WILLISTON, N.D., April 3 /PRNewswire-FirstCall/ -- GeoResources,
Inc., (NASDAQ:GEOI), today reported net income of $1,742,337, or
$0.46 per basic share, on revenue of $8,877,506 for the year ended
December 31, 2006. This compares to net income of $2,179,473 or
$0.58 per basic share, on revenue of $7,183,921 in 2005. In 2005,
net income included a one time gain of $348,743, on the involuntary
conversion of the Company's leonardite facility and 2006 net income
included $407,993 of expense related to the merger agreement with
Southern Bay Oil & Gas, L.P. and Chandler Energy, LLC.
Operating income for 2006 was $2,807,485 versus $2,244,016 in 2005.
Earnings before interest, taxes, depreciation, depletion and
amortization (EBITDA) for the year was $3,283,248 compared to
$3,272,837 during 2005. (1) (Logo:
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO ) Oil and
gas revenue in 2006 was $7,235,423 on production of 137,347 net
BOE, for an average realized price of $52.68 per BOE. In 2005 the
company generated $5,824,049 of revenue on 120,714 BOE, an average
of $48.25 per BOE. The oil and gas business segment generated
$3,661,727 of operating income before SG&A in 2006 versus
$2,964,640 of operating income before SG&A in 2005. Proved
reserves were 2,766,000 barrels of oil and 1,130,000 Mcf of natural
gas or 2,954,000 BOE at year-end 2006 versus 3,045,000 BOE at
year-end 2005. The standardized measure of discounted future cash
flows was $28,891,000. For the quarter ended December 31, 2006,
GeoResources sold a total of 36,772 BOE, versus 34,894 BOE sold
during the same period in 2005 and 33,548 BOE sold during the third
quarter of 2006. GeoResources' subsidiary, Western Star Drilling
Company (WSDC), reported 126 operating days for the year generating
drilling revenue of $1,642,083, a 21% increase compared to
$1,359,872 of drilling revenue in 2005. J.P. Vickers, President of
GeoResources, said, "Increases in revenue and operating income were
driven by higher production volumes and strong oil prices that were
somewhat offset by slightly lower natural gas prices. Much of the
production increase came from the Hammond Field in Carter County
Montana, which we successfully brought online in late September."
(1) EBITDA is defined as earnings before interest, income taxes,
depreciation and amortization, EBITDA should not be considered as
an alternative to net income (as an indicator of operating
performance) or as an alternative to cash flow (as a measure of
liquidity or ability to service debt obligations) and is not in
accordance with, nor superior to, generally accepted accounting
principles, but provides additional information for evaluating us.
Our measure of EBITDA may not be the same as similar measures
described by other companies. EBITDA is calculated as follows: Year
Ended Year Ended December 31, 2006 December 31, 2005 Net Income
$1,742,337 $2,179,473 Add back: Interest expense 25,445 87,592
Income tax 523,043 263,087 Depreciation and amortization 992,423
742,685 EBITDA $3,283,248 $3,272,837 Information herein contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, which can be identified
by words such as "may," "will," "expect," "anticipate," "estimate"
or "continue," or comparable words. In addition, all statements
other than statements of historical facts that address activities
that the Company expects or anticipates will or may occur in the
future are forward-looking statements. Readers are encouraged to
read the SEC reports of the Company, particularly its Form 10-KSB
for the Fiscal Year Ended December 31, 2006, for meaningful
cautionary language disclosure. GEORESOURCES, INC., AND
SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2006 AND 2005
ASSETS CURRENT ASSETS: 2006 2005 Cash and equivalents $889,766
$1,669,882 Trade receivables, net 1,437,093 1,109,202 Crude oil
inventory 141,549 113,648 Prepaid expenses 47,268 25,827 Total
current assets 2,515,676 2,918,556 PROPERTY, PLANT AND EQUIPMENT,
at cost: Oil and gas properties, using the full cost method of
accounting: Properties being amortized 30,685,572 27,842,549
Properties not subject to amortization 224,297 202,257 Drilling rig
and equipment 1,923,035 1,607,094 Other 861,078 849,834 33,693,982
30,501,734 Less accumulated depreciation, depletion, amortization
and impairment (20,058,541) (19,001,585) Net property, plant and
equipment 13,635,441 11,500,149 LEONARDITE ASSETS HELD FOR SALE
590,225 281,015 TOTAL ASSETS $16,741,342 $14,699,720 LIABILITIES
AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable
$1,649,972 $1,152,532 Accrued expenses 320,692 293,505 Income taxes
payable 60,551 64,000 Current portions of capital lease obligations
13,298 41,549 Current maturities of long-term debt -- 523,941 Total
current liabilities 2,044,513 2,075,527 CAPITAL LEASE OBLIGATIONS,
less current portions -- 13,298 LONG-TERM DEBT, less current
maturities -- 177,638 ASSET RETIREMENT OBLIGATIONS 2,521,840
2,324,690 DEFERRED INCOME TAXES: Related to continuing operations
768,000 521,000 Related to discontinued operations 268,000 232,000
Total liabilities 5,602,353 5,344,153 CONTINGENCIES (NOTE J)
STOCKHOLDERS' EQUITY: Common stock, par value $.01 per share;
authorized 10,000,000 shares; issued and outstanding, 3,782,769 and
3,765,269 shares, respectively 37,828 37,653 Additional paid-in
capital 432,791 391,881 Retained earnings 10,668,370 8,926,033
Total stockholders' equity 11,138,989 9,355,567 TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY $16,741,342 $14,699,720 GEORESOURCES,
INC., AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS YEARS
ENDED DECEMBER 31, 2006, 2005 AND 2004 2006 2005 2004 OPERATING
REVENUES: Oil and gas $7,235,423 $5,824,049 $4,452,114 Drilling
1,642,083 1,359,872 1,077,367 8,877,506 7,183,921 5,529,481
OPERATING COSTS AND EXPENSES: Oil and gas production 2,798,329
2,303,238 1,922,479 Drilling costs 1,485,101 1,258,258 1,009,051
Depreciation, depletion and amortization 992,423 742,685 743,246
Selling, general and administrative 794,168 635,724 560,391
6,070,021 4,939,905 4,235,167 Operating income 2,807,485 2,244,016
1,294,314 OTHER INCOME (EXPENSE): Interest expense (25,445)
(87,592) (91,363) Interest income 67,665 18,649 10,697 Professional
fees related to proposed merger (407,933) -- -- Other, net 20,818
17,178 20,027 (344,895) (51,765) (60,639) Income before income
taxes 2,462,590 2,192,251 1,233,675 INCOME TAX EXPENSE 523,043
263,087 114,287 Income from continuing operations 1,939,547
1,929,164 1,119,388 DISCONTINUED OPERATIONS: Loss from leonardite
operations (299,498) (216,920) (10,542) Income tax (expense)
benefit 102,288 118,486 (3,000) Gain on involuntary conversion of
leonardite facility, net of tax of $149,000 -- 348,743 -- (197,210)
250,309 (13,542) Net Income $1,742,337 $2,179,473 $1,105,846
EARNINGS PER SHARE: Income from continuing operations $.51 $.51
$.30 Income (loss) from discontinued operations (.05) .07 -- Net
Income, basic $.46 $.58 $.30 Income from continuing operations $.50
$.50 $.30 Income (loss) from discontinued operations (.05) .07 --
Net income, diluted $.45 $.57 $.30 Weighted average number of
shares outstanding 3,776,720 3,744,488 3,723,977 Dilutive potential
shares - Stock options 62,028 81,942 -- Adjusted weighted average
shares 3,838,748 3,826,430 3,723,977
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO
http://photoarchive.ap.org/ DATASOURCE: GeoResources, Inc. CONTACT:
Cathy Kruse of GeoResources, Inc., +1-701-572-2020, Web site:
http://www.georesources.net/
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