GeoResources and Resolute Energy Announce Project to Develop Bakken Oil Properties in Williams County, North Dakota
04 Março 2010 - 8:00AM
Business Wire
GeoResources, Inc., (“GeoResources”) (NASDAQ:GEOI) and Resolute
Energy Corporation (“Resolute”) (NYSE: REN) today announced a joint
project to develop acreage in the Bakken Shale Trend of North
Dakota, one of the fastest growing oil producing areas in the
U.S.
GeoResources has acquired approximately 61,000 gross (42,000
net) leasehold acres in Williams County, North Dakota. Resolute has
entered into agreements with GeoResources to acquire a 45% interest
in the acreage and GeoResources will retain a 45% interest and
operations. It is expected that a third industry partner will
participate for the remaining 10%. The parties presently plan to
drill at least three horizontal wells in the Middle Bakken
formation prior to year end, as well as seek to acquire additional
acreage in the area. Recent activity in Williams County has
confirmed commercial production in the Middle Bakken formation,
which is a primary objective for the joint venture. Secondary
objectives include the Three Forks, Madison and the Red River
formations.
Frank A. Lodzinski, Chief Executive Officer and President of
GeoResources commented, “We are very pleased to announce this joint
venture with Resolute. We believe it will provide a meaningful
addition to our ongoing Bakken and Three Forks projects, with
attractive economic returns that continue to improve with the
evolution of enhanced horizontal drilling and multiple-staged
stimulation technologies. As demonstrated by our other drilling
activities, we are confident that we can exploit our horizontal
drilling and completion abilities in the Bakken In addition, the
GeoResources and Resolute technical teams firmly believe the
acreage position is prospective for drilling opportunities in other
formations. We are very excited to work with Resolute, which has a
highly experienced management and technical team and an impressive
history of exploiting and developing oil and gas properties.”
Lodzinski continued, “We expect this project to contribute to
GeoResources’ continued growth and to provide additional visibility
and interest. In less than three years we have tripled our
production and reserves and consistently expanded our acreage
positions and drilling inventory.”
Nicholas J. Sutton, Chairman and CEO of Resolute commented,
“This is a significant opportunity to advance our liquids-focused
strategy in an area that has a great deal of promise. These high
quality assets in North Dakota are oily, large, and are highly
prospective. While the Bakken Shale has been well known by oil
companies for years, technological improvements have only recently
unleashed its potential. With this transaction, we are well placed
to take full advantage of what we believe is a meaningful
opportunity to continue to add to our oil reserves in a relatively
low-risk manner. We are looking forward to working with the
GeoResources team, and believe that collectively we have the
experience, technology and know-how to develop these assets into
substantial production, both in the near-term and over the long
run. As we communicated during our IPO last year, Resolute’s focus
continues to be on domestic, onshore areas that are liquids-rich
and that provide strong economic returns to our shareholders.”
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, Gulf Coast, and the
Williston Basin. For more information, visit our website at
www.georesourcesinc.com.
About Resolute Energy Corporation
Resolute is an independent oil and gas company engaged in the
acquisition, exploitation and development of oil and gas
properties. The company operates producing properties in Utah,
Wyoming and Oklahoma and owns exploration and development
properties in Wyoming, North Dakota and Alabama. For more
information, visit our website at www.resoluteenergy.com
Forward-Looking Statements
This press release includes “forward-looking statements”
within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995. Words such
as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“poised”, “believes,” “predicts,” “potential,” “continue,” and
similar expressions are intended to identify such forward-looking
statements. Forward-looking statements in this release
include matters that involve known and unknown risks, uncertainties
and other factors that may cause actual results, levels of
activity, performance or achievements to differ materially from
results expressed or implied by this press release. Such
risk factors include, among others: the volatility of oil and gas
prices; discovery, estimation, development and replacement of oil
and gas reserves; the future cash flow, liquidity and financial
position of GeoResources and Resolute; the amount, nature and
timing of capital expenditures of GeoResources and Resolute,
including future development costs; availability and terms of
capital; the timing and amount of future production of oil and gas;
availability of drilling and production equipment; operating costs
and other expenses; the success of prospect development and
property acquisition; the success of GeoResources and Resolute in
marketing oil and gas; competition in the oil and gas industry; the
impact of weather and the occurrence of disasters, such as fires,
floods and other events and natural disasters; government
regulation of the oil and gas industry; developments in
oil-producing and gas-producing countries; the success of strategic
plans, expectations and objectives for future operations of
GeoResources and Resolute. Actual results may differ
materially from those contained in the forward-looking statements
in this press release. GeoResources and Resolute undertake
no obligation and do not intend to update these forward-looking
statements to reflect events or circumstances occurring after the
date of this press release. You are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement. Readers are encouraged to read all the
SEC reports of the Companies, including Annual and
Quarterly Reports and any and all other documents filed with
the SEC regarding information about GeoResources, Inc. and Resolute
Energy Corporation, 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 or Resolute, without charge, at the SEC’s
internet site (http://www.sec.gov).
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