______________________________________________________________________________
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): August 12, 2008
GEORESOURCES,
INC.
(Exact
name of registrant as specified in its charter)
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COLORADO
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0-8041
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84-0505444
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(State
or other jurisdiction
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(Commission
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(IRS
Employer
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of
incorporation)
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File
Number)
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Identification
No.)
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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)
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Not
Applicable
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(Former
Name or Former Address, if Changed Since Last
Report)
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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:
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Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
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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 August
12, 2008, GeoResources, Inc. issued a press release providing an operations
update.
A copy of
the press release is furnished with this report as Exhibit 99.1, 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.
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(d)
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Exhibits:
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The
following exhibit is included with this Current Report on
Form 8-K:
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Exhibit No.
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Description
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99.1
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GeoResources,
Inc. Press Release dated August 12,
2008.
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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.
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GEORESOURCES,
INC
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By:
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/s/
Frank A. Lodzinski
Frank
A. Lodzinski, President
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Date:
August 13, 2008
EXHIBIT
INDEX
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Exhibit No.
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Description
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99.1
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GeoResources,
Inc. Press Release dated August 12,
2008.
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EXHIBIT
99.1
Contact: Cathy
Kruse
Telephone:
701-572-2020 ext 113
cathyk@geoi.net
FOR IMMEDIATE RELEASE
GeoResources,
Inc. Provides Operations Update
Continues
successful horizontal drilling in Texas and North Dakota
Houston, Texas, August 12, 2008
– GeoResources, Inc., (Nasdaq: GEOI), today provided an operations
update. The Company has completed additional horizontal wells in
Texas and North Dakota.
DRILLING
RESULTS
GeoResources continues its successful
exploitation of the Austin Chalk formation in the Giddings Field, Grimes County,
Texas with its completion of the Keisler #2-H horizontal dual lateral well for
an initial production rate in excess of 20 MMCFPD. This is the third
dual lateral and the ninth successful completion since closing the acquisition
of the field in February of 2007. The Company has achieved a 100% success rate
in drilling these Austin Chalk horizontal wells. Previously, the
Company reported that the Jeff Haynie was completed for 17
MMCFPD. This well has reached the 1 Billion Cubic Feet of cumulative
gas production in just 70 days, quicker than any other well the Company has
drilled, and it is continuing to produce at over 10 MMCFPD. The
significance of reaching this milestone in such a short time period is the quick
payout of the drilling capital as well as an indication of the ultimate gas
recovery from the well. Several wells in this area that have
cumulative production of 1 BCF within the first four months are reasonably
projected to have estimated ultimate reserves exceeding 5 BCF. The
Company continues to pursue its development strategy and is currently drilling
the Bax #1-H as a dual lateral well which is expected to be completed and placed
on production during the third quarter.
The
Company has acquired additional acreage in the Giddings Field area and is in the
process of permitting more drilling locations. Based on continued technical
evaluation, successful leasing and acceptable well performance, GeoResources
expects to retain the current drilling rig and crew and spud a new well
approximately every 60-75 days for the next three years. The Company
is the operator of these wells and holds a direct 7.2% working
interest. In addition, an affiliated partnership owns an 82.8%
working interest. The Company holds a 2% general partner interest in
the partnership, which increases significantly in accordance with economic
performance parameters under the terms of the partnership
agreement.
The
Company’s Mountrail County, North Dakota drilling activity remains quite active
with the Pathfinder #1-9H (5.1% Company Working Interest (“WI”)) now completed
with an initial production rate of 1,463 BOEPD but limited to 600 BOPD by oil
pipeline capacity issues. The Prowler #1-16H (6.1%WI) was fracture
stimulated during late July and had an initial rate of 908 BOEPD. The
Prospector #1-36H (5.1%) and the Payara #1-21H (6.0%WI) are both currently in
process of completion. The Voyager #1-28H (8.9%WI) is expected to
commence drilling within three weeks of moving off the completion of the Payara
#1-16H. The second contracted rig is currently scheduled to commence
drilling of the Goldeneye #1-2H (4.1% WI) in approximately two weeks with the
Peacemaker #1-8H (3.8% WI), the Bandit #1-29H (10.0% WI) and the Nightcrawler
#1-17H (4.5% WI) scheduled to follow. These and previously reported
wells total nine gross wells and the Company presently has an additional eight
wells scheduled. The program is continuing and numerous projected
wells are in process of being planned and of being permitted.
The
Company holds a 10–15% working interest in approximately 26,000 acres in
Mountrail County, North Dakota and is participating in numerous Bakken Shale
wells through a joint venture with Slawson Exploration. Continuous
drilling with one drilling rig is expected throughout 2008 and 2009 and a second
rig has been contracted and is scheduled to commence operations within the next
two weeks. In addition, GeoResources presently has minor interests in
twenty-four wells or locations that are producing, in various stages of drilling
and completion or are scheduled. These small participations result in
valuable engineering and geological data. As the Company concentrates
on Slawson operated wells, it will evaluate all available technical information
while attempting to increase its position in this expanding play.
OKLAHOMA
ACQUISITION
The
previously announced Oklahoma acquisition results in approximately 100
additional drilling locations with the vast majority being proved undeveloped
locations. In addition, management believes that the acreage provides
significant exploration and development opportunities directly associated with
the acquired interests and in regional proximity thereto. GeoResources’
management and technical staff have significant prior experience in
Oklahoma. The acquisition closed in June and the Company is presently
organizing a drilling program which is expected to begin in the 4
th
quarter.
COMMENTS
Frank A. Lodzinski, Chief Executive
Officer of GeoResources, said, “Our drilling and development program continues
to deliver positive results. We expect to continue to develop our
assets and expand our acreage and prospect inventory. We are pleased
with our entry into Oklahoma, where we have considerable prior
experience. That acquisition brings significant drilling
opportunities and we believe we can expand in the areas. Over the
next few months we expect to be revising our capital budget to incorporate our
Oklahoma drilling and to reflect results of other projects currently under
development. We believe our diversified approach will allow the
Company to continue to grow profitably.”
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, the Williston Basin and the Rocky
Mountains. In April 2007, the Company completed the merger with
Southern Bay Oil and Gas, L.P. and Chandler Energy, LLC. 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, 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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