GeoResources, Inc. Announces Closing of Common Stock Offering
19 Janeiro 2011 - 7:48PM
Business Wire
GeoResources, Inc. (NASDAQ:GEOI) today announced that in
connection with the Company’s previously announced public offering
of 5,360,000 shares of common stock, of which 4,500,000 shares were
sold by the Company and 860,000 shares were sold by certain selling
shareholders, at a price to the public of $25.00 per share, the
underwriters exercised in full their option to purchase an
additional 675,000 shares of the Company’s common stock from the
Company and an additional 129,000 shares from the selling
shareholders. The Company also announced that the closing of the
offering and the over-allotment option took place simultaneously
today.
Net proceeds to the Company from the offering are estimated to
be approximately $122.6 million (including the underwriters’ full
exercise of their option to purchase additional shares), after
estimated fees and expenses. The Company expects to utilize
approximately $87.0 million of the net proceeds it received from
the offering to immediately repay in full the outstanding balance
under its credit facility. The Company expects to use the remaining
net proceeds, 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 acted as Sole Book-Running Manager for
the offering. C. K. Cooper & Company, Rodman & Renshaw,
LLC, Johnson Rice & Company L.L.C., Madison Williams, BMO
Capital Markets and Global Hunter Securities served as co-managers
for the offering. A copy of the final 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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