/31/10                                     | 07/03/09                        | --                                                             | 120,000                                                                                       | --                                                                                                                                          | 120,000                                                              | --                                                                                                    |
|                                                      |                                                                                           |                                                                                                                            |                                         |                            | 3,517,500                                                      | 1,455,000                                                                                     | 352,500                                                                                                                                     | 4,620,000                                                            | 2,701,666                                                                                             |

|   | **i)** | On                August 30, 2006, the Board of Directors of the Company passed a resolution                with respect to the remaining stock options issued on January 17,                2005 to                (a) extend the expiry date of all then outstanding options from August                31,                2006 to the earlier of June 30, 2007 or 60 days following the date                of a                “Commercial Discovery” as defined under the terms of the PSC on Block                KG-OSN-2001/3 and (b) to extend the vesting date of certain of these                options to the earlier of the date of a “Commercial Discovery” as defined                under the terms of the PSC on Block KG-OSN-2001/3 or May 31, 2007,                as long                as drilling operations are continuing on the KG Offshore                Block.  This resolution resulted in an added incremental                stock-based compensation cost of $11,440 with respect to the seven                employees.  At September 30, 2007, none of these options remain                to be exercised. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **ii)** | During                the nine months ended September 30, 2007, the Company granted options                to                purchase 1,455,000 shares exercisable at various prices between $5.03                and                $6.11 and expire on dates between March 30, 2010 and June 20, 2017,                which                vest in their entirety on vesting dates between July 25, 2007 and                July 3,                2009. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **iii)** | As                at September 30, 2007, there were 4,620,000 options outstanding at                various                prices which, if exercised, would result in gross proceeds of                US$18,969,800. |
|--------|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **iv)** | During                the three and nine months ended September 30, 2007, there were nil                and                317,500 options exercised respectively, at $1.01 per share for gross                proceeds of US$nil and US$320,675 respectively.  During the                three and nine months ended September 30, 2007, nil and 35,000 options                respectively, expired. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**7.         Acquisition**

|                                                            |   | US                $ |      |
|-----------------------------------------------------------------|--------|---------------------|-----------|
|                                                            |   |                |      |
| Net                assets acquired                              |   |                |      |
| Cash                                                            |   |                | 3,034,666 |   |
| Other                current assets                             |   |                | 75,000    |   |
| Current                liabilities                              |   |                | (2,706    | ) |
|                                                            |   |                |      |   |
| Net                book value of identifiable assets acquired   |   |                | 3,106,960 |   |
|                                                            |   |                |      |   |
| Consideration                paid                               |   |                |      |   |
| Promissory                note issued                           |   |                | 2,000,000 |   |
| 34,000,000                common shares issued par value $0.001 |   |                | 34,000    |   |
| Additional                paid-in capital                       |   |                | 1,072,960 |   |
|                                                            |   |                | 3,106,960 |   |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**8.         Related      Party Transactions**

**a)         Note      payable**

**b)         Roy      Group (Mauritius) Inc.**

**c)         Roy      Group (Barbados) Inc. (“Roy Group”)**

|                                                                |   | **Three****months****ended****Sept                  30, 2007**US $ |       |   | Three                  months                  ended                  Sept                  30, 2006US $ |   |   | **Nine****months****ended****Sept                  30, 2007**US $ |   |       | Nine                  months                  ended                  Sept                  30, 2006US $ |   |   | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007US                $ |    |
|---------------------------------------------------------------------|--------|--------------------------------------------------------------------|------------|--------|----------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------|---------|
| Consolidated                Statements of                Operations |   |                                                               |       |   |                                                                                                     |   |   |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |    |
| Consulting                fees                                      |   | ** **                                                         | **17,500** |   |                                                                                                     |   | 17,500 |                                                              |   | ** ** | **52,500**                                                                                              |   |   |                                                                                                                                | 52,500  |   |   |   | 251,167 |   |
| Consolidated                Balance Sheets                          |   |                                                               |       |   |                                                                                                     |   |   |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |    |   |   |   |   |   |
| Oil                and gas interests                                |   |                                                               |       |   |                                                                                                     |   |   |                                                              |   |       |                                                                                                    |   |   |                                                                                                                                |    |   |   |   |   |   |
| Exploration                costs - India (note 4b)                  |   | ** **                                                         | **70,000** |   |                                                                                                     |   | 70,000 |                                                              |   | ** ** | **210,000**                                                                                             |   |   |                                                                                                                                | 210,000 |   |   |   | 1,004,666 |   |
|                                                                |   | ** **                                                         | **87,500** |   |                                                                                                     |   | 87,500 |                                                              |   | ** ** | **262,500**                                                                                             |   |   |                                                                                                                                | 262,500 |   |   |   | 1,255,833 |   |

| Consolidated                Statement of Operations                     |   |       |       |   |   |   |   |   |   |       |        |   |   |   |   |
|-------------------------------------------------------------------------|--------|------------|------------|--------|--------|--------|--------|--------|--------|------------|-------------|--------|--------|--------|--------|
| Consulting                fees                                          |   | ** ** | **4,754**  |   |   |   | --     |   |   | ** ** | **33,279**  |   |   |   | --     |   |   |   | 114,100 |   |
| Consolidated                Balance Sheets                              |   |       |       |   |   |   |   |   |   |       |        |   |   |   |   |   |   |   |   |   |
| Oil                and gas interests                                    |   |       |       |   |   |   |   |   |   |       |        |   |   |   |   |   |   |   |   |   |
|  Exploration                costs -                India (note 4b) |   | ** ** | **19,017** |   |   |   | --     |   |   | ** ** | **133,117** |   |   |   | --     |   |   |   | 456,400 |   |
|                                                                    |   | ** ** | **23,771** |   |   |   | --     |   |   | ** ** | **166,396** |   |   |   | --     |   |   |   | 570,500 |   |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**8.         Related      Party Transactions (continued)**

|                                                 |   | **Three****months****ended****Sept                30, 2007** |   |   | Three                months                ended                Sept                30, 2006 |   |    | **Nine****months****ended****Sept                30, 2007** |   |       | Nine                months                ended                Sept                30, 2006 |   |   | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007 |    |
|------------------------------------------------------|--------|--------------------------------------------------------------|--------|--------|----------------------------------------------------------------------------------------------|--------|---------|-------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------|---------|
|                                                 |   | **US                $**                                      |   |   | US                $                                                                          |   |    | **US                $**                                     |   |       | US                $                                                                         |   |   | US                $                                                                                              |    |
| Consolidated                Statements of Operations |   |                                                         |   |   |                                                                                         |   |    |                                                        |   |       |                                                                                        |   |   |                                                                                                             |    |
| General                and administrative            |   | ** **                                                   | **--** |   |                                                                                         |   | 43,751  |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | 118,923 |   |   |   | 153,539 |   |
| Consolidated                Balance Sheets           |   |                                                         |   |   |                                                                                         |   |    |                                                        |   |       |                                                                                        |   |   |                                                                                                             |    |   |   |   |   |   |
| Accounts                receivable                   |   | ** **                                                   | **--** |   |                                                                                         |   | 227     |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | 454     |   |   |   | 21,597 |   |
| Oil                and gas interests                 |   |                                                         |   |   |                                                                                         |   |    |                                                        |   |       |                                                                                        |   |   |                                                                                                             |    |   |   |   |   |   |
| Exploration                costs - India (note 4b)   |   | ** **                                                   | **--** |   |                                                                                         |   | 62,217  |                                                        |   | ** ** | **75,000**                                                                                  |   |   |                                                                                                             | 118,310 |   |   |   | 459,387 |   |
| Property                and equipment                |   | ** **                                                   | **--** |   |                                                                                         |   | 69      |                                                        |   | ** ** | **--**                                                                                      |   |   |                                                                                                             | 1,399   |   |   |   | 37,595 |   |
|                                                 |   | ** **                                                   | **--** |   |                                                                                         |   | 106,264 |                                                        |   | ** ** | **75,000**                                                                                  |   |   |                                                                                                             | 239,086 |   |   |   | 672,118 |   |

**d)         D.I.      Investments Ltd. (“DI”)**

|                                                  |   |   |   |    |    |
|-------------------------------------------------------|--------|--------|--------|---------|---------|
| Consolidated                  Statement of Operations |   |   |   |    |    |
| Consulting                  fees                      | **--** | 46,250 | **--** | 138,750 | 516,715 |

| Consolidated                Statement of Operations |   |    |   |    |    |
|-----------------------------------------------------|--------|---------|--------|---------|---------|
| Consulting                fees                      | **--** | 161,642 | **--** | 161,642 | 404,104 |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**8.         Related      Party Transactions      (continued)**

|                                                  |   | **Three****months****ended****Sept                30, 2007** |       |   | Three                months                ended                Sept                30, 2006 |   |   | **Nine****months****ended****Sept                30, 2007** |   |       | Nine                months                ended                Sept                30, 2006 |   |   | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007 |   |
|-------------------------------------------------------|--------|--------------------------------------------------------------|------------|--------|----------------------------------------------------------------------------------------------|--------|--------|-------------------------------------------------------------|--------|------------|---------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------|--------|
|                                                  |   | **US                $**                                      |       |   | US                $                                                                          |   |   | **US                $**                                     |   |       | US                $                                                                         |   |   | US                $                                                                                              |   |
|                                                  |   |                                                         |       |   |                                                                                         |   |   |                                                        |   |       |                                                                                        |   |   |                                                                                                             |   |
| Consolidated                Statements of Operations  |   |                                                         |       |   |                                                                                         |   |   |                                                        |   |       |                                                                                        |   |   |                                                                                                             |   |
| General                and administrative             |   |                                                         |       |   |                                                                                         |   |   |                                                        |   |       |                                                                                        |   |   |                                                                                                             |   |
| Office                costs                           |   | ** **                                                   | **1,658**  |   |                                                                                         |   | 469    |                                                        |   | ** ** | **2,881**                                                                                   |   |   |                                                                                                             | 19,973 |   |   |   | 181,951 |   |
| Travel,                hotel, meals and entertainment |   | ** **                                                   | **73,692** |   |                                                                                         |   | 181    |                                                        |   | ** ** | **73,692**                                                                                  |   |   |                                                                                                             | 1,188  |   |   |   | 122,378 |   |
| Consolidated                Balance Sheets            |   |                                                         |       |   |                                                                                         |   |   |                                                        |   |       |                                                                                        |   |   |                                                                                                             |   |   |   |   |   |   |
| Accounts                receivable                    |   | ** **                                                   | **1,364**  |   |                                                                                         |   | 3,012  |                                                        |   | ** ** | **1,436**                                                                                   |   |   |                                                                                                             | 10,451 |   |   |   | 28,826 |   |
| Property                and equipment                 |   | ** **                                                   | **4,909**  |   |                                                                                         |   | 4,107  |                                                        |   | ** ** | **4,909**                                                                                   |   |   |                                                                                                             | 4,107  |   |   |   | 9,016 |   |
|                                                  |   | ** **                                                   | **81,623** |   |                                                                                         |   | 7,769  |                                                        |   | ** ** | **82,918**                                                                                  |   |   |                                                                                                             | 35,719 |   |   |   | 342,171 |   |

**e)         Amicus      Services Inc. (“Amicus”)**

| Consolidated                Statements of                Operations |   |       |       |   |   |   |   |   |   |       |       |   |   |   |   |
|---------------------------------------------------------------------|--------|------------|------------|--------|--------|--------|--------|--------|--------|------------|------------|--------|--------|--------|--------|
| Consulting                fees                                      |   | ** ** | **13,045** |   |   |   | 12,890 |   |   | ** ** | **39,334** |   |   |   | 42,774 |   |   |   | 176,453 |   |

| Consolidated                Statements of Operations |   |       |    |   |   |   |   |   |   |       |      |   |   |   |   |
|------------------------------------------------------|--------|------------|---------|--------|--------|--------|--------|--------|--------|------------|-----------|--------|--------|--------|--------|
| General                and administrative            |   | ** ** | **--**  |   |   |   | --     |   |   | ** ** | **2,841** |   |   |   | 789    |   |   |   | 7,309 |   |
| Consolidated                Balance Sheets           |   |       |    |   |   |   |   |   |   |       |      |   |   |   |   |   |   |   |   |   |
| Accounts                receivable                   |   | ** ** | **783** |   |   |   | 503    |   |   | ** ** | **2,437** |   |   |   | 2,646  |   |   |   | 12,711 |   |
| Property                and equipment                |   | ** ** | **--**  |   |   |   | --     |   |   | ** ** | **--**    |   |   |   | --     |   |   |   | 1,599 |   |
|                                                 |   | ** ** | **783** |   |   |   | 503    |   |   | ** ** | **5,278** |   |   |   | 3,435  |   |   |   | 21,619 |   |

----

*Table          of Contents*

**9.         Income      Taxes**

**a)         Income      tax expense**

|                                                                           | **Three****months****ended****Sept                30, 2007** | Three                months                ended                Sept                30, 2006 | **Nine****months****ended****Sept                30, 2007** | Nine                months                ended                Sept                30, 2006 | Period                from Inception,                Aug                21, 2002 to Sept                30, 2007US                $ |
|--------------------------------------------------------------------------------|--------------------------------------------------------------|----------------------------------------------------------------------------------------------|-------------------------------------------------------------|---------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------|
|                                                                           | **US                $**                                      | US                $                                                                          | **US                $**                                     | US                $                                                                         |
|                                                                           |                                                         |                                                                                         |                                                        |                                                                                        |                                                                                                                                |
| Loss                before income taxes                                        | **(599,131)**                                                | (368,527)                                                                                    | **(1,446,759)**                                             | (526,126)                                                                                   | (4,437,433)                                                                                                                         |
| Expected                US tax rate                                            | **35.00%**                                                   | 35.00%                                                                                       | **35.00%**                                                  | 35.00%                                                                                      |                                                                                                                                |
|                                                                           |                                                         |                                                                                         |                                                        |                                                                                        |                                                                                                                                |
| Expected                income tax (recovery)                                  | **(209,696)**                                                | (128,984)                                                                                    | **(506,366)**                                               | (184,144)                                                                                   | (1,657,448)                                                                                                                         |
| Excess                of expected tax rate over tax rate of foreign affiliates | **161,200**                                                  | 125,581                                                                                      | **437,014**                                                 | 173,374                                                                                     | 1,010,030                                                                                                                           |
|                                                                           | **(48,496)**                                                 | (3,403)                                                                                      | **(69,352)**                                                | (10,770)                                                                                    | (647,418)                                                                                                                           |
|                                                                           |                                                         |                                                                                         |                                                        |                                                                                        |                                                                                                                                |
| Valuation                allowance                                             | **45,025**                                                   | 3,159                                                                                        | **65,453**                                                  | 9,610                                                                                       | 633,829                                                                                                                             |
| Other                                                                          | **3,471**                                                    | 244                                                                                          | **3,899**                                                   | 1,160                                                                                       | 13,589                                                                                                                              |
| **Income                tax recovery**                                         | **--**                                                       | --                                                                                           | **--**                                                      | --                                                                                          | --                                                                                                                                  |

**b)         Deferred      income taxes**

|                                                                                                 | **September                30, 2007****US                $** | December                31, 2006US                $ |
|------------------------------------------------------------------------------------------------------|--------------------------------------------------------------|-----------------------------------------------------|
| Difference                between tax base and reported amounts of depreciable                assets | **7,393**                                                    | 25,873                                              |
| Non-capital                loss carry forwards                                                       | **2,437,003**                                                | 2,525,363                                           |
|                                                                                                 | **2,444,396**                                                | 2,551,236                                           |
| Valuation                allowance                                                                   | **(2,444,396)**                                              | (2,551,236)                                         |
| **Deferred                income tax asset**                                                         | **--**                                                       | --                                                  |

**c)         Loss      carry forwards**

|  **Tax                Jurisdiction** | **Amount****US                $** | **Expiry                Dates****Commence** |
|-------------------------------------------|-----------------------------------|---------------------------------------------|
| United                States              | 6,762,532                         | 2023                                        |
| Canada                                    | 132,599                           | 2015                                        |
| Barbados                                  | 1,021,504                         | 2012                                        |
|                                      | **7,916,635**                     |                                        |

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**10.         Segmented      Information**

|                                 |   | **September                30, 2007****US$** |           |   | December                31, 2006US$ |   |
|--------------------------------------|--------|----------------------------------------------|----------------|--------|-------------------------------------|--------|
| Oil                and gas interests |   |                                         |           |   | (note                12b)           |   |
| India                                |   | ** **                                   | **16,034,008** |   |                                |   | 9,640,271 |   |
| Egypt                and Middle East |   | ** **                                   | **2,524,841**  |   |                                |   | 82,467 |   |
|                                 |   | ** **                                   | **18,558,849** |   |                                |   | 9,722,738 |   |

**11.         Commitments,      Contingencies and Guarantees**

**a)         Restricted      cash**

|   | **i)** | The                Company’s PSCs relating to exploration blocks in or offshore India contain                provisions whereby the joint venture participants must provide the                GOI a                bank guarantee in the amount of 35% of the participant's share of                the                minimum work program for a particular phase, to be undertaken annually                during the budget period April 1 to March 31.  These bank                guarantees have been provided to the GOI and serve as guarantees                for the                performance of such minimum work program and are in the form of                irrevocable letters of credit which are secured by term deposits                of the                Company in the same amount. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The                term deposits securing these bank guarantees are as                follows: |
|--------|------------------------------------------------------------------------------------------------|

|                                      | **September                30, 2007** | December                31, 2006 |
|-------------------------------------------|---------------------------------------|----------------------------------|
|                                      | **US                $**               | US                $              |
| Exploration                Blocks - India |                                  |                             |
| Mehsana                                   | **155,000**                           | 711,445                          |
| Sanand/Miroli                             | **910,000**                           | 905,000                          |
| Ankleshwar                                | **950,000**                           | 600,000                          |
| Tarapur                                   | **940,000**                           | 1,200,000                        |
| DS                03                      | **175,000**                           | 110,000                          |
| DS                04                      | **175,000**                           | --                               |
|                                      | **3,305,000**                         | 3,526,445                        |

|   | **ii)** | The                Company has provided to its bankers as security for credit cards                issued to                employees for business purposes two term deposits, one in the amount                of                US$30,000 (December 31, 2006 – US$30,000) and the other in the amount of                US$40,148 (Cdn$40,000) (December 31, 2006 – US$34,324 (Cdn                $40,000)). |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**11.         Commitments,      Contingencies and Guarantees (continued)**

|   | **iii)** | The                Company has entered into** **a Joint Bidding Agreement                with GSPC, and Alkor Petroo Limited relating to exploration activities                in                Egypt. Under the terms of  the Joint Bidding Agreement, the                bidders were required to submit a bank guarantee equal to 2% of the                financial commitment under the minimum work program of the First                Exploration Phase which has a term of 4 years.  During the third                quarter, the Company provided to GSPC two bank guarantees totaling                US$1,170,000 secured by term deposits of the Company in the same                amount,                based on their 30% participating interest (see note                11c). |
|--------|----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                            | **September                30, 2007** | December                31, 2006 |
|-------------------------------------------------|---------------------------------------|----------------------------------|
|                                            | **US                $**               | US                $              |
| Exploration                Blocks – Egypt |                                  |                             |
| Block                6 N. Hap’y           | **900,000**                           | --                               |
| Block                8 South Diyur              | **270,000**                           | --                               |
|                                            | **1,170,000**                         | --                               |

|   | **b)** | **Production                Sharing Contracts** |
|--------|--------|-------------------------------------------------|

|   | The                Company is required to expend funds on the exploration activities                to                fulfill the terms of the minimum work commitment based on our                participating interest for Phase I pursuant to the PSCs in respect                of each                of our exploration blocks as                follows: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **i)  ** | Mehsana                - Acquire, process and interpret 75 square kilometers of 3D seismic                and                drill 7 exploratory wells between 1,000 and 2,200                meters. |
|--------|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **ii)  ** | Sanand/Miroli                - Acquire, process and interpret 200 square kilometers of 3D seismic                and                drill 12 exploratory wells between 1,500 and 3,000                meters. |
|--------|---------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **iii)  ** | Ankleshwar                - Acquire, process and interpret 448 square kilometers of 3D seismic                and                drill 14 exploratory wells between 1,500 and 2,500                meters. |
|--------|----------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **iv)  ** | DS                03 Block - Gravity and geochemical surveys and a 12,000 line kilometer                aero magnetic survey. |
|---------------------|-------------------------------------------------------------------------------------------------------------------------------|

| **v)  ** | DS                04 Block - Gravity and magnetic and geochemical surveys; acquire,                process                and interpret 325 LKM of 2-D seismic; and drill 10 core holes to                a depth                of approximately 500 meters. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **vi)  ** | Tarapur                Block - The third and final                phase of exploratory activities on the Tarapur Block had a term of                2 years                expiring November 22, 2007 with a work commitment to drill one well                to a                depth of 3,000 meters or to the Deccan trap.  This requirement                has been completed and all areas not encompassing a commercial discovery                after November 22, 2007 will be relinquished back to the                GOI.  Oil and Natural Gas Corporation Limited of India has the                right to participate into the development of any commercial discovery                on                the Tarapur Block by acquiring a 30% participating interest as provided                under the PSC.  The exercise of this right would result in the                reduction of our PI to 14%. |
|---------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **v)  ** | NELP-VI BlocksOn                  March 2, 2007, the Company along with its joint venture partners                  executed                  PSCs with the GOI covering four new exploration blocks awarded                  under the                  sixth round of the New Exploration Licensing Policy                  (NELP-VI). |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**11.         Commitments,      Contingencies and Guarantees (continued)**

|   | 1) | KG                Onshore Block - Reprocess 564 LKM of 2-D seismic; conduct a gravity and                magnetic and geochemical survey; acquire, process and interpret 548                sq kms                of 3-D seismic; and drill 12 exploratory wells between 2,000 and                5,000                meters. |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2) | RJ                Block 20 - Reprocess 463 LKM of 2-D seismic; conduct a gravity and                magnetic and geochemical survey; acquire, process and interpret 250                LKM of                2-D seismic and 700 sq kms of 3-D seismic; and drill a total of 12                exploratory wells between 2,000 and 2,500                meters. |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3) | RJ                Block 21 - Reprocess 463 LKM of 2-D seismic; conduct a gravity and                magnetic and geochemical survey; acquire, process and interpret 310                LKM of                2-D seismic and 611 sq kms of 3-D seismic; and drill a total of 8                exploratory wells between 2,000 and 2,500                meters. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4) | DS                04 Block - Conduct a gravity and magnetic and geochemical survey,                a                seismic acquisition program consisting of 325 LKM of 2-D seismic                and drill                10 core holes to a depth of approximately 500                meters. |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**c)         Egyptian      Blocks**

**d)         KG      Offshore Block**

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**11.         Commitments,      Contingencies and Guarantees (continued)**

* *

* *
*" *

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

**11.         Commitments,      Contingencies and Guarantees (continued)**

|  | **e) ** | **Carried Interest Agreement                Dispute** |
|--|--------------|-------------------------------------------------------|

|  | **f)** | **Corporate                  Head Office** |
|--|--------|--------------------------------------------|

**12.         Comparative      figures**

|  | **a)** | As                the Company is in its development stage, these figures represent                the                accumulated amounts of the continuing entity for the period from                inception                August 21, 2002 to September 30,                2007. |
|--|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | **b)** | Certain                comparative figures have been reclassified to conform with the                presentation adopted in the current                period. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**GeoGlobal              Resources Inc.**

**(a              development stage              enterprise)**

**Notes            to the Consolidated Financial            Statements**

**(Unaudited)**

**September              30, 2007**

| **13.** | **Recent                Accounting Standards** |
|---------|------------------------------------------------|

**a)         Fair      Value Measurements**

**b)         The      Fair Value Option for Financial Assets and Financial      Liabilities**

----

*Table            of Contents*

**Item      2.    MANAGEMENT’S      DISCUSSION AND ANALYSIS OR PLAN OF      OPERATION**

***Our      Business Activities***

| ·   | The                first of our agreements, entered into in February 2003 under NELP-III,                grants exploration rights in an area offshore eastern India in the                Krishna                Godavari Basin in the State of Andhra Pradesh.  We refer to this                KG-OSN-2001/3 exploration block as the “KG Offshore Block” and we have a                net 5% carried interest (“CI”) under this                agreement. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                entered into two agreements which grant exploration rights in areas                onshore in the Cambay Basin in the State of Gujarat in western                India.  These agreements were entered into in February 2004                under NELP-IV and we have a 10% participating interest (“PI”) under each                of these agreements.  We refer to the CB-ONN-2002/2 exploration                block as the “Mehsana Block” and the CB-ONN-2002/3 exploration block as                the “Sanand/Miroli Block.” |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Pursuant                to an agreement entered into in April 2005, we purchased from Gujarat                State Petroleum Corporation Limited (“GSPC”), a 20% PI in the agreement                granting exploration rights granted under NELP-III to an onshore                exploration block in the Cambay Basin in the State of Gujarat in                western                India.  We refer to this CB-ON/2 exploration block as the                “Tarapur Block”. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In                September 2005, we entered into agreements with respect to two areas                under                NELP-V.  One area is located onshore in the Cambay Basin located                in the State of Gujarat south-east of our three existing Cambay blocks,                in                which we hold a 10% PI.  We refer to this CB-ONN-2003/2                exploration block as the “Ankleshwar Block”.  The second area is                located onshore in the Deccan Syneclise Basin located in the northern                portion of the State of Maharashtra in west-central India for which                we                hold a 100% PI interest and are the operator.  We refer to this                DS-ONN-2003/1 exploration block as the “DS 03                Block”. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | In                March 2007, we signed agreements with respect to four additional                locations                awarded under NELP-VI.  One location is onshore in the Krishna                Godavari Basin in the State of Andhra Pradesh adjacent to our KG                Offshore                Block in eastern India in which we hold a 10% PI.  We currently                refer to this KG-ONN-2004/1 exploration block as the “KG Onshore                Block”.  The second and third locations include two agreements                onshore in north-west India in the Rajasthan Basin in the State of                Rajasthan and we hold a 25% PI in each of these agreements.  We                currently refer to the RJ-ONN-2004/2 exploration block as the “RJ Block                20” and the RJ-ONN-2004/3 exploration block as the “RJ Block                21”.  The fourth location is onshore in the Deccan Syneclise                Basin in the State of Maharashtra adjacent to our DS 03 Block in                west-central India in which we hold a 100% PI and are the                operator.  We currently refer to this DS-ONN-2004/1 exploration                block as the "DS 04 Block." |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

*Table            of Contents*

**A      COMPARISON OF OUR OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED      SEPTEMBER 30, 2007 TO SEPTEMBER 30, 2006**

***Statements      of Operations***

*Three      months ended September 30, 2007 and 2006*

*Sarbanes Oxley Act*

----

*Table          of Contents*

*Nine      months ended September 30, 2007 and 2006*

*Sarbanes      Oxley Act*

----

*Table          of Contents*

***Liquidity      and Capital Resources***

*Three      months ended September 30, 2007 and 2006*

----

*Table            of Contents*

*Nine      months ended September 30, 2007 and 2006*

***Our      Krishna Godavari Basin Agreements and Exploration      Activities***

*The      KG Offshore Block and Our Carried Interest Agreement*

----

*Table          of Contents*

*Matters      Relating to Our KG Offshore Block PSC*

* *

----

*Table          of Contents*

* *
*" *

*The      KG Offshore Block Drilling Activities*

*Saipem      Perro Negro 3 Rig*

| ·   | 16/64                inch choke –  6.7 MMSCFD Gas plus 12 BBLS/D Condensate at 4,550                psi FWHP |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | 20/64                inch choke –  8.5 MMSCFD Gas plus 16 BBLS/D Condensate at 4,000                psi FWHP |
|--------------------|------------------------------------------------------------------------------------------------------------------------------|

| ·   | 32/64                inch choke – 10.6 MMSCFD Gas plus 22 BBLS/D Condensate at 1,950 psi                FWHP |
|--------------------|--------------------------------------------------------------------------------------------------------------------|

*Atwood      Beacon Rig*

----

*Table          of Contents*

*Deep      Driller 1 Rig*

*Essar      Wildcat Rig*

----

*Table          of Contents*

*The      KG Onshore Block Agreement*

***Cambay      Basin Agreements and Drilling Activities***

*Mehsana      Block*

----

*Table          of Contents*

*Sanand/Miroli      Block*

----

*Table          of Contents*

*Ankleshwar      Block*

*Tarapur      Block*

----

*Table          of Contents*

*Financial      Commitments*

***The      Deccan Syneclise Basin Agreements and Drilling      Activities***

*DS      03 Block*

*DS      04 Block*

*Financial      Commitments*

***The      Rajasthan Basin Agreements and Drilling Activities***

----

*Table            of Contents*

***Egyptian      Activities***

*Anticipated      2008 Activities*

----

*Table          of Contents*

***CAUTIONARY      STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES      LITIGATION REFORM ACT OF 1995***

| ·   | the                statements in this Quarterly Report regarding our plans and objectives                relating to our future operations, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | plans                and objectives regarding the exploration, development and production                activities conducted on the exploration blocks in India in which                we have                interests, |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | plans                regarding drilling activities intended to be conducted through the                ventures in which we are a participant, the success of those drilling                activities and our ability and the ability of the ventures to complete                any                wells on the exploration blocks, to develop reserves of hydrocarbons                in                commercially marketable quantities, to establish facilities for the                collection, distribution and marketing of hydrocarbons, to produce                oil and                natural gas in commercial quantities and to realize revenues from                the                sales of those hydrocarbons, |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                ability to maintain compliance with the terms and conditions of our                PSCs,                including the related work commitments, to obtain consents, waivers                and                extensions from the DGH or GOI as and when required, and our ability                to                fund those work commitments, |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                plans and objectives to join with others or to directly seek to enter                into                or acquire interests in additional PSCs with the GOI and                others, |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | our                assumptions, plans and expectations regarding our future capital                requirements, |
|--------------------|------------------------------------------------------------------------------------------------------------------|

| ·   | our                plans and intentions regarding our plans to raise additional                capital, |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   | the                costs and expenses to be incurred in conducting exploration, well                drilling, development and production activities and the adequacy                of our                capital to meet our requirements for our present and anticipated                levels of                activities are all forward-looking                statements. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that our assumptions or our business plans and                objectives discussed herein will prove to be accurate or be able                to be                attained. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that any commercially recoverable quantities of                hydrocarbon reserves will be discovered on the exploration blocks                in which                we have an interest. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Our                ability to realize revenues cannot be assured.  Our ability to                successfully drill, test and complete producing wells cannot be                assured. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that we will have available to us the capital required                to meet our plans and objectives at the times and in the amounts                required                or we will have available to us the amounts we are required to fund                under                the terms of the PSCs we are a party                to. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that we will be successful in joining any further                ventures seeking to be granted PSCs by the GOI or that we will be                successful in acquiring interests in existing                ventures. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that we will obtain all required consents, waivers                and                extensions from the DGH or GOI as and when required to maintain compliance                with our PSCs , that we may not be adversely affected by any delays                we may                experience in receiving those consents, waivers and extensions, that                we                may not incur liabilities under the PSCs for our failure to maintain                compliance with and timely complete the related work programs, or                that                GSPC may not be successful in its efforts to obtain payment from                us on                account of exploration costs it has expended on the KG Offshore Block                for                which it asserts we are liable or otherwise seek to hold us in breach                of                that PSC or commence arbitration proceedings against                us. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                cannot assure you that the outcome of testing of one or more wells                on the                exploration blocks under our PSCs will be satisfactory and result                in                commercially-productive wells or that any further wells drilled will                have                commercially-successful results. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table          of Contents*

***Risk      Factors***

***Risks      Relating to Our Oil and Gas Activities***

*Because      We Are In the Early Stage Of Developing Our Activities, There Are Considerable      Risks That We Will Be Unsuccessful*

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*Table            of Contents*

*Our      Interest In The Production Sharing Contracts Involve Highly Speculative      Exploration Opportunities That Involve Material Risks That We Will Be      Unsuccessful*

*GSPC      Is Seeking a Payment From Us In the Amount Of Approximately $45.4 Million On      Account of GSPC’s Exploration Costs On the KG Offshore      Block*

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*Table            of Contents*

*Possible      Inability of Contracting Parties to Fulfill Phase One of the Minimum Work      Programs for Certain of Our PSCs*

* *

*Because      Our Activities Have Only Recently Commenced And We Have No Operating History      And      Reserves Of Oil And Gas, We Anticipate Future Losses; There Is No Assurance      Of      Our Profitability*

| ·   | We                will experience failures to discover oil and gas in commercial                quantities; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | There                are uncertainties as to the costs to be incurred in our exploratory                drilling activities, cost overruns are possible and we may encounter                mechanical difficulties and failures in completing                wells; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | There                are uncertain costs inherent in drilling into unknown formations,                such as                over-pressured zones, high temperatures and tools lost in the hole;                and |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | We                may make changes in our drilling plans and locations as a result                of prior                exploratory drilling. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table          of Contents*

*We      Expect to Have Substantial Requirements For Additional Capital That May Be      Unavailable To Us Which Could Limit Our Ability To Participate In Our Existing      and Additional Ventures Or Pursue Other Opportunities.  Our Available      Capital is Limited*

*India’s      Regulatory Regime May Increase Our Risks And Expenses In Doing      Business*

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*Table          of Contents*

*Our      Control By Directors And Executive Officers May Result In Those Persons Having      Interests Divergent From Our Other Stockholders*

*Our      Reliance On A Limited Number Of Key Management Personnel Imposes Risks On Us      That We Will Have Insufficient Management Personnel Available If The Services      Of      Any Of Them Are Unavailable*

*Our      Success Is Largely Dependent On The Success Of The Operators Of The Ventures      In      Which We Participate And Their Failure Or Inability To Properly Or Successfully      Operate The Oil And Gas Exploration, Development And Production Activities      On An      Exploration Block, Could Materially Adversely Affect Us*

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*Table          of Contents*

*Certain      Terms Of The Production Sharing Contracts May Create Additional Expenses And      Risks That Could Adversely Affect Our Revenues And      Profitability*

| ·   | The                venture participants are required to complete certain minimum work                programs during the two or three phases of the terms of the                PSCs.  In the event the venture participants fail to fulfill any                of these minimum work programs, the parties to the venture must pay                to the                GOI their proportionate share of the amount that would be required                to                complete the minimum work program.  Accordingly, we could be                called upon to pay our proportionate share of the estimated costs                of any                incomplete work programs. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Until                such time as the GOI attains self sufficiency in the production of                crude                oil and condensate and is able to meet its national demand, the parties                to                the venture are required to sell in the Indian domestic market their                entitlement under the PSCs to crude oil and condensate produced from                the                exploration blocks.  In addition, the Indian domestic market has                the first call on natural gas produced from the exploration blocks                and the                discovery and production of natural gas must be made in the context                of the                government’s policy of utilization of natural gas and take into account                the objectives of the government to develop its resources in the                most                efficient manner and promote conservation                measures.  Accordingly, this provision could interfere with our                ability to realize the maximum price for our share of production                of                hydrocarbons; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                parties to each agreement that are not Indian companies, which includes                us, are required to negotiate technical assistance agreements with                the GOI                or its nominee whereby such foreign company can render technical                assistance and make available commercially available technical information                of a proprietary nature for use in India by the government or its                nominee,                subject, among other things, to confidentiality                restrictions.  Although not intended, this could increase each                venture’s and our cost of operations;                and |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                parties to each venture are required to give preference, including                the use                of tender procedures, to the purchase and use of goods manufactured,                produced or supplied in India provided that such goods are available                on                equal or better terms than imported goods, and to employ Indian                subcontractors having the required skills insofar as their services                are                available on comparable standards and at competitive prices and                terms.  Although not intended, this could increase the ventures                and our cost of operations. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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*Table          of Contents*

*The      Requirements Of Section 404 Of The Sarbanes-Oxley Act Of 2002 Require That      We      Undertake An Evaluation Of Our Internal Controls That May Identify Internal      Control Weaknesses*

*Oil      And Gas Prices Fluctuate Widely And Low Oil And Gas Prices Could Adversely      Affect Our Financial Results*

| ·   | political                conditions and civil unrest in oil producing regions, including the                Middle                East and elsewhere; |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                domestic and foreign supply of oil and                gas; |
|--------------------|-------------------------------------------------------------------------------|

| ·   | quotas                imposed by the Organization of Petroleum Exporting Countries upon                its                members; |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                level of consumer demand; |
|--------------------|----------------------------------------------|

| ·   | weather                conditions; |
|--------------------|------------------------------------|

| ·   | domestic                and foreign government regulations; |
|--------------------|-------------------------------------------------------------|

| ·   | the                price and availability of alternative                fuels; |
|--------------------|--------------------------------------------------------------------------------|

| ·   | overall                economic conditions; and |
|--------------------|-------------------------------------------------|

| ·   | international                political conditions. |
|--------------------|----------------------------------------------------|

| ·   | the                capacity and availability of oil and gas gathering systems and                pipelines; |
|--------------------|-------------------------------------------------------------------------------------------------------------|

| ·   | the                ability to produce oil and gas in commercial quantities and to enhance                and                maintain production from existing wells and wells proposed to be                drilled; |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                proximity of future hydrocarbon discoveries to oil and gas transmission                facilities and processing equipment (as well as the capacity of such                facilities); |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                effect of governmental regulation of production and transportation                (including regulations relating to prices, taxes, royalties, land                tenure,                allowable production, importing and exporting of oil and condensate                and                matters associated with the protection of the                environment); |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | the                imposition of trade sanctions or embargoes by other                countries; |
|--------------------|--------------------------------------------------------------------------------------------------|

| ·   | the                availability and frequency of delivery                vessels; |
|--------------------|-----------------------------------------------------------------------------------|

| ·   | changes                in supply due to drilling by                others; |
|--------------------|----------------------------------------------------------------------------|

| ·   | the                availability of drilling rigs and qualified personnel;                and |
|--------------------|----------------------------------------------------------------------------------------------|

| ·   | changes                in demand. |
|--------------------|-----------------------------------|

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*Table          of Contents*

*Our      Ability To Locate And Participate In Additional Exploration Opportunities And      To      Manage Growth May Be Limited By Reason Of Our Limited History Of Operations      And      The Limited Size Of Our Staff*

*Our      Future Performance Depends Upon Our Ability And The Ability Of The Ventures      In      Which We Participate To Find Or Acquire Oil And Gas Reserves That Are      Economically Recoverable*

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*Table          of Contents*

*Estimating      Reserves And Future Net Revenues Involves Uncertainties And Oil And Gas Price      Declines May Lead To Impairment Of Oil And Gas Assets*

***Risks      Relating To The Market For Our Common Stock***

*Volatility      Of Our Stock Price*

**Item      3.     QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET      RISK**

*Commodity      Price Risk*

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*Table          of Contents*

*Interest      Rate Risk*

*Foreign      Currency Risk*

*Trading      Risks*

**Item      4.    Controls      and Procedures**

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*Table            of Contents*

**PART      II**

**OTHER      INFORMATION**

**Item      1A.    RISK      FACTORS**

| **Item                6.** | **EXHIBITS**                                                                                                                         |   |
|----------------------------|--------------------------------------------------------------------------------------------------------------------------------------|--------|
|                       |                                                                                                                                 |   |
| 31.1*                      | Certification                of President and Chief Executive Officer Pursuant to Rule                13a-14(a)                      |   |
| 31.2*                      | Certification                of Chief Financial Officer Pursuant to Rule 13a-14(a)                                                   |   |
| 32.1                       | Certification                of President and Chief Executive Officer Pursuant to Section 1350                (furnished, not filed) |   |
| 32.2                       | Certification                of Chief Financial Officer Pursuant to Section 1350 (furnished, not                filed)               |   |

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*Table            of Contents*

*Exchange Act*

|                             | GEOGLOBAL                RESOURCES INC.                             |
|----------------------------------|---------------------------------------------------------------------|
|                             |                                                                |
|                             |  (Registrant)                                                  |
|                             |                                                                |
| November                14, 2007 | /s/                Jean Paul Roy                                    |
|                             |                                                                |
|                             | Jean                Paul Roy                                        |
|                             | President                and Chief Executive Officer                |
|                             | (Principal                Executive Officer and Director)           |
|                             |                                                                |
| November                14, 2007 | /s/                Allan J. Kent                                    |
|                             |                                                                |
|                             | Allan                J. Kent                                        |
|                             | Executive                Vice President and Chief Financial Officer |
|                             | (Principal                Financial and Accounting)                 |

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