GeoResources, Inc. Announces Proposed Common Stock Offering
10 Janeiro 2011 - 7:16PM
Business Wire
GeoResources, Inc., (NASDAQ: GEOI), today announced that it and
certain selling shareholders intend to offer, subject to market and
other conditions, 4,700,000 shares of common stock, of which
4,000,000 shares would be sold by GeoResources and 700,000 shares
would be sold by the selling shareholders, in an underwritten
public offering. In connection with the offering, the Company and
the selling shareholders expect to grant the underwriters a 30-day
option to purchase up to an additional 705,000 shares of common
stock on a pro-rata basis.
GeoResources expects to utilize the net proceeds it receives
from the offering to pay down the $87.0 million outstanding balance
under its credit agreement. GeoResources expects to use any of its
remaining net proceeds from the offering along with its cash flow
and credit facility availability, primarily to fund its drilling
and development expenditures on its acreage in the Bakken
Trend in North Dakota and Montana, and its acreage in the Eagle
Ford Trend in Texas, and for incremental leasehold
acquisitions and general corporate purposes.
Wells Fargo Securities is acting as Sole Book-Running Manager
for the common stock offering.
The offering is being made pursuant to effective registration
statements filed by GeoResources with the Securities and Exchange
Commission (“SEC”). A copy of the preliminary prospectus supplement
and related base prospectuses for the offering may be obtained on
the SEC’s website at http://www.sec.gov or by contacting Wells
Fargo Securities, Attn: Equity Syndicate Department, 375 Park
Avenue, New York, New York 10152, Email:
cmclientsupport@wellsfargo.com, Telephone: 1.800.326.5897.
This press release is neither an offer to sell nor a
solicitation of an offer to buy any of the securities referred to
above. An offering of any such securities will be made only by
means of a prospectus supplement to the base prospectuses contained
in GeoResources’ registration statements on Form S-3. Any such
prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of any
such securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
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 that includes the acquisition,
drilling and development of undeveloped leases, purchases of
reserves, exploration and re-engineering activities, currently
focused in the Southwest, Gulf Coast and the Williston Basin. For
more information, visit our website at www.georesourcesinc.com.
Forward-Looking Statements
Information included herein contains forward-looking
statements that involve significant risks and uncertainties,
including our need to replace production and acquire or develop
additional oil and gas reserves, intense competition in the oil and
gas industry, our dependence on our management, volatile oil and
gas prices and costs, uncertain effects of hedging activities and
uncertainties of our oil and gas estimates of proved reserves and
reserve potential, all of which may be substantial. In
addition, past performance is no guarantee of future performance
and results. All statements or estimates made by the
Company, other than statements of historical fact, related to
matters that may or will occur in the future are forward-looking
statements. Readers are encouraged to read our December 31, 2009
Annual Report on Form 10-K and Form 10-K/A and our other documents
subsequently 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). There is no duty to
update the statements herein.
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