GE Unit and GeoResources Investing up to $91 Million in Oklahoma Oil and Gas Reserveshttp://www.georesourcesinc.com/
02 Junho 2008 - 8:30AM
Business Wire
Partnering for a third time, GE Energy Financial Services, a unit
of GE (NYSE: GE), and GeoResources, Inc. (NASDAQ: GEOI), a
Houston-based exploration and production company, are investing up
to $90.5 million to acquire and develop proven producing oil and
gas reserves in Oklahoma. GE Energy Financial Services and
GeoResources formed a new partnership, OKLA Energy Partners, LP, to
acquire 82 percent of the assets from a group of private sellers. A
wholly owned subsidiary of GeoResources will purchase the remaining
18 percent. The two entities entered into a purchase and sale
agreement with the sellers to acquire the reserves for $60.5
million and expect to invest up to $30 million to develop
additional proven reserves. The GE unit is investing 98 percent as
limited partner in OKLA Energy Partners and GeoResources is
investing two percent as general partner and operator.
GeoResources� ownership in OKLA Energy Partners may increase based
upon the partnership�s performance. The acquisition is expected to
close later this month. The properties include more than 200
producing wells in multiple fields across Oklahoma and more than 90
drilling locations mostly classified as proved undeveloped. Current
production is approximately 90 percent natural gas. Additional
financial and operational details of the transaction were not
disclosed. �This transaction is consistent with GeoResources�
business strategy, which focuses on building reserves, production,
cash flows and earnings and on expanding our acreage, development
opportunities and exploration inventory,� said Frank A. Lodzinski,
Chief Executive Officer of GeoResources. �The Oklahoma properties
bring long-lived gas reserves and a large drilling inventory to our
portfolio, establishing a significant footprint in Oklahoma for
future expansion.� GE Energy Financial Services partnered with a
predecessor entity to GeoResources in 2003 to purchase oil and gas
reserves located in Texas and the Louisiana Gulf Coast. The GE unit
later sold its limited partner interest in these assets to
GeoResources in the fourth quarter of 2007. In early 2007, GE
Energy Financial Services again partnered with GeoResources to
acquire oil and gas properties in the Giddings field in Texas. �By
again combining GE Energy Financial Services� financial resources
and industry knowledge with GeoResources� demonstrated operational
expertise, we expect strong results from our new high-potential
reserves in Oklahoma,� said John Schaeffer, Managing Director and
head of the oil and gas unit at GE Energy Financial Services. Since
1991, GE Energy Financial Services� Oil and Gas team has provided
more than $3 billion in partnership equity for its independent
private and public oil and gas partner-operators in the United
States. Based in Stamford, Connecticut � with offices in Houston
and Denver, Colorado � the Oil and Gas unit is active in all major
onshore basins and in shallow water Gulf of Mexico. Its 21
partnership investments own interests in 8,200 wells and produce an
estimated 21,350 barrels of oil equivalent daily. 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, Mid-continent, Williston Basin and Rocky Mountains. For more
information, visit our website at www.georesourcesinc.com. About GE
Energy Financial Services GE Energy Financial Services� 350 experts
invest globally with a long-term view, backed by the best of GE's
technical know-how and financial strength, across the capital
spectrum and the energy and water industries, to help their
customers and GE grow. With $19 billion in assets, GE Energy
Financial Services, based in Stamford, Connecticut, invests more
than $5 billion annually in two of the world�s most
capital-intensive industries, energy and water. More information:
www.geenergyfinancialservices.com. About GE GE (NYSE: GE) is
Imagination at Work -- a diversified technology, media and
financial services company focused on solving some of the world's
toughest problems. With products and services ranging from aircraft
engines, power generation, water processing and security technology
to medical imaging, business and consumer financing, media content
and advanced materials, GE serves customers in more than 100
countries and employs more than 300,000 people worldwide. For more
information, visit www.ge.com Forward-Looking Statements
Information herein related to GeoResources, Inc. 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
Internet site (http://www.sec.gov).
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