______________________________________________________________________________
 
 
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
 
 
CURRENT REPORT
 
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
 
Date of Report (Date of earliest event reported): May 12, 2008
 

GEORESOURCES, INC.
(Exact name of Registrant as specified in its charter)

         
COLORADO
 
0-8041
 
84-0505444
         
(State or other jurisdiction
 
(Commission File Number)
 
(IRS Employer Identification No.)
of incorporation)
       

110 Cypress Station Drive, Suite 220
Houston, Texas 77090
(Address of principal executive offices) (Zip Code)

(281) 537-9920
(Registrant’s telephone number, including area code)

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 
 
___ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
___ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
___ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
___ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
______________________________________________________________________________
 
 
 
ITEM 2.02: RESULTS OF OPERATIONS AND FINANCIAL CONDITION

On May 12, 2008, GeoResources, Inc. issued a press release announcing financial results for the first quarter ended March 31, 2008.   A copy of the press release is furnished with this report as Exhibit 99.9, and is incorporated herein by reference.

The information in this report is being furnished, not filed, for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be incorporated by reference into any filing under the Securities Act of 1933, as amended.


 
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
 
   
(d)
 
Exhibits:
         
       
The following exhibit is included with this Current Report on Form 8-K:

     
Exhibit No.
 
Description
     
99.9
 
GeoResources, Inc. Press Release dated May 12, 2008.


 
 
 

 
SIGNATURE
 
 
Pursuant to the requirement of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
             
   
GEORESOURCES, INC
   
             
   
By:
 
/s/ Frank A. Lodzinski
 
Frank A. Lodzinski, President
   
 
Date: May 14, 2008
 


 
 
 

 
EXHIBIT INDEX
 
     
Exhibit No.
 
Description
 
99.9
 
 
GeoResources, Inc. Press Release dated May 12, 2008.

 
 
 

EXHIBIT 99.9
Contact:  Cathy Kruse
Telephone: 701-572-2020 ext 113
cathyk@geoi.net
FOR IMMEDIATE RELEASE

GeoResources, Inc. Reports First Quarter Financial Results

Houston, Texas May 12, 2008 – GeoResources, Inc., (NASDAQ:GEOI), today announced its financial results for the quarter ended March 31, 2008, compared to the results for the same period in 2007.  In a separate press release issued May 1, 2008, GeoResources, Inc. announced its operations update, including horizontal drilling in Texas and North Dakota.
 
For the three months ended March 31, 2008, the Company reported net income of $4.2 million, or $0.29 per share compared to $790,000 or $0.15 per share in 2007.  Total revenue increased 482% to $23.9 million in the first quarter of 2008 compared to $4.1 million the same quarter in 2007.
 
Oil and natural gas production increased substantially in the first quarter.  Natural gas production increased to 809 MMcf from 192 MMcf in the first quarter of 2007, an increase of 321%.  Oil production for the first quarter increased to 200 MBbls from 46 MBbls in the prior year’s period, an increase of 335%.  Properties acquired in the 2007 Merger accounted for increased production of approximately 57,000 Mcf of gas and approximately 36,000 barrels of oil during the first quarter of 2008.  Properties acquired in the fourth quarter of 2007 accounted for increased production of approximately 420,000 Mcf of gas and approximately 108,000 barrels of oil during the first quarter of 2008. The remaining increases were due to our drilling program, re-engineering and workovers, as well as increased commodity prices.
 
         The average realized price of natural gas was $7.73 per Mcf for the first quarter of 2008, 27% more than the first quarter of 2007.  The average realized price of oil for the first quarter of 2008 was $81.00 per barrel or 56% more than the first quarter in the prior year.
 
Earnings before interest, income taxes, depreciation, depletion and amortization, and exploration expense (“EBITDAX”) increased 563% to approximately $12,267,000 for the first quarter 2008 compared to $1,878,000 in the prior year’s similar quarter.
 
The following table reconciles reported net income to EBITDAX for the periods indicated:
 
EBITDAX (1)
 
Three Months Ended March 31,
 
   
2008
   
2007
 
             
             
Net income
  $ 4,224,683     $ 789,350  
Add back:
               
Interest expense
    1,569,175       156,152  
Income tax
    2,596,438       4,202  
Depreciation, depletion and amortization
    3,876,949       928,568  
Exploration expense
    -       -  
                 
EBITDAX
  $ 12,267,245     $ 1,878,272  
                 
                 
(1) EBITDAX is defined as earnings before interest, income taxes, depreciation, depletion and amortization, and exploration expense.  EBITDAX 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 evaluation of our operating performance.

About GeoResources, Inc.

GeoResources, Inc. is an independent oil and gas company engaged in the acquisition and development of oil and gas reserves through an active and diversified program which includes purchases of reserves, re-engineering, and development and exploration activities, currently focused in the Southwest and Gulf Coast, Williston Basin and Rocky Mountains.   For more information, visit our website at www.georesourcesinc.com.

Forward-Looking Statements
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.  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,   readers are encouraged to read our Annual Report on Form 10-KSB / A for the year ended December 31, 2007 ,   and any and all other documents filed with the SEC regarding information about GeoResources for meaningful cautionary language in respect of the forward-looking statements herein.  Interested persons are able to obtain free copies of filings containing information about GeoResources, without charge, at the SEC’s Inte rnet site ( http://www.sec.gov ).

 
 
 

GEORESOURCES, INC. and SUBSIDIARIES
 
CONSOLIDATED BALANCE SHEETS
 
   
March 31,
   
December 31,
 
   
2008
   
2007
 
   
(unaudited)
       
ASSETS
           
Current assets:
           
Cash
  $ 17,163,949     $ 24,430,181  
Accounts receivable:
               
   Oil and gas revenues
    23,125,008       20,365,111  
   Joint interest billings and other
    5,074,769       3,913,461  
   Affiliated partnerships
    3,745,134       3,360,017  
Notes receivable
    120,000       600,000  
Oil and gas properties held for sale
    9,694,654       -  
Prepaid expenses and other
    1,902,159       1,430,445  
 Total current assets
    60,825,673       54,099,215  
                 
Oil and gas properties, successful efforts method:
               
Proved properties
    176,537,239       187,640,420  
Unproved properties
    6,872,150       5,139,309  
Office and other equipment
    1,031,375       995,365  
Land
    96,462       96,462  
      184,537,226       193,871,556  
Less accumulated depreciation, depletion and amortization
    (14,568,762 )     (12,430,174 )
                     Net property and equipment
    169,968,464       181,441,382  
Other assets:
               
Equity in oil and gas limited partnerships
    2,003,514       1,880,361  
Deferred financing costs and other
    3,019,951       2,937,312  
    $ 235,817,602     $ 240,358,270  
LIABILITIES AND STOCKHOLDERS' EQUITY
               
Current liabilities:
               
Accounts payable
  $ 8,394,747     $ 11,374,221  
Accounts payable to affiliated partnerships
    5,298,816       4,271,238  
Revenues and royalties payable
    23,275,950       19,833,732  
Drilling advances
    542,876       882,367  
Accrued expenses
    2,563,241       2,599,915  
Income taxes payable
    1,211,456       1,239,172  
Derivative financial instruments
    12,659,158       6,527,360  
     Total current liabilities
    53,946,244       46,728,005  
Long-term debt
    86,000,000       96,000,000  
Deferred income taxes
    7,643,752       6,476,433  
Asset retirement obligations
    5,140,372       7,826,856  
Derivative financial instruments
    22,718,164       15,295,948  
Stockholders' equity:
               
Common stock, par value $.01 per share; authorized
               
    100,000,000 shares; 14,703,383 shares issued
               
  and outstanding
    147,034       147,034  
Additional paid-in capital
    79,838,738       79,689,720  
Accumulated other comprehensive income (loss)
    (31,345,975 )     (19,310,316 )
Retained earnings
    11,729,273       7,504,590  
                      Total stockholders' equity
    60,369,070       68,031,028  
    $ 235,817,602     $ 240,358,270  
 
 
GEORESOURCES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
 
             
   
Three Months Ended March 31,
 
   
2008
   
2007
 
Revenue:
           
Oil and gas revenues
  $ 22,462,739     $ 3,537,494  
Partnership management fees
    312,474       155,636  
Property operating income
    314,271       237,758  
Gain on sale of property and equipment
    409,754       —  
Partnership income
    225,193       59,746  
Interest and other
    222,504       126,923  
                 
Total revenue
    23,946,935       4,117,557  
Expenses:
               
Lease operating expense
    5,791,117       1,060,409  
Severance taxes
    1,889,467       268,942  
Re-engineering and workovers
    697,163       78,187  
General and administrative expense
    1,783,588       827,717  
Depreciation, depletion and amortization
    3,876,949       928,568  
Hedge ineffectiveness
    1,518,355       4,030  
Interest
    1,569,175       156,152  
                 
Total expense
    17,125,814       3,324,005  
                 
Income before income taxes
    6,821,121       793,552  
Income taxes:
               
Current
    1,429,119       1,862  
Deferred
    1,167,319       2,340  
                 
      2,596,438       4,202  
                 
Net income
  $ 4,224,683     $ 789,350  
                 
Net income per share (basic and diluted)
  $ 0.29     $ 0.15  
                 
Weighted average shares outstanding (basic and diluted)
    14,703,383       5,378,893  
                 

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