GeoResources, Inc., (NASDAQ:GEOI), today announced its financial
results for the first six-months and the quarter ended June 30,
2008, compared to the results for the same periods in 2007. For the
three months ended June 30, 2008, the Company reported net income
of $7.8 million, or $0.50 per share (diluted) compared to a net
loss of $1.3 million or $0.09 per share in 2007. Total revenue
increased 240% to $28.2 million in the second quarter of 2008
compared to $8.3 million the same quarter in 2007. For the first
half of 2008, net income was $12.0 million, or $0.80 per share, on
revenue of $52.2 million versus a net loss of $463,000, or $0.05
per share on revenue of $12.4 in the first half of 2007. Oil and
natural gas production increased substantially in the second
quarter. Natural gas production increased to 719 MMcf from 361
MMcf, an increase of 99%. Oil production for the second quarter
increased to 186 MBbls from 82 MBbls in the prior year�s period, an
increase of 127%. For the six months ended June 30, 2008, natural
gas sales totaled 1,528 MMcf or 177% greater than the 552 MMcf sold
during the first half of 2007. Oil sales for the first half of 2008
increased 204% to 386 Mbbls from 127 Mbbls in the first half of
2007. The average realized price of natural gas was $9.74 per Mcf
for the second quarter of 2008, 41% more than the second quarter of
2007. The average realized price of oil for the second quarter of
2008 was $97.66 per barrel or 75% more than the second quarter in
the prior year. The average realized price of natural gas was $8.68
per Mcf for the first half of 2008 or 31% more than the first half
of the prior year. The average realized price of oil was $89.01 per
barrel or 63% more for the first half of 2008 than the first six
months in the prior year. Earnings before interest, income taxes,
depreciation, depletion and amortization, and exploration expense
(�EBITDAX�) increased 581% to approximately $17.7 million for the
second quarter 2008 compared to $2.6 million in the second quarter
2007. EBITDAX for the first six-months of 2008 increased 552% to
approximately $30.0 million compared to $4.6 million in prior
year�s first half. The following tables reconcile reported net
income to EBITDAX for the periods indicated (in thousands): � �
Three Months Ended June 30, 2008 � � 2007 � � � Net income (loss) $
7,790 $ (1,349 ) Add back: Interest expense 1,314 199 Income tax
4,546 1,849 Depreciation, depletion and amortization 3,573 1,932
Exploration and impairments � 502 � � - � � EBITDAX (1) $ 17,725 �
� � $ 2,631 � � � � Six Months Ended June 30, 2008 � � 2007 � � Net
income (loss) � $ 12,014 � � $ (463 ) Add back: Interest expense
2,883 355 Income tax 7,142 1,854 Depreciation, depletion and
amortization 7,450 2,861 Exploration and impairments � 502 � � � �
- � � EBITDAX (1) � $ 29,991 � � � $ 4,607 � (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. SemGroup Bankruptcy Some
investors have expressed concern about the possible impact on our
Company of the recent bankruptcy filing by SemGroup LP and its
subsidiary, SemCrude. SemCrude accounted for a very minor portion
of our oil sales and we estimate that our maximum potential losses
are approximately $100,000. 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 (In thousands,
except share and per share amounts) � June 30, � December 31, 2008
� 2007 (unaudited) ASSETS Current assets: Cash $ 23,578 $ 24,430
Accounts receivable: Oil and gas revenues 32,472 20,365 Joint
interest billings and other 4,287 3,913 Affiliated partnerships
4,162 3,360 Notes receivable 120 600 Federal income tax receivable
251 - Prepaid expenses and other � 2,250 � � 1,430 � Total current
assets � 67,120 � � 54,098 � � Oil and gas properties, successful
efforts method: Proved properties 199,071 187,641 Unproved
properties 3,520 5,140 Office and other equipment 989 996 Land � 96
� � 96 � 203,676 193,873 Less accumulated depreciation, depletion
and amortization � (18,106 ) � (12,430 ) Net property and equipment
� 185,570 � � 181,443 � Other assets: Equity in oil and gas limited
partnerships 3,319 1,880 Deferred financing costs and other � 2,695
� � 2,937 � $ 258,704 � $ 240,358 � LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $ 11,349 $ 11,374
Accounts payable to affiliated partnerships 20,575 9,538 Revenues
and royalties payable 21,164 14,567 Drilling advances 445 882
Accrued expenses 3,673 3,839 Derivative financial instruments �
33,955 � � 6,527 � Total current liabilities 91,161 46,727 �
Long-term debt 50,000 96,000 Deferred income taxes 10,860 6,476
Asset retirement obligations 5,217 7,827 Derivative financial
instruments 55,062 15,296 Stockholders' equity: Common stock, par
value $.01 per share; authorized 100,000,000 shares; 16,236,717
shares issued and outstanding � 162 147 Additional paid-in capital
112,290 79,690 Accumulated other comprehensive income (loss)
(85,567 ) (19,310 ) Retained earnings � 19,519 � � 7,505 � Total
stockholders' equity � 46,404 � � 68,032 � $ 258,704 � $ 240,358 �
GEORESOURCES, INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In thousands, except per share amounts) (unaudited) � �
� � � � � Three Months Ended June 30, Six Months Ended June 30,
2008 2007 2008 2007 � Revenue: Oil and gas revenues $ 25,118 $
7,060 $ 47,581 $ 10,598 Partnership management fees 522 256 834 412
Property operating income 357 445 671 682 Gain (loss) on sale of
property and equipment 1,551 (15 ) 1,961 (15 ) Partnership income
429 154 655 213 Interest and other � 228 � � 385 � � 450 � � 512 �
Total revenue 28,205 8,285 52,152 12,402 � Expenses: Lease
operating expense 5,789 2,255 11,580 3,315 Severance taxes 2,428
534 4,317 803 Re-engineering and workovers 984 415 1,682 433
Exploration and impairment expense 502 - 502 - General and
administrative expense 1,861 2,457 3,645 3,247 Depreciation,
depletion and amortization 3,573 1,932 7,450 2,861 Hedge
ineffectiveness (582 ) (7 ) 937 (3 ) Interest � 1,314 � � 199 � �
2,883 � � 355 � Total expense � 15,869 � � 7,785 � � 32,996 � �
11,011 � � Income before income taxes 12,336 500 19,156 1,391 �
Income taxes: Current 1,330 94 2,759 96 Deferred � 3,216 � � 1,755
� � 4,383 � � 1,758 � � 4,546 � � 1,849 � � 7,142 � � 1,854 � � Net
income (loss) $ 7,790 � $ (1,349 ) $ 12,014 � $ (463 ) � Net income
per share (basic) $ 0.51 � $ (0.09 ) $ 0.80 � $ (0.05 ) � Net
Income per share (diluted) $ 0.50 � $ (0.09 ) $ 0.79 � $ (0.05 ) �
� Weighted average shares outstanding (basic) � 15,214 � � 14,573 �
� 14,959 � � 10,106 � � Weighted average shares outstanding
(diluted) � 15,505 � � 14,573 � � 15,146 � � 10,106 � GEORESOURCES,
INC. and SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In
thousands) (unaudited) � � � � Six Months Ended June 30, 2008 � � �
2007 Cash flows from operating activities: Net income $ 12,014 $
(463 ) Adjustments to reconcile net income to net cash provided by
operating activities: � Depreciation, depletion and amortization
7,450 2,861 (Gain) loss on sale of property and equipment (1,961 )
15 Impairment of unproved properties 483 - Accretion of asset
retirement obligations 216 53 Hedge ineffectiveness loss (gain) 937
(3 ) Partnership income (655 ) (213 ) Partnership distributions 194
- Deferred income taxes 4,383 1,758 Non-cash compensation 298 422
Changes in assets and liabilities: Increase in accounts receivable
(13,534 ) (10,269 ) Decrease in notes receivable 480 - Increase in
prepaid expense and other (623 ) 344 Increase in accounts payable
and accrued expenses � 17,006 � � 11,869 � Net cash provided by
operating activities 26,688 6,374 Cash flows from investing
activities: Proceeds from sale of property and equipment 20,432
1,750 Additions to property and equipment (33,311 ) (10,143 )
Investment in oil and gas limited partnership � (978 ) � (1,632 )
Net cash used in investing activities (13,857 ) (10,025 ) Cash
flows from financing activities: Issuance of common stock, net of
stock issue cost of $2,183,000 32,317 22,799 Distributions to
stockholders - (4,006 ) Issuance of long-term debt - 3,000
Reduction of long-term debt � (46,000 ) � (9,800 ) Net cash
provided by (used in) financing activities � (13,683 ) � 11,993 � �
Net increase (decrease) in cash and cash equivalents (852 ) 8,342
Cash and cash equivalents at beginning of period � 24,430 � � 6,217
� Cash and cash equivalents at end of period $ 23,578 � $ 14,559 �
� Supplementary information: Interest paid $ 2,831 $ 332 Income
taxes paid $ 4,210 $ - Non-cash net asset acquire in merger
transactions: GeoResources $ - $ 23,827 PICA Energy, LLC $ - $
11,703 Yuma property interests $ - $ 3,120
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