GeoResources, Inc., (NASDAQ:GEOI), today announced its financial
results for the nine months and the quarter ended September 30,
2008, compared to the results for the same periods in 2007. For the
three months ended September 30, 2008, the Company reported net
income of $5.8 million, or $0.35 per share (diluted) compared to a
net income of $1.4 million or $0.10 per share in 2007. Total
revenue increased 174% to $23.6 million in the third quarter of
2008 compared to $8.6 million the same quarter in 2007. For the
first nine months of 2008, net income was $17.8 million, or $1.14
per share (diluted), on revenue of $75.7 million versus a net
income of $949,000, or $0.08 per share on revenue of $21.0 million
in the first nine months of 2007. The foregoing information is
summarized below in tabular form (in thousands, except per share
information): � � Three Months Ended September 30, 2008 � 2007 �
Total revenue $ 23,593 $ 8,635 Net income $ 5,799 $ 1,412 Earnings
per share (diluted) $ 0.35 $ 0.10 EBITDAX (See below) $ 14,464 $
4,099 � � � Nine Months Ended September 30, 2008 � 2007 � Total
revenue $ 75,745 $ 21,037 Net income $ 17,813 $ 949 Earnings per
share (diluted) $ 1.14 $ 0.08 EBITDAX (See below) $ 44,455 $ 8,707
Oil and natural gas production increased substantially in the third
quarter 2008 compared to the same period in 2007. Natural gas
production increased to 723 MMcf from 330 MMcf, an increase of
119%. Oil production for the third quarter increased to 167 MBbls
from 88 MBbls in the prior year�s period, an increase of 90%. For
the nine months ended September 30, 2008, natural gas sales totaled
2,251 MMcf or 155% greater than the 883 MMcf sold during the first
nine months of 2007. Oil sales for the first nine months of 2008
increased 156% to 553 Mbbls from 216 Mbbls in the first nine months
of 2007. The average realized price of natural gas was $9.12 per
Mcf for the third quarter of 2008, 62% more than the third quarter
of 2007. The average realized price of oil for the third quarter of
2008 was $90.60 per barrel or 41% more than the third quarter in
the prior year. The average realized price of natural gas was $8.82
per Mcf for the first nine months of 2008 or 41% more than the
first nine months of the prior year. The average realized price of
oil was $89.50 per barrel or 53% more for the first nine months of
2008 than the first nine months in the prior year. Production and
price information is shown below in tabular form: �
PercentIncrease(Decrease) � Three Months EndedSeptember 30 2008 �
2007 � Gas Production (MMcf) 119 % 723 330 Oil Production (MBbls)
90 % 167 88 Barrel of oil equivalent (MBOE) 101 % 288 143 Average
Price Gas before Hedge Settlements (per Mcf) 68 % $ 9.13 $ 5.45
Average Price Oil before Hedge Settlements (per Bbl) 64 % $ 116.01
$ 70.80 Average Price Gas after Hedge Settlements (per Mcf) 62 % $
9.12 $ 5.63 Average Price Oil after Hedge Settlements (per Bbl) 41
% $ 90.60 $ 64.08 � � � PercentIncrease(Decrease) Nine Months
EndedSeptember 30 2008 � 2007 � Gas Production (MMcf) 155 % 2,251
883 Oil Production (MBbls) 156 % 553 216 Barrel of oil equivalent
(MBOE) 156 % 928 363 Average Price Gas before Hedge Settlements
(per Mcf) 47 % $ 9.24 $ 6.29 Average Price Oil before Hedge
Settlements (per Bbl) 71 % $ 109.81 $ 64.07 Average Price Gas after
Hedge Settlements (per Mcf) 41 % $ 8.82 $ 6.26 Average Price Oil
after Hedge Settlements (per Bbl) 53 % $ 89.50 $ 58.40 Earnings
before interest, income taxes, depreciation, depletion and
amortization, and exploration expense (�EBITDAX�) increased 253% to
approximately $14.5 million for the third quarter 2008 compared to
$4.1 million in the third quarter 2007. EBITDAX for the first nine
months of 2008 increased 411% to approximately $44.5 million
compared to $8.7 million for the same period in 2007. The following
tables reconcile reported net income to EBITDAX for the periods
indicated (in thousands): � � Three Months Ended September 30, 2008
� 2007 EBITDAX (1) � � Net income $ 5,799 $ 1,412 Add back:
Interest expense 975 25 Income taxes : Current 1,679 553 Deferred
2,149 381 Depreciation, depletion and amortization 3,833 1,728
Exploration � 29 � � - EBITDAX $ 14,464 � $ 4,099 � � � � � � �
Nine Months Ended September 30, 2008 � 2007 � Net income $ 17,813 $
949 Add back: Interest expense 3,858 381 Income taxes : Current
4,438 649 Deferred 6,532 2,139 Depreciation, depletion and
amortization 11,283 4,589 Exploration � 531 � � - EBITDAX $ 44,455
� $ 8,707 (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. Comments Mr. Frank Lodzinski, CEO and
president, commented �We are pleased with our reported earnings and
cash flows. We achieved quarterly earnings of $5.8 million, or
$0.35 per fully diluted share, in spite of falling prices and
production that was shut-in due to hurricanes. This shut-in
production has been phased back in and is expected to be fully
restored by early December. We have built this Company with
�staying power� to withstand downturns in the industry and the
economy. Our balance sheet is strong and we have significant cash
flows and low cost borrowing capacity. Our borrowing base actually
increased in the fourth quarter. We believe that we can continue to
generate net earnings and significant cash flows in 2009, even with
commodity prices considerably below current levels.� 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) � � September 30, � December 31, 2008 2007
(unaudited) ASSETS Current assets: Cash $ 26,187 $ 24,430 Accounts
receivable: Oil and gas revenues 19,681 20,365 Joint interest
billings and other 3,715 3,913 Affiliated partnerships 4,397 3,360
Notes receivable 120 600 Refundable income taxes - - Prepaid
expenses and other � 3,276 � � 1,430 � Total current assets �
57,376 � � 54,098 � � Oil and gas properties, successful efforts
method: Proved properties 207,273 187,641 Unproved properties 4,697
5,140 Office and other equipment 1,013 996 Land � 96 � � 96 �
213,079 193,873 Less accumulated depreciation, depletion and
amortization � (21,888 ) � (12,430 ) Net property and equipment �
191,191 � � 181,443 � Other assets: Equity in oil and gas limited
partnerships 3,328 1,880 Notes receivable and other � 2,473 � �
2,937 � $ 254,368 � $ 240,358 � LIABILITIES AND STOCKHOLDERS'
EQUITY Current liabilities: Accounts payable $ 7,589 $ 11,374
Accounts payable to affiliated partnerships 17,861 9,538 Revenues
and royalties payable 15,425 14,567 Drilling advances 212 882
Accrued expenses 4,659 3,839 Derivative financial instruments �
12,630 � � 6,527 � Total current liabilities 58,376 46,727
Long-term debt 50,000 96,000 Deferred income taxes 12,976 6,476
Asset retirement obligations 5,282 7,827 Derivative financial
instruments 22,004 15,296 Stockholders' equity: Common stock, par
value $.01 per share; authorized 100,000,000 shares; issued and
outstanding: 16,236,717 shares in 2008 and 14,703,383 shares in
2007 162 147 Additional paid-in capital 112,324 79,690 Accumulated
other comprehensive income (loss) (32,074 ) (19,310 ) Retained
earnings � 25,318 � � 7,505 � Total stockholders' equity � 105,730
� � 68,032 � $ 254,368 � $ 240,358 � GEORESOURCES, INC. and
SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands,
except per share amounts) (unaudited) � � � � � Three Months
EndedSeptember 30, Nine Months EndedSeptember 30, 2008 2007 2008
2007 � Revenue: Oil and gas revenues $ 21,763 $ 7,513 $ 69,344 $
18,110 Partnership management fees 585 301 1,419 713 Property
operating income 381 400 1,052 1,082 Gain on sale of property and
equipment 308 - 2,269 (15 ) Partnership income 366 116 1,021 329
Interest and other � 190 � � 305 � 640 � 818 � Total revenue 23,593
8,635 75,745 21,037 � Expenses: Lease operating expense 5,594 2,368
17,174 5,683 Severance taxes 2,088 605 6,405 1,407 Re-engineering
and workovers 649 302 2,331 734 Exploration and impairments 29 -
531 - General and administrative expense 1,688 1,258 5,333 4,506
Depreciation, depletion, and amortization 3,833 1,728 11,283 4,589
Hedge ineffectiveness (890 ) 3 47 - Interest � 975 � � 25 � 3,858 �
381 � Total expense � 13,966 � � 6,289 � 46,962 � 17,300 � � Income
before income taxes 9,627 2,346 28,783 3,737 � Income taxes:
Current 1,679 553 4,438 649 Deferred � 2,149 � � 381 � 6,532 �
2,139 � � 3,828 � � 934 � 10,970 � 2,788 � � Net income $ 5,799 � $
1,412 $ 17,813 $ 949 � � Net income per share (basic) $ 0.36 � $
0.10 $ 1.16 $ 0.08 � � Net income per share (diluted $ 0.35 � $
0.10 $ 1.14 $ 0.08 � � Weighted average shares outstanding: Basic �
16,237 � � 14,703 � 15,385 � 11,639 � � Diluted � 16,441 � � 14,703
� 15,582 � 11,639 � GEORESOURCES, INC. and SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (unaudited) �
� � � � � Nine Months Ended September 30 2008 2007 Cash flows from
operating activities: Net income (loss) $ 17,813 $ 949 Adjustments
to reconcile net income to net cash provided by operating
activities: Depreciation, depletion and amortization 11,283 4,589
Gain on sale of property and equipment (2,269 ) 15 Impairment of
unproved properties 483 - Accretion of asset retirement obligations
304 79 Hedge ineffectiveness (gain) loss 47 - Partnership income
(1,021 ) (329 ) Partnership distributions 551 122 Deferred income
taxes 6,532 2,139 Non-cash compensation 462 422 Changes in assets
and liabilities: Increase in accounts receivable (155 ) (11,046 )
Decrease in notes receivable 555 - Decrease (increase) in prepaid
expense and other (1,499 ) 489 Increase (decrease) in accounts
payable and accrued expenses � 5,514 � � 13,174 � Net cash provided
by operating activities 38,600 10,603 � Cash flows from investing
activities: Proceeds from sale of property and equipment 20,960
1,750 Additions to property and equipment (43,012 ) (12,277 )
Investment in oil and gas limited partnership � (978 ) � (1,632 )
Net cash used in investing activities (23,030 ) (12,159 ) � Cash
flows from financing activities: Issuance of common stock 32,187
23,518 Distributions to stockholders - (4,007 ) Issuance of
long-term debt - 3,000 Reduction of long-term debt � (46,000 ) �
(9,800 ) Net cash provided by financing activities � (13,813 ) �
12,711 � � Net increase(decrease) in cash and cash equivalents
1,757 11,155 � Cash and cash equivalents at beginning of period �
24,430 � � 6,217 � � Cash and cash equivalents at end of period $
26,187 � $ 17,372 �
Georesources (NASDAQ:GEOI)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Georesources (NASDAQ:GEOI)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024