----

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**SECURITIES        AND EXCHANGE COMMISSION**

**Washington,        DC 20549**

**FORM        10-KSB/A**

**Amendment        No. 1**

**December        31, 2006**

**Commission        File No. 1-32158**

**GEOGLOBAL        RESOURCES INC.**

| (Name                  of Small Business Issuer in its Charter)                                                                                        |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Delaware**                                                                                                                                           | **33-0464753** |
| (State                  or Other Jurisdiction of Incorporation or Organization)                                                                        | (IRS                  Employer Identification No.) |
| **Suite                  310, 605- 1 Street SW, Calgary, Alberta T2P 3S9                  Canada**                                                     |
| (Address                  of Principal Executive Offices) (Zip Code)                                                                                   |
| **(403)                  777-9250**                                                                                                                    |
| (Issuer’s                  Telephone Number, Including Area Code)Securities                  registered under Section 12(b) of the Exchange Act: |
| Title                  of Each Class                                                                                                                   | Name                  of Each Exchange on Which Registered |
|                                                                                                                                                   | None |
| Securities                  Registered Pursuant to Section 12(g) of the Exchange                  Act:                                                 |
| Common                  Stock, par value $.001 per share                                                                                               |
| (Title                  of Each Class)                                                                                                                 |

**.**

**DOCUMENTS        INCORPORATED BY REFERENCE**

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Table            of Contents

**Annual        Report on Form 10-KSB/A**

**December        31, 2006**

**Table        of Contents**

|                      |                                  | Page   |
|---------------------------|---------------------------------------|--------|
|                      | **Part                  II**          |   |
|                      |                                  |   |
| Item                  7.  | Financial                  Statements | F1-F29 |
|                      |                                  |   |
|                      |                                  |   |
| Item                  13. | Exhibits                              | 4      |
|                      |                                  |   |

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Table            of Contents

**PART        II**

**Item        7. Financial Statements**

**Item        13. Exhibits **

| **Exhibit** | **Description**                                                                                                                                                                                                                                                                                                                          |
|-------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1         | Certificate                  of Incorporation of the Registrant, as amended.                  (1)                                                                                                                                                                                                                                        |
| 3.2         | Bylaws                  of the Registrant, as amended. (4)                                                                                                                                                                                                                                                                               |
| 3.3         | Certificate                  of Amendment filed with the State of Delaware on November 25, 1998.                  (2)                                                                                                                                                                                                                    |
| 3.4         | Certificate                  of Amendment filed with the State of Delaware on December 4, 1998.                  (2)                                                                                                                                                                                                                     |
| 3.5         | Certificate                  of Amendment filed with the State of Delaware on March 18, 2003.                  (5)                                                                                                                                                                                                                       |
| 3.6         | Certificate                  of Amendment filed with the State of Delaware on January 8, 2004.                  (5)                                                                                                                                                                                                                      |
| 4.1         | Specimen                  stock certificate of the Registrant. (5)                                                                                                                                                                                                                                                                       |
| 10.1        | Restated                  1993 Stock Incentive Plan. (1)                                                                                                                                                                                                                                                                                 |
| 10.2        | 1994                  Directors Stock Option Plan. (1)                                                                                                                                                                                                                                                                                   |
| 10.3        | 1994                  Stock Option Plan. (1)                                                                                                                                                                                                                                                                                             |
| 10.4        | 1993                  Stock Incentive Plan. (1)                                                                                                                                                                                                                                                                                          |
| 10.5        | 1998                  Stock Incentive Plan. (2)                                                                                                                                                                                                                                                                                          |
| 10.6        | Stock                  Purchase Agreement dated April 4, 2003 by and among Suite101.com,                  Inc.,                  Jean Paul Roy and GeoGlobal Resources (India) Inc. (3)                                                                                                                                                  |
| 10.7        | Amendment                  dated August 29, 2003 to Stock Purchase Agreement dated April 4,                  2003.                  (4)                                                                                                                                                                                                  |
| 10.8        | Technical                  Services Agreement dated August 29, 2003 between Suite101.com,                  Inc. and                  Roy Group (Barbados) Inc. (4)                                                                                                                                                                       |
| 10.8.1      | Amendment                  to Technical Services Agreement dated January 31, 2006 between                  GeoGlobal                  Resources Inc. and Roy Group (Barbados) Inc. (8)                                                                                                                                                   |
| 10.9        | Participating                  Interest Agreement dated March 27, 2003 between GeoGlobal Resources                  (India) Inc. and Roy Group (Mauritius) Inc. (4)                                                                                                                                                                      |
| 10.10       | Escrow                  Agreement dated August 29, 2003 among Registrant, Jean Paul Roy                  and                  Computershare Trust Company of Canada. (4)                                                                                                                                                                 |
| 10.11       | Promissory                  Note dated August 29, 2003 payable to Jean Paul Roy. (4)                                                                                                                                                                                                                                                     |
| 10.12       | Production                  Sharing Contract dated February 4, 2003, among The Government of                  India,                  Gujarat State Petroleum Corporation Limited, Jubilant Enpro Limited                  and                  GeoGlobal Resources (India) Inc. (6)                                                     |
| 10.13       | Production                  Sharing Contract dated February 6, 2004 among The Government of                  India,                  Gujarat State Petroleum Corporation Limited, Jubilant Enpro Private                  Limited and GeoGlobal Resources (Barbados) Inc. (6)                                                            |
| 10.14       | Production                  Sharing Contract dated February 6, 2004 among The Government of                  India,                  Gujarat State Petroleum Corporation Limited, Jubilant Enpro Private                  Limited, Prize Petroleum Company Limited and GeoGlobal Resources                  (Barbados) Inc. (6)          |
| 10.15       | Carried                  Interest Agreement dated August 27, 2002 between Gujarat State                  Petroleum                  Corporation Limited and GeoGlobal Resources (India) Inc. (5)                                                                                                                                         |
| 10.16       | Agency                  Agreement dated September 9, 2005 between the Company and Jones,                  Gable                  & Company Limited.                  (7)                                                                                                                                                             |
| 10.17       | Form                  of Subscription Agreement entered into by subscribers relating                  to offers                  and sales of Units by Jones, Gable & Company Limited.                  (7)                                                                                                                          |
|        | Form                  of Subscription Agreement with respect to sales of an aggregate                  of                  1,000,000 of the Units.                  (7)                                                                                                                                                                  |
| 10.18       | Registration                  Rights Agreement dated September 9, 2005 between the Company and                  Jones, Gable & Company Limited.                  (7)                                                                                                                                                            |
| 10.19       | Production                  Sharing Contract dated September 23, 2005, between the Government of                  India and GeoGlobal Resources (Barbados) Inc.                  (7)                                                                                                                                                |
| 10.20       | Production                  Sharing Contract dated September 23, 2005, between the Government of                  India, Gujarat State Petroleum Corporation Limited, GAIL (India)                  Ltd.,                  Jubilant Capital Pvt. Ltd. and GeoGlobal Resources (Barbados)                  Inc.                  (7) |
| 10.21       | Production                  Sharing Contract dated March 2, 2007, between the Government of                  India, Oil                  India Limited and GeoGlobal Resources (Barbados) Inc.                  (9)                                                                                                                      |
| 10.22       | Production                  Sharing Contract dated March 2, 2007, between the Government of                  India, Oil                  India Limited and GeoGlobal Resources (Barbados) Inc.                  (9)                                                                                                                      |
| 10.23       | Production                  Sharing Contract dated March 2, 2007, between the Government of                  India, Oil                  India Limited, Hindustan Petroleum Corpn. Ltd. and GeoGlobal Resources                  (Barbados) Inc.                  (9)                                                                    |
| 10.24       | Production                  Sharing Contract dated March 2, 2007, between the Government of                  India and                  GeoGlobal Resources (Barbados) Inc.                  (9)                                                                                                                                         |
|        |                                                                                                                                                                                                                                                                                                                                     |
| 14          | Code                  of Ethics. (5)                                                                                                                                                                                                                                                                                                     |
|        |                                                                                                                                                                                                                                                                                                                                     |
| 21          | Subsidiaries                  of the Registrant:                                                                                                                                                                                                                                                                                         |
|        | Name                                                                                                                                                                                                                                                                                                                                     | State                  or Jurisdiction of Incorporation |
|        | GeoGlobal                  Resources (India) Inc.                                                                                                                                                                                                                                                                                        | Barbados |
|        | GeoGlobal                  Resources (Canada) Inc.                                                                                                                                                                                                                                                                                       | Alberta |
|        | GeoGlobal                  Resources (Barbados) Inc.                                                                                                                                                                                                                                                                                     | Barbados |
|        |                                                                                                                                                                                                                                                                                                                                     |
| 23          | Consent                  of experts and counsel:                                                                                                                                                                                                                                                                                         |
| 23.1        | Consent                  of Ernst & Young LLP. (10)                                                                                                                                                                                                                                                                                  |
| 31.1        | Certification                  of President and Chief Executive Officer Pursuant to Rule 13a-14(a).                  (10)                                                                                                                                                                                                                |
| 31.2        | Certification                  of Chief Financial Officer Pursuant to Rule 13a-14(a). (10)                                                                                                                                                                                                                                               |
| 32.1        | Certification                  of President and Chief Executive Officer Pursuant to Section 1350                  (furnished, not filed). (10)                                                                                                                                                                                           |
| 32.2        | Certification                  of Chief Financial Officer Pursuant to Section 1350 (furnished,                  not                  filed). (10)                                                                                                                                                                                        |

| (1) | Filed                  as an Exhibit to Neuro Navigational Corporation Form 10-KSB No.                  0-25136                  dated September 30, 1994. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Filed                  as an Exhibit to our Current Report on Form 8-K dated December                  10,                  1998. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------|

| (3) | Filed                  as exhibit 10.1 to our Quarterly Report on Form 10-QSB for the                  quarter                  ended March 31, 2003. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Filed                  as an exhibit to our Current Report on Form 8-K for August 29,                  2003. |
|-----|--------------------------------------------------------------------------------------------------------------|

| (5) | Filed                  as an Exhibit to our Form 10-KSB dated April 1,                  2004. |
|-----|-----------------------------------------------------------------------------------------------|

| (6) | Filed                  as an Exhibit to our Form 10-KSB/A dated April 28,                  2004. |
|-----|--------------------------------------------------------------------------------------------------|

| (7) | Filed                  as an Exhibit to our Quarterly Report on Form 10-QSB for the quarter                  ended                  September 30, 2005. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| (8) | Filed                  as an Exhibit to our Current Report on Form 8-K dated January 31,                  2006. |
|-----|-----------------------------------------------------------------------------------------------------------------|

| (9) | To                  be filed as an Exhibit to our Quarterly Report on Form 10Q for                  the quarter                  ending March 31, 2007. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table            of Contents

**GEOGLOBAL        RESOURCES INC.**

**(a        development stage enterprise)**

**CONSOLIDATED        FINANCIAL STATEMENTS**

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Table            of Contents

**CONSOLIDATED        FINANCIAL STATEMENTS**

**DECEMBER        31, 2006 AND DECEMBER 31, 2005**

**(in        United States dollars)**

**GeoGlobal        Resources Inc. **

**(a        development stage enterprise)**

**Index        to Consolidated Financial Statements**

**December        31, 2006 and December 31, 2005**

| **Report                  of Independent Registered Public Accounting Firm** |                                                                                               | F-3    |
|------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------|--------|
|                                                                         |                                                                                               |   |
| **Financial                  Statements**                                    |                                                                                               |   |
|                                                                         | Consolidated                  Balance Sheets                                                       |   | F-4 |
|                                                                         | Consolidated                  Statements of Operations                                             |   | F-5 |
|                                                                         | Consolidated                  Statements of Changes in Stockholders’                  Equity |   | F-6 |
|                                                                         | Consolidated                  Statements of Cash Flows                                             |   | F-7 |
|                                                                         | Notes                  to the Consolidated Financial                  Statements                   |   | F-8                  to F-29 |

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Table            of Contents

**REPORT        OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**T**
**he        Board of Directors and Stockholders Of**

*"Ernst        & Young LLP" (signed)*

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Table            of Contents

| **GEOGLOBAL                  RESOURCES INC.****(a                  development stage enterprise)****CONSOLIDATED                  BALANCE SHEETS**                                                     |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                                   |   | **December                  31, 2006****US                  $** |   | December                  31, 2005US                  $ |   |
| **Assets**                                                                                                                                                                                             |   |   |   |   |   |
| Current                                                                                                                                                                                                |   |   |   |   |   |
| Cash                  and cash equivalents (note 2i)                                                                                                                                                   |   |   | **32,362,978** |   |   | 36,037,388 |   |
| Accounts                  receivable                                                                                                                                                                   |   |   | **202,821** |   |   | 139,035 |   |
| Prepaids                  and deposits                                                                                                                                                                 |   |   | **31,232** |   |   | 5,718 |   |
| Cash                  call receivable                                                                                                                                                                  |   |   | **--** |   |   | 49,947 |   |
|                                                                                                                                                                                                   |   |   | **32,597,031** |   |   | 36,232,088 |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| Restricted                  cash (note11a)                                                                                                                                                             |   |   | **3,590,769** |   |   | 392,485 |   |
| Property                  and equipment (note 3)                                                                                                                                                       |   |   | **183,427** |   |   | 89,826 |   |
| Oil                  and gas interests, not subject to depletion (note 4)                                                                                                                              |   |   | **9,722,738** |   |   | 2,216,663 |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                   |   |   | **46,093,965** |   |   | 38,931,062 |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |
| **Liabilities**                                                                                                                                                                                        |   |   |   |   |   |   |   |
| Current                                                                                                                                                                                                |   |   |   |   |   |   |   |
| Accounts                  payable                                                                                                                                                                      |   |   | **1,888,103** |   |   | 159,145 |   |
| Accrued                  liabilities                                                                                                                                                                   |   |   | **33,487** |   |   | 43,500 |   |
| Due                  to related companies (notes 8c, 8d and 8e)                                                                                                                                        |   |   | **33,605** |   |   | 244,452 |   |
|                                                                                                                                                                                                   |   |   | **1,955,195** |   |   | 447,097 |   |
| **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                                                                                                                                                                                                 |   |   |   |   |   |   |   |
| 66,208,255                  common shares (December 31, 2005 - 62,954,255)                                                                                                                             |   |   | **51,617** |   |   | 48,361 |   |
| Additional                  paid-in capital                                                                                                                                                            |   |   | **47,077,827** |   |   | 40,275,588 |   |
| Deficit                  accumulated during the development stage                                                                                                                                      |   |   | **(2,990,674** | **)** |   | (1,839,984 | ) |
|                                                                                                                                                                                                   |   |   | **44,138,770** |   |   | 38,483,965 |   |
|                                                                                                                                                                                                   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                   |   |   | **46,093,965** |   |   | 38,931,062 |   |
|  See                  Commitments, Contingencies and Guarantees (note 11)The                  accompanying notes are an integral part of these Consolidated Financial                  Statements |

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Table            of Contents

| **GEOGLOBAL                  RESOURCES INC.****(a                  development stage enterprise)****CONSOLIDATED                  STATEMENTS OF OPERATIONS** |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                         |   | **Year                  ended****Dec                  31, 2006****US                  $** |   | Year                  ended Dec                  31, 2005US                  $ |   | Year                  ended Dec                  31, 2004US                  $ |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006US                  $ |   |
|                                                                                                                                                         |   |   |   |   |   |   |   | (note                  12a) |   |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |
| **Expenses                  (notes 8c, 8d, 8e and 6b)**                                                                                                      |   |   |   |   |   |   |   |   |   |
| General                  and administrative                                                                                                                  |   |   | **1,406,000** |   |   | 495,326 |   |   | 451,788 |   |   | 2,510,716 |   |
| Consulting                  fees                                                                                                                             |   |   | **1,190,919** |   |   | 265,446 |   |   | 237,615 |   |   | 1,864,251 |   |
| Professional                  fees                                                                                                                           |   |   | **251,261** |   |   | 201,298 |   |   | 161,381 |   |   | 752,676 |   |
| Depreciation                                                                                                                                                 |   |   | **49,323** |   |   | 49,531 |   |   | 61,308 |   |   | 211,310 |   |
|                                                                                                                                                         |   |   | **2,897,503** |   |   | 1,011,601 |   |   | 912,092 |   |   | 5,338,953 |   |
| **Other                  expenses (income)**                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Consulting                  fees recovered                                                                                                                   |   |   | **--** |   |   | (12,950 | ) |   | (14,300 | ) |   | (66,025 | ) |
| Equipment                  costs recovered                                                                                                                   |   |   | **--** |   |   | (12,950 | ) |   | (2,200 | ) |   | (19,395 | ) |
| Gain                  on sale of equipment                                                                                                                   |   |   | **--** |   |   | (42,228 | ) |   | -- |   |   | (42,228 | ) |
| Foreign                  exchange (gain) loss                                                                                                                |   |   | **4,737** |   |   | (319 | ) |   | 3,495 |   |   | 26,547 |   |
| Interest                  income                                                                                                                             |   |   | **(1,751,550** | **)** |   | (462,174 | ) |   | (31,591 | ) |   | (2,247,178 | ) |
|                                                                                                                                                         |   |   | **(1,746,813** | **)** |   | (530,621 | ) |   | (44,596 | ) |   | (2,348,279 | ) |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  loss and comprehensive loss for****the                  period (note 9)**                                                             |   |   | **(1,150,690** | **)** |   | (480,980 | ) |   | (867,496 | ) |   | (2,990,674 | ) |
|                                                                                                                                                         |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Net                  loss per share****-                  basic and diluted (note 5f)**                                                                    |   |   | **(0.02** | **)** |   | (0.01 | ) |   | (0.02 | ) |   |   |   |

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Table            of Contents

| **GEOGLOBAL                  RESOURCES INC.****(a                  development stage enterprise)****CONSOLIDATED                  STATEMENTS OF STOCKHOLDERS'                  EQUITY** |   |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                                    |   |  Capital                  StockUS                  $ |   | Additional                  paid-in                  capitalUS                  $ |   | AccumulatedDeficitUS                  $ |   | Stockholders'EquityUS                  $ |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |
| Common                  shares issued on incorporation onAugust                  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 (note 7)                                                                                                                                                |   |   | 34,000 |   |   | 1,072,960 |   |   | -- |   |   | 1,106,960 |   |
| Options                  exercised for cash                                                                                                                                             |   |   | 397 |   |   | 101,253 |   |   | -- |   |   | 101,650 |   |
| December                  2003 private placement financing (note 5c)                                                                                                                    |   |   | 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 (note 5c)                                                                                                                           |   |   | 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 (note 5e(i))                                                                                                                                |   |   | 739 |   |   | 1,004,647 |   |   | -- |   |   | 1,005,386 |   |
| 2003                  Purchase Warrants exercised for cash (note 5d(i))                                                                                                                 |   |   | 2,214 |   |   | 5,534,036 |   |   | -- |   |   | 5,536,250 |   |
| Broker                  Warrants exercised for cash (note 5c)                                                                                                                           |   |   | 541 |   |   | 810,809 |   |   | -- |   |   | 811,350 |   |
| September                  2005 private placement financing (note 5b)                                                                                                                   |   |   | 4,252 |   |   | 27,636,348 |   |   | -- |   |   | 27,640,600 |   |
| Share                  issuance costs on private placement (note 5b)                                                                                                                    |   |   | -- |   |   | (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 (note 5e(i))**                                                                                                                            |   |   | **2,285** |   |   | **2,706,895** |   |   | **--** |   |   | **2,709,180** |   |
| **Options                  exercised for notes receivable (note 6e)**                                                                                                                   |   |   | **185** |   |   | **249,525** |   |   | **--** |   |   | **249,710** |   |
| **2003                  Purchase Warrants exercised for cash (note 5d(i))**                                                                                                             |   |   | **786** |   |   | **1,962,964** |   |   | **--** |   |   | **1,963,750** |   |
| **Share                  issuance costs**                                                                                                                                               |   |   | **--** |   |   | **(74,010** | **)** |   | **--** |   |   | **(74,010** | **)** |
| **Stock-based                  compensation (note 6b)**                                                                                                                                 |   |   | **--** |   |   | **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** |   |
|                                                                                                                                                                                    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|  See                  note 5 for further informationThe                  accompanying notes are an integral part of these Consolidated Financial                  Statements       |

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Table            of Contents

| **GEOGLOBAL                  RESOURCES INC.****(a                  development stage enterprise)****CONSOLIDATED                  STATEMENTS OF CASH                  FLOWS** |   |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                                                                                                                                                                          |   | **Year                  ended****Dec                  31, 2006****US                  $** |   | Year                  ended Dec                  31, 2005US                  $ |   | Year                  ended Dec                  31, 2004US                  $ |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006US                  $ |   |
|                                                                                                                                                                          |   |   |   |   |   |   |   | (note                  12a) |   |
| **Cash                  flows provided by (used in)****operating                  activities:**                                                                               |   |   |   |   |   |   |   |   |   |
| Net                  loss                                                                                                                                                     |   |   | **(1,150,690** | **)** |   | (480,980 | ) |   | (867,496 | ) |   | (2,990,674 | ) |
| Adjustments                  to reconcile net loss to net                  cash used in operating activities:                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Depreciation                                                                                                                                                                  |   |   | **49,323** |   |   | 49,531 |   |   | 61,308 |   |   | 211,310 |   |
| Gain                  on sale of equipment                                                                                                                                    |   |   | -- |   |   | (42,228 | ) |   | -- |   |   | (42,228 | ) |
| Stock-based                  compensation (note 6b)                                                                                                                           |   |   | **1,190,176** |   |   | -- |   |   | -- |   |   | 1,190,176 |   |
| Changes                  in operating assets and liabilities:                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Accounts                  receivable                                                                                                                                          |   |   | **(63,786** | **)** |   | 42,202 |   |   | (99,750 | ) |   | (127,821 | ) |
| Prepaids                  and deposits                                                                                                                                        |   |   | **(25,514** | **)** |   | (5,718 | ) |   | -- |   |   | (31,232 | ) |
| Accounts                  payable                                                                                                                                             |   |   | **(23,720** | **)** |   | 24,307 |   |   | (147,060 | ) |   | 34,651 |   |
| Accrued                  liabilities                                                                                                                                          |   |   | **(10,013** | **)** |   | 22,500 |   |   | 4,600 |   |   | 33,487 |   |
| Due                  to related companies                                                                                                                                     |   |   | **(210,847** | **)** |   | 224,828 |   |   | (27,239 | ) |   | (8,151 | ) |
|                                                                                                                                                                          |   |   | **(245,071** | **)** |   | (165,558 | ) |   | (1,075,637 | ) |   | (1,730,482 | ) |
| **Cash                  flows provided by (used in)****investing                  activities:**                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Oil                  and gas interests                                                                                                                                        |   |   | **(6,739,386** | **)** |   | (1,578,124 | ) |   | (460,016 | ) |   | (8,956,049 | ) |
| Property                  and equipment                                                                                                                                       |   |   | **(142,924** | **)** |   | (36,876 | ) |   | (87,341 | ) |   | (435,309 | ) |
| Proceeds                  on sale of equipment                                                                                                                                |   |   | **--** |   |   | 82,800 |   |   | -- |   |   | 82,800 |   |
| Cash                  acquired on acquisition (note 7)                                                                                                                        |   |   | **--** |   |   | -- |   |   | -- |   |   | 3,034,666 |   |
| Restricted                  cash (note 11a)                                                                                                                                   |   |   | **(3,198,284** | **)** |   | (185,689 | ) |   | (206,796 | ) |   | (3,590,769 | ) |
| Changes                  in investing assets and liabilities:                                                                                                                 |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  call receivable                                                                                                                                         |   |   | **49,947** |   |   | (22,436 | ) |   | (27,511 | ) |   | -- |   |
| Accounts                  payable                                                                                                                                             |   |   | **1,763,478** |   |   | 94,415 |   |   | -- |   |   | 1,804,444 |   |
| Accrued                  liabilities                                                                                                                                          |   |   | **--** |   |   | (33,442 | ) |   | 33,442 |   |   | -- |   |
|                                                                                                                                                                          |   |   | **(8,267,169** | **)** |   | (1,679,352 | ) |   | (748,222 | ) |   | (8,060,217 | ) |
| **Cash                  flows provided by (used in)****financing                  activities:**                                                                               |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Proceeds                  from issuance of common shares                                                                                                                      |   |   | **4,922,640** |   |   | 34,993,586 |   |   | 213,550 |   |   | 46,231,490 |   |
| Share                  issuance costs                                                                                                                                         |   |   | **(74,010** | **)** |   | (1,541,686 | ) |   | -- |   |   | (2,165,871 | ) |
| Changes                  in financing liabilities:                                                                                                                            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Note                  payable (note 8a)                                                                                                                                       |   |   | **--** |   |   | -- |   |   | (1,000,000 | ) |   | (2,000,000 | ) |
| Accounts                  payable                                                                                                                                             |   |   | **(10,800** | **)** |   | 10,800 |   |   | -- |   |   | 61,078 |   |
| Due                  to shareholder                                                                                                                                           |   |   | **--** |   |   | -- |   |   | -- |   |   | -- |   |
| Due                  to related companies                                                                                                                                     |   |   | **--** |   |   | -- |   |   | -- |   |   | 26,980 |   |
|                                                                                                                                                                          |   |   | **4,837,830** |   |   | 33,462,700 |   |   | (786,450 | ) |   | 42,153,677 |   |
|  **Net                  increase (decrease) in cash and cash equivalents**                                                                                               |   |   | **(3,674,410** | **)** |   | 31,617,790 |   |   | (2,610,309 | ) |   | 32,362,978 |   |
|                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash                  and cash equivalents, beginning of period                                                                                                               |   |   | **36,037,388** |   |   | 4,419,598 |   |   | 7,029,907 |   |   | -- |   |
|                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                  and cash equivalents, end of period**                                                                                                                 |   |   | **32,362,978** |   |   | 36,037,388 |   |   | 4,419,598 |   |   | 32,362,978 |   |
|                                                                                                                                                                          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| **Cash                  and cash equivalents**                                                                                                                                |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Current                  bank accounts                                                                                                                                        |   |   | **316,329** |   |   | 127,803 |   |   | 90,670 |   |   | 316,329 |   |
| Term                  deposits                                                                                                                                                |   |   | **32,046,649** |   |   | 35,909,585 |   |   | 4,328,928 |   |   | 32,046,649 |   |
|                                                                                                                                                                          |   |   | **32,362,978** |   |   | 36,037,388 |   |   | 4,419,598 |   |   | 32,362,978 |   |
|  **Cash                  taxes paid during the period**                                                                                                                  |   |   | **17,775** |   |   | 15,500 |   |   | 2,750 |   |   | 39,463 |   |
| The                  accompanying notes are an integral part of these Consolidated Financial                  Statements                                                      |

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**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*

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**2.**
**Significant        Accounting Policies (continued)**

**b)**
**Oil        and gas interests**

| **i)  ** | **Capitalized                costs** |
|--------------------|--------------------------------------|

**ii)**
**Depletion**

**iii)**
**Ceiling        test**

| **iv)  ** | **Asset                retirement obligations** |
|---------------------|-------------------------------------------------|

**v)**
**Revenue        recognition**

**c)**
**Property        and Equipment**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**2.**
**Significant        Accounting Policies (continued)**

**d)**
**Joint        operations**

**e)**
**Net        loss per share**

**f)**
**Comprehensive        loss**

**g)**
**Use        of estimates**

**h)**
**Financial        instruments**

**i)**
**Cash        and cash equivalents**

**j)**
**Foreign        currency translation**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**2.**
**Significant        Accounting Policies (continued)**

**k)**
**Income        taxes**

| **l)** | **Stock-based                  compensation plan** |
|--------|----------------------------------------------------|

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

**m)**
**Warrants**

**3.**
**Property        and Equipment**

|                                                   | **December                  31, 2006****US$** | December                  31, 2005US$ |
|--------------------------------------------------------|-----------------------------------------------|---------------------------------------|
|                                                   |                                          |                                  |
| Computer                  and office equipment         | **324,419**                                   | 209,585                               |
| Accumulated                  depreciation              | **(169,082)**                                 | (119,759)                             |
|                                                   | **155,337**                                   | 89,826                                |
|                                                   |                                          |                                  |
| Office                  condominium deposit (note 13b) | **28,090**                                    | --                                    |
|                                                   | **183,427**                                   | 89,826                                |

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**4.**
**Oil        and Gas Interests**

|                                            | **December                  31, 2006****US$** | December                  31, 2005US$ |
|-------------------------------------------------|-----------------------------------------------|---------------------------------------|
| **Exploration                  - India**        |                                          |                                  |
| 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                             |
|                                            | **2,216,663**                                 | 2,216,663                             |
| 2006                                            | **7,506,075**                                 | --                                    |
|                                            | **9,722,738**                                 | 2,216,663                             |

**a)**
**Exploration        costs - India**

**b)**
**Capitalized        overhead costs**

**c)**
**Carried        Interest Agreement**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

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

**d)**
**Participating        Interest Agreement**

** **

**e)**
**Deed        of Assignment and Assumption**

**f)**
**Production        Sharing Contracts**

**i)**
**Exploration        Block KG-OSN-2001/3 (also referred to as “KG Offshore        Block”)**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

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

**ii)**
**Exploration        Block CB-ONN-2002/2 **
**(also        referred to as “Mehsana Block”)**

**iii)**
**Exploration        Block CB-ONN-2002/3 **
**(also        referred to as “Sanand/Miroli Block”)**

**iv)**
**Exploration        Block CB-ONN-2003/2 **
**(also        referred to as “Ankleshwar Block”)**

**v)        **
**Exploration        Block DS-ONN-2003/1 **
**(also        referred to as “DS 03 Block”)**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**5.**
**Capital        Stock**

**a)**
**Common        shares**

|                                                                                                                |  Number                  of shares |  Capital                  stock US                  $ | Additionalpaid-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 acquireGeoGlobal                  India                       |  34,000,000                        |  34,000                                               |  1,072,960                                                 |
| Share                  issuance costs on acquisition                                                                | --                                      | --                                                         | (66,850)                                                        |
| Elimination                  of GeoGlobal capital stock in recognition ofreverse                  takeover (note 7) |  (1,000)                           |  (14,657)                                             |  (10,914,545)                                              |
| Options                  exercised for cash                                                                         | 396,668                                 | 397                                                        | 101,253                                                         |
| December                  2003 private placement financing (note 5c)                                                | 6,000,000                               | 6,000                                                      | 5,994,000                                                       |
| Share                  issuance costs on private placement                                                          | --                                      | --                                                         | (483,325)                                                       |
|                                                                                                                | 55,052,355                              | 40,397                                                     | 6,618,038                                                       |
|                                                                                                                |                                    |                                                       |                                                            |
| Balance                  as at December 31, 2003                                                                    | 55,053,355                              | 40,461                                                     | 6,618,038                                                       |
|                                                                                                                |                                    |                                                       |                                                            |
| **2004                  Transactions**                                                                              |                                    |                                                       |                                                            |
| Options                  exercised for cash                                                                         | 115,000                                 | 115                                                        | 154,785                                                         |
| Broker                  Warrants exercised for cash (note 5c)                                                       | 39,100                                  | 39                                                         | 58,611                                                          |
|                                                                                                                | 154,100                                 | 154                                                        | 213,396                                                         |
|                                                                                                                |                                    |                                                       |                                                            |
| Balance                  as at December 31, 2004                                                                    | 55,207,455                              | 40,615                                                     | 6,831,434                                                       |
|                                                                                                                |                                    |                                                       |                                                            |
| **2005                  Transactions**                                                                              |                                    |                                                       |                                                            |
| Options                  exercised for cash (note 5e(i)                                                             | 739,000                                 | 739                                                        | 1,004,647                                                       |
| 2003                  Purchase Warrants exercised for cash (note 5d(i))                                             | 2,214,500                               | 2,214                                                      | 5,534,036                                                       |
| Broker                  Warrants exercised for cash (note 5c)                                                       | 540,900                                 | 541                                                        | 810,809                                                         |
| September                  2005 private placement financing (note 5b)                                               | 4,252,400                               | 4,252                                                      | 27,636,348                                                      |
| Share                  issuance costs on private placement (note 5b)                                                | --                                      | --                                                         | (1,541,686)                                                     |
|                                                                                                                | 7,746,800                               | 7,746                                                      | 33,444,154                                                      |
|                                                                                                                |                                    |                                                       |                                                            |
| Balance                  as at December 31, 2005                                                                    | 62,954,255                              | 48,361                                                     | 40,275,588                                                      |
|                                                                                                                |                                    |                                                       |                                                            |
| **2006                  Transactions**                                                                              |                                    |                                                       |                                                            |
| **Options                  exercised for cash (note 5e(i))**                                                        | **2,284,000**                           | **2,285**                                                  | **2,706,895**                                                   |
| **Options                  exercised for notes receivable (note 6e)**                                               | **184,500**                             | **185**                                                    | **249,525**                                                     |
| **2003                  Purchase Warrants exercised for cash (note 5d(i))**                                         | **785,500**                             | **786**                                                    | **1,962,964**                                                   |
| **Share                  issuance costs**                                                                           | **--**                                  | **--**                                                     | **(74,010)**                                                    |
| **Stock-based                  compensation (note 6b)**                                                             | **--**                                  | **--**                                                     | **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**                                                  |

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**5.**
**Capital        Stock (continued)**

**b)**
**September        2005 Financing**

**c)**
**December        2003 Financing**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**5**
**.**
**Capital        Stock (continued)**

**d)**
**Warrants**

**i)**
**2003        Purchase Warrants**

**ii)**
**2005        Purchase Warrants**

**iii)**
**Compensation        Option Warrants**

**e)**
**Options**

**i)**
**Stock        Options**

**ii)**
**Compensation        Options**

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

**6.**
**Stock        Options**

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

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**6.**
**Stock        Options (continued)**

**b)**
**Stock-based        compensation**

*Accounting        for Stock-Based Compensation*

|                                                    |   |   **Year                  ended****Dec                  31, 2006****US                  $** |          |   Year                  endedDec                  31, 2005 US                  $ |   |   Year                  endedDec                  31, 2004US                  $ |   | Period                  fromInception                  Aug                  21, 2002 to Dec 31, 2005US                  $ |       |
|---------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------|------------|
|                                                    |   |                                                                                                  |          | Restatednote                  6b(iii)                                                      |   | Restatednote                  6b(iii)                                                     |   | Restatednote                  6b(iii)                                                                                     |       |
| **Stock                  based compensation**           |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |
| Consolidated                  Statements of Operations  |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |
| General                  and administrative             |   |                                                                                                  | **563,551**   |                                                                                       |   | --                                                                                        |   |                                                                                                                      | --         |   |   | -- |   |
| Consulting                  fees                        |   |                                                                                                  | **626,625**   |                                                                                       |   | --                                                                                        |   |                                                                                                                      | --         |   |   | -- |   |
|                                                    |   |                                                                                                  | **1,190,176** |                                                                                       |   | --                                                                                        |   |                                                                                                                      | --         |   |   | -- |   |
| Consolidated                  Balance Sheets            |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| Oil                  and gas interests                  |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| Exploration                  costs - India              |   |                                                                                                  | **766,689**   |                                                                                       |   | --                                                                                        |   |                                                                                                                      | --         |   |   | -- |   |
|                                                    |   |                                                                                                  | **1,956,865** |                                                                                       |   | --                                                                                        |   |                                                                                                                      | --         |   |   | -- |   |
|                                                    |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| **Pro-forma                  basis**                    |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| Net                  loss                               |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| As                  reported                            |   |                                                                                                  | **--**        |                                                                                       |   | (480,980                                                                                  | )      |                                                                                                                      | (867,496   | ) |   | (1,839,984 | ) |
| Pro-forma                                               |   |                                                                                                  | **--**        |                                                                                       |   | (1,080,303                                                                                | )      |                                                                                                                      | (1,094,259 | ) |   | (2,787,949 | ) |
| Net                  loss per share - basic and diluted |   |                                                                                                  |          |                                                                                       |   |                                                                                      |   |                                                                                                                      |       |   |   |   |   |
| As                  reported                            |   |                                                                                                  |          |                                                                                       |   | (0.01                                                                                     | )      |                                                                                                                      | (0.02      | ) |   |   |   |
| Pro-forma                                               |   |                                                                                                  |          |                                                                                       |   | (0.02                                                                                     | )      |                                                                                                                      | (0.03      | ) |   |   |   |

|   | **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 year ended December 31, 2006,                  US$301,028 of this charge was recognized in the Consolidated Statements                  of                  Operations as general and administrative expense resulting in an                  increase                  in the net loss and comprehensive loss for the period in the same                  amount                  and no impact on the net loss per share - basic and diluted for                  the                  period. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**ii)**

**iii)**

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**6.**
**Stock        Options (continued)**

**c)**
**Black-Scholes        Assumptions**

|                                                              | **Year                  ended****Dec                  31, 2006****US                  $** | Year                  endedDec                  31, 2005US                  $ | Year                  endedDec                  31, 2004US                  $ |
|-------------------------------------------------------------------|-------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|-------------------------------------------------------------------------------|
|                                                              |                                                                                      |                                                                          |                                                                          |
| Fair                  value of stock options granted (per option) | **$1.21**                                                                                 | $0.33                                                                         | $0.00                                                                         |
| Risk-free                  interest rate                          | **4.15%**                                                                                 | 2.75%                                                                         | 0.00%                                                                         |
| Volatility                                                        | **70%**                                                                                   | 95%                                                                           | 0%                                                                            |
| Expected                  life                                    | **1.3                  years**                                                            | 1.1                  years                                                    | 0.0                  years                                                    |
| Dividend                  yield                                   | **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. |
|----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**d)**
**Stock        option table**

|       |                  | Fair                  Value  |                          |       |                       |                      | Cancelled                  (c)   |                       |                       |
|------------|-----------------------|------------------------------|-------------------------------|------------|----------------------------|---------------------------|----------------------------------|----------------------------|----------------------------|
|       | Option                | at                  Original |                          |       |                       | Granted                   | Expired                  (x)     |                       | Balance                    |
| Grant      | exercise              | Grant                        | Expiry                        | Vesting    | Balance                    | during                    | Exercised                  (e)   | Balance                    | exercisable                |
| date       | price                 | Date                         | date                          | date       | Dec                  31/05 | the                  year | during                  the year | Dec                  31/06 | Dec                  31/06 |
| (mm/dd/yy) | US                  $ | US$                          | (mm/dd/yy)                    | (mm/dd/yy) | #                          | #                         | #                                | #                          | #                          |
|       |                  |                         |                          |       |                       |                      |                             |                       |                       |
| 12/09/03   | 1.18                  | .241                         | 08/31/06                      | Vested     | 1,751,500                  | --                        | 1,721,500                  (e)   | --                         | --                         |
|       |                  |                         |                          |       |                       |                      | 30,000                  (x)      | --                         | --                         |
| 12/30/03   | 1.50                  | .317                         | 08/31/06                      | Vested     | 345,000                    | --                        | 345,000                  (e)     | --                         | --                         |
| 01/17/05   | 1.01                  | .380                         | (i)                  06/30/07 | Vested     | 579,500                    | --                        | 377,000                  (e)     | 202,500                    | 202,500                    |
| 01/17/05   | 1.01                  | .380                         | (i)                  06/30/07 | 05/31/07   | 150,000                    | --                        | --                               | 150,000                    | --                         |
| 01/18/05   | 1.10                  | .622                         | 08/31/08                      | Vested     | 600,000                    | --                        | --                               | 600,000                    | 600,000                    |
| 01/25/05   | 1.17                  | .434                         | 08/31/06                      | Vested     | 25,000                     | --                        | 25,000                  (e)      | --                         | --                         |
| 06/14/05   | 3.49                  | 1.553                        | 06/14/15                      | Vested     | 150,000                    | --                        | --                               | 150,000                    | 150,000                    |
| 08/24/05   | 6.50                  | 2.380                        | 08/24/08                      | Vested     | 110,000                    | --                        | --                               | 110,000                    | 110,000                    |
| 10/03/05   | 6.81                  | 3.070                        | 10/03/15                      | Vested     | 16,666                     | --                        | -                                | 16,666                     | 16,666                     |
| 10/03/05   | 6.81                  | 3.833                        | 10/03/15                      | 10/03/07   | 16,667                     | --                        | --                               | 16,667                     | --                         |
| 10/03/05   | 6.81                  | 4.383                        | 10/03/15                      | 10/03/08   | 16,667                     | --                        | --                               | 16,667                     | --                         |
| 06/14/06   | 5.09                  | 2.057                        | 06/14/16                      | 06/14/07   | --                         | 200,000                   | --                               | 200,000                    | --                         |
| 07/25/06   | 3.95                  | 1.141                        | 12/31/09                      | Vested     | --                         | 100,000                   | --                               | 100,000                    | 100,000                    |
| 07/25/06   | 3.95                  | 1.393                        | 12/31/09                      | 07/25/07   | --                         | 660,000                   | --                               | 660,000                    | --                         |
| 07/25/06   | 3.95                  | 1.601                        | 12/31/09                      | 12/31/07   | --                         | 50,000                    | --                               | 50,000                     | --                         |
| 07/25/06   | 3.95                  | 1.779                        | 12/31/09                      | 07/25/08   | --                         | 145,000                   | --                               | 145,000                    | --                         |
| 07/25/06   | 3.95                  | 2.006                        | 12/31/09                      | 07/25/09   | --                         | 70,000                    | --                               | 70,000                     | --                         |
| 07/25/06   | 3.95                  | 1.141                        | 07/25/16                      | Vested     | --                         | 500,000                   | --                               | 500,000                    | 500,000                    |
| 07/25/06   | 3.95                  | 1.141                        | 07/25/16                      | 07/25/07   | --                         | 500,000                   | --                               | 500,000                    | --                         |
| 11/24/06   | 7.52                  | 2.467                        | 11/24/09                      | 06/30/07   | --                         | 10,000                    | --                               | 10,000                     | --                         |
| 11/24/06   | 7.52                  | 2.919                        | 11/24/09                      | 12/31/07   | --                         | 10,000                    | --                               | 10,000                     | --                         |
| 11/24/06   | 7.52                  | 3.695                        | 11/24/09                      | 12/31/08   | --                         | 10,000                    | --                               | 10,000                     | --                         |
|       |                  |                         |                          |       | 3,761,000                  | 2,255,000                 | 2,498,500                        | 3,517,500                  | 1,679,166                  |

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**6.**
**Stock        Options (continued)**

**i)**

**ii)**

|   | **iii)** | As                  at December 31, 2006, there were 3,517,500 options outstanding                  at various                  prices which, if exercised, would result in total proceeds of                  US$11,837,375. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**iv)**

**v)**

| **e)** | **Notes                  receivable** |
|--------|---------------------------------------|

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

**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**

**December          31, 2006**

**8.**
**Related        Party Transactions**

**a)**
**Note        payable**

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

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

|                                                  |   |   **Year                  ended****Dec                  31, 2006** |        |   Year                  endedDec                  31, 2005 |   |   Year                  endedDec                  31, 2004 |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |    |
|-------------------------------------------------------|--------|------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|---------|
|                                                  |   | **US                  $**                                                    |        | US                  $                                                |   | US                  $                                                |   | US$                                                                                                                    |    |
| Consolidated                  Statement of Operations |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |
| Consulting                  fees                      |   |                                                                         | **70,000**  |                                                                 |   | 62,000                                                               |   |                                                                                                                   | 50,000  |   |   | 198,667 |   |
| Consolidated                  Balance Sheets          |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |   |   |   |   |
| Oil                  & gas interests              |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |   |   |   |   |
| Exploration                  costs - India (note 4b)  |   |                                                                         | **280,000** |                                                                 |   | 248,000                                                              |   |                                                                                                                   | 200,000 |   |   | 794,666 |   |
|                                                  |   |                                                                         | **350,000** |                                                                 |   | 310,000                                                              |   |                                                                                                                   | 250,000 |   |   | 993,333 |   |

| Consolidated                  Statement of Operations |   |   |        |   |   |   |   |   |   |
|-------------------------------------------------------|--------|--------|-------------|--------|--------|--------|--------|--------|--------|
| Consulting                  fees                      |   |   | **80,821**  |   |   | --     |   |   | --     |   |   | 80,821 |   |
| Consolidated                  Balance Sheets          |   |   |        |   |   |   |   |   |   |   |   |   |   |
| Oil                  & gas interests              |   |   |        |   |   |   |   |   |   |   |   |   |   |
| Exploration                  costs - India (note 4b)  |   |   | **323,283** |   |   | --     |   |   | --     |   |   | 323,283 |   |
|                                                  |   |   | **404,104** |   |   | --     |   |   | --     |   |   | 404,104 |   |

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

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

|                                                  |   |   **Year                  ended****Dec                  31, 2006** |        |   Year                  endedDec                  31, 2005 |   |   Year                  endedDec                  31, 2004 |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |    |
|-------------------------------------------------------|--------|------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|---------|
| Consolidated                  Statement of Operations |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |
| General                  and administrative           |   |                                                                         | **47,820**  |                                                                 |   | 45,430                                                               |   |                                                                                                                   | 19,640  |   |   | 153,539 |   |
| Consolidated                  Balance Sheets          |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |   |   |   |   |
| Accounts                  receivable                  |   |                                                                         | **227**     |                                                                 |   | 1,020                                                                |   |                                                                                                                   | 20,350  |   |   | 21,597 |   |
| Oil                  & gas interests              |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |   |   |   |   |
| Exploration                  costs - India (note 4b)  |   |                                                                         | **86,590**  |                                                                 |   | 127,295                                                              |   |                                                                                                                   | 87,165  |   |   | 384,387 |   |
| Property                  and equipment               |   |                                                                         | **--**      |                                                                 |   | 1,610                                                                |   |                                                                                                                   | 8,064   |   |   | 37,595 |   |
|                                                  |   |                                                                         | **134,637** |                                                                 |   | 175,355                                                              |   |                                                                                                                   | 135,219 |   |   | 597,118 |   |

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

|                                                  |   |   **Year                  ended****Dec                  31, 2006** |        |   Year                  endedDec                  31, 2005 |   |   Year                  endedDec                  31, 2004 |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |    |
|-------------------------------------------------------|--------|------------------------------------------------------------------------------|-------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|---------|
|                                                  |   | **US                  $**                                                    |        | US                  $                                                |   | US                  $                                                |   | US$                                                                                                                    |    |
| Consolidated                  Statement of Operations |   |                                                                         |        |                                                                 |   |                                                                 |   |                                                                                                                   |    |
| Consulting                  fees                      |   |                                                                         | **185,000** |                                                                 |   | 150,000                                                              |   |                                                                                                                   | 120,000 |   |   | 516,715 |   |

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

----

Table            of Contents

**GeoGlobal          Resources Inc. **

**(a          development stage enterprise)**

**Notes          to the Consolidated Financial Statements**

**December          31, 2006**

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

|                                                   |   |   **Year                  ended****Dec                  31, 2006** |       |   Year                  endedDec                  31, 2005 |   |   Year                  endedDec                  31, 2004 |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |   |
|--------------------------------------------------------|--------|------------------------------------------------------------------------------|------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated                  Statement of Operations  |   |                                                                         |       |                                                                 |   |                                                                 |   |                                                                                                                   |   |
| General                  and administrative            |   |                                                                         |       |                                                                 |   |                                                                 |   |                                                                                                                   |   |
| Office                  costs                          |   |                                                                         | **19,935** |                                                                 |   | 54,062                                                               |   |                                                                                                                   | 65,073 |   |   | 179,070 |   |
| Travel,                  hotel, meals andentertainment |   |                                                                         | **1,176**  |                                                                 |   | 5,121                                                                |   |                                                                                                                   | 3,344  |   |   | 48,686 |   |
| Consolidated                  Balance Sheets           |   |                                                                         |       |                                                                 |   |                                                                 |   |                                                                                                                   |   |   |   |   |   |
| Accounts                  receivable                   |   |                                                                         | **13,224** |                                                                 |   | 14,165                                                               |   |                                                                                                                   | --     |   |   | 27,389 |   |
| Property                  and equipment                |   |                                                                         | **4,107**  |                                                                 |   | --                                                                   |   |                                                                                                                   | --     |   |   | 4,107 |   |
|                                                   |   |                                                                         | **38,442** |                                                                 |   | 73,348                                                               |   |                                                                                                                   | 68,417 |   |   | 259,252 |   |

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

|                                                  |   |   **Year                  ended****Dec                  31, 2006** |       |   Year                  endedDec                  31, 2005 |   |   Year                  endedDec                  31, 2004 |   | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |   |
|-------------------------------------------------------|--------|------------------------------------------------------------------------------|------------|----------------------------------------------------------------------|--------|----------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------------------|--------|
| Consolidated                  Statement of Operations |   |                                                                         |       |                                                                 |   |                                                                 |   |                                                                                                                   |   |
| Consulting                  fees                      |   |                                                                         | **56,257** |                                                                 |   | 35,713                                                               |   |                                                                                                                   | 33,921 |   |   | 140,360 |   |

| Consolidated                  Statement of Operations |   |   |      |   |   |   |   |   |   |
|-------------------------------------------------------|--------|--------|-----------|--------|--------|--------|--------|--------|--------|
| General                  and administrative           |   |   | **1,654** |   |   | 685    |   |   | 1,961  |   |   | 4,468 |   |
| Consolidated                  Balance Sheets          |   |   |      |   |   |   |   |   |   |   |   |   |   |
| Accounts                  receivable                  |   |   | **3,725** |   |   | 2,530  |   |   | 967    |   |   | 10,274 |   |
| Property                  and equipment               |   |   | **--**    |   |   | --     |   |   | 1,599  |   |   | 1,599 |   |
|                                                  |   |   | **5,379** |   |   | 3,215  |   |   | 4,527  |   |   | 16,341 |   |

----

Table            of Contents

**GeoGlobal Resources Inc.**

**(a development stage          enterprise)**

**Notes to the Consolidated Financial          Statements**

**December 31,          2006**

**9.**
**Income        Taxes**

**a)**
**Income        tax expense**

|                                                                                             |   **Year                  ended****Dec                  31, 2006** |   Year                  endedDec                  31, 2005 |   Year                  endedDec                  31, 2004 | Period                  from Inception,                  Aug                  21, 2002to                  Dec 31, 2006 |
|--------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------|----------------------------------------------------------------------|----------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------|
|                                                                                             | **US                  $**                                                    | US                  $                                                | US                  $                                                | US$                                                                                                                    |
|                                                                                             |                                                                         |                                                                 |                                                                 |                                                                                                                   |
| Net                  loss before income taxes                                                    | **(1,150,690)**                                                              | (480,980)                                                            | (867,496)                                                            | (2,990,674)                                                                                                            |
| Expected                  US tax rate                                                            | **35.00%**                                                                   | 35.00%                                                               | 35.00%                                                               |                                                                                                                   |
|                                                                                             |                                                                         |                                                                 |                                                                 |                                                                                                                   |
| Expected                  income tax recovery                                                    | **(402,742)**                                                                | (168,343)                                                            | (303,624)                                                            | (1,047,720)                                                                                                            |
| Excess                  of expected tax rate over taxrate                  of foreign affiliates |  **380,444**                                                            |  55,062                                                         |  43,281                                                         |  527,401                                                                                                          |
|                                                                                             | **(22,298)**                                                                 | (113,281)                                                            | (260,343)                                                            | (520,319)                                                                                                              |
|                                                                                             |                                                                         |                                                                 |                                                                 |                                                                                                                   |
| Valuation                  allowance                                                             | **20,856**                                                                   | 110,566                                                              | 255,794                                                              | 510,629                                                                                                                |
| Other                                                                                            | **1,442**                                                                    | 2,715                                                                | 4,549                                                                | 9,690                                                                                                                  |
| **Income                  tax recovery**                                                         | **--**                                                                       | --                                                                   | --                                                                   | --                                                                                                                     |

**b)**
**Deferred        income taxes**

|                                                                                                     | **Dec                  31, 2006****US                  $** | Dec                  31, 2005US                  $ |
|----------------------------------------------------------------------------------------------------------|------------------------------------------------------------|----------------------------------------------------|
| Difference                  between tax base and reported amounts of depreciable                  assets | **25,873**                                                 | 25,871                                             |
| Non-capital                  loss carry forwards                                                         | **2,525,363**                                              | 2,645,060                                          |
|                                                                                                     | **2,551,236**                                              | 2,670,931                                          |
| Valuation                  allowance                                                                     | **(2,551,236)**                                            | (2,670,931)                                        |
| **Deferred                  income tax asset**                                                           | **--**                                                     | --                                                 |

**c)**
**Loss        carry forwards**

|  **Tax                  Jurisdiction** | **Amount****US                  $** | **Expiry                  Dates****Commence** |
|---------------------------------------------|-------------------------------------|-----------------------------------------------|
| United                  States              | 7,168,590                           | 2023                                          |
| Canada                                      | 152                                 | 2010                                          |
| Barbados                                    | 652,224                             | 2012                                          |
|                                        | 7,820,966                           |                                          |

----

Table            of Contents

** **

**10.**
**Segmented        Information**

|                                     | **Dec                  31, 2006****US                  $** | Dec                  31, 2005US                  $ |
|------------------------------------------|------------------------------------------------------------|----------------------------------------------------|
| Oil                  & gas interests |                                                       |                                               |
| India                                    | **9,722,738**                                              | 2,216,663                                          |

**11.**
**Commitments,        Contingencies and Guarantees**

| **a)** | **Restricted                  cash** |
|--------|--------------------------------------|

**i)**

|                               | **December                  31, 2006** | December                  31, 2005 |
|------------------------------------|----------------------------------------|------------------------------------|
|                               | **US                  $**              | US                  $              |
| Exploration                  Block |                                   |                               |
| Mehsana                            | **711,445**                            | 195,055                            |
| Sanand/Miroli                      | **905,000**                            | 197,430                            |
| Ankleshwar                         | **600,000**                            | --                                 |
| Tarapur                            | **1,200,000**                          | --                                 |
| DS                                 | **110,000**                            | --                                 |
|                               | **3,526,445**                          | 392,485                            |

**ii)**

**b)**
**Production        Sharing Contracts**

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

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

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

**iv)**

----

Table            of Contents

** **

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

**c)**
**KG        Offshore Block**

* *

* *
*"        *

----

Table            of Contents

** **

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

**d)**
**Tarapur        Block**

**e)**
**Corporate        Head Office**

**12.**
**Comparative        Figures**

**a)**

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

**13.**
**Subsequent        Event**

**a)**
**NELP-VI        Blocks**

|   | **i)** | Exploration                  Block KG-ONN-2004/1 (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. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **ii)** | Exploration                  Block RJ-ONN-2004/2 (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. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | **iii)** | Exploration                  Block RJ-ONN-2004/3 (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. |
|--------|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table            of Contents

** **

**13.**
**Subsequent        Event (continued)**

**iv)**

**b)**
**India        office condominium**

**14.**
**Recent        Accounting Standards**

**a)**
**Accounting        for Uncertainty in Income Taxes**

**b)**
**Fair        Value Measurements**

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

----

Table            of Contents

**SIGNATURES**

**GeoGlobal        Resources Inc.**

**By:**

**Allan        J. Kent**

**Executive        Vice President and CFO**

| **Signature**                                                                |   | **Title**                                                                       |   | **Date**                      |
|------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------|--------|-------------------------------|
| /s/                  Jean Paul RoyJean                  Paul Roy             |   | President,                  Chief Executive Officer and Director                |   | May                  11, 2007 |
|                                                                         |   |                                                                            |   |                          |
| /s/                  Allan J. KentAllan                  J. Kent             |   | Executive                  Vice President, Chief Financial Officer and Director |   | May                  11, 2007 |
|                                                                         |   |                                                                            |   |                          |
| /s/                  Brent J. PetersBrent                  J. Peters         |   | Director                                                                        |   | May                  11, 2007 |
|                                                                         |   |                                                                            |   |                          |
| /s/                  Peter R. SmithPeter                  R. Smith           |   | Chairman                  of the Board and Director                             |   | May                  11, 2007 |
|                                                                         |   |                                                                            |   |                          |
| /s/                  Michael J. HudsonMichael                  J. Hudson     |   | Director                                                                        |   | May                  11, 2007 |
|                                                                         |   |                                                                            |   |                          |
| /s/                  Dr. Avinash ChandraDr.                  Avinash Chandra |   | Director                                                                        |   | May                  11, 2007 |