GeoResources, Inc., (NASDAQ:GEOI), today announced its financial
results for the quarter ended March 31, 2008, compared to the
results for the same period in 2007. In a separate press release
issued May 1, 2008, GeoResources, Inc. announced its operations
update, including horizontal drilling in Texas and North Dakota.
For the three months ended March 31, 2008, the Company reported net
income of $4.2 million, or $0.29 per share compared to $790,000 or
$0.15 per share in 2007. Total revenue increased 482% to $23.9
million in the first quarter of 2008 compared to $4.1 million the
same quarter in 2007. Oil and natural gas production increased
substantially in the first quarter. Natural gas production
increased to 809 MMcf from 192 MMcf in the first quarter of 2007,
an increase of 321%. Oil production for the first quarter increased
to 200 MBbls from 46 MBbls in the prior year�s period, an increase
of 335%. Properties acquired in the 2007 Merger accounted for
increased production of approximately 57,000 Mcf of gas and
approximately 36,000 barrels of oil during the first quarter of
2008. Properties acquired in the fourth quarter of 2007 accounted
for increased production of approximately 420,000 Mcf of gas and
approximately 108,000 barrels of oil during the first quarter of
2008. The remaining increases were due to our drilling program,
re-engineering and workovers, as well as increased commodity
prices. The average realized price of natural gas was $7.73 per Mcf
for the first quarter of 2008, 27% more than the first quarter of
2007. The average realized price of oil for the first quarter of
2008 was $81.00 per barrel or 56% more than the first quarter in
the prior year. Earnings before interest, income taxes,
depreciation, depletion and amortization, and exploration expense
(�EBITDAX�) increased 563% to approximately $12,267,000 for the
first quarter 2008 compared to $1,878,000 in the prior year�s
similar quarter. The following table reconciles reported net income
to EBITDAX for the periods indicated: � EBITDAX (1) � Three Months
Ended March 31, 2008 � 2007 � � Net income $ 4,224,683 $ 789,350
Add back: Interest expense 1,569,175 156,152 Income tax 2,596,438
4,202 Depreciation, depletion and amortization 3,876,949 928,568
Exploration expense � - � � - � EBITDAX $ 12,267,245 � $ 1,878,272
(1) EBITDAX is defined as earnings before interest, income taxes,
depreciation, depletion and amortization, and exploration expense.
EBITDAX should not be considered as an alternative to net income
(as an indicator of operating performance) or as an alternative to
cash flow (as a measure of liquidity or ability to service debt
obligations) and is not in accordance with, nor superior to,
generally accepted accounting principles, but provides additional
information for evaluation of our operating performance. 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, Williston Basin and Rocky Mountains. 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,
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). GEORESOURCES, INC. and SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS � � � March 31, � December 31, 2008
2007 (unaudited) ASSETS Current assets: Cash $ 17,163,949 $
24,430,181 Accounts receivable: Oil and gas revenues 23,125,008
20,365,111 Joint interest billings and other 5,074,769 3,913,461
Affiliated partnerships 3,745,134 3,360,017 Notes receivable
120,000 600,000 Oil and gas properties held for sale 9,694,654 -
Prepaid expenses and other � 1,902,159 � � 1,430,445 � Total
current assets � 60,825,673 � � 54,099,215 � � Oil and gas
properties, successful efforts method: Proved properties
176,537,239 187,640,420 Unproved properties 6,872,150 5,139,309
Office and other equipment 1,031,375 995,365 Land � 96,462 � �
96,462 � 184,537,226 193,871,556 Less accumulated depreciation,
depletion and amortization � (14,568,762 ) � (12,430,174 ) Net
property and equipment � 169,968,464 � � 181,441,382 � Other
assets: Equity in oil and gas limited partnerships 2,003,514
1,880,361 Deferred financing costs and other � 3,019,951 � �
2,937,312 � $ 235,817,602 � $ 240,358,270 � LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $
8,394,747 $ 11,374,221 Accounts payable to affiliated partnerships
5,298,816 4,271,238 Revenues and royalties payable 23,275,950
19,833,732 Drilling advances 542,876 882,367 Accrued expenses
2,563,241 2,599,915 Income taxes payable 1,211,456 1,239,172
Derivative financial instruments � 12,659,158 � � 6,527,360 � Total
current liabilities 53,946,244 46,728,005 Long-term debt 86,000,000
96,000,000 Deferred income taxes 7,643,752 6,476,433 Asset
retirement obligations 5,140,372 7,826,856 Derivative financial
instruments 22,718,164 15,295,948 Stockholders' equity: Common
stock, par value $.01 per share; authorized 100,000,000 shares;
14,703,383 shares issued and outstanding 147,034 147,034 Additional
paid-in capital 79,838,738 79,689,720 Accumulated other
comprehensive income (loss) (31,345,975 ) (19,310,316 ) Retained
earnings � 11,729,273 � � 7,504,590 � Total stockholders' equity �
60,369,070 � � 68,031,028 � $ 235,817,602 � $ 240,358,270 �
GEORESOURCES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (unaudited) � � � Three Months Ended March 31, 2008 2007
� Revenue: Oil and gas revenues $ 22,462,739 $ 3,537,494
Partnership management fees 312,474 155,636 Property operating
income 314,271 237,758 Gain on sale of property and equipment
409,754 - Partnership income 225,193 59,746 Interest and other �
222,504 � 126,923 Total revenue 23,946,935 4,117,557 � Expenses:
Lease operating expense 5,791,117 1,060,409 Severance taxes
1,889,467 268,942 Re-engineering and workovers 697,163 78,187
General and administrative expense 1,783,588 827,717 Depreciation,
depletion and amortization 3,876,949 928,568 Hedge ineffectiveness
1,518,355 4,030 Interest � 1,569,175 � 156,152 Total expense �
17,125,814 � 3,324,005 � Income before income taxes 6,821,121
793,552 � Income taxes: Current 1,429,119 1,862 Deferred �
1,167,319 � 2,340 � 2,596,438 � 4,202 � Net income $ 4,224,683 $
789,350 � Net income per share (basic and diluted) $ 0.29 $ 0.15 �
� Weighted average shares outstanding (basic and diluted) �
14,703,383 � 5,378,893
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