GEOI Georesources, Inc. (MM)

GeoResources, Inc., (NASDAQ: GEOI), today provided an interim operations update on its joint venture in the Bakken Shale trend of the Williston Basin.

To date, the Company has participated in 42 wells drilled by its joint venture operator and has realized a 100% success rate. In addition, the Company owns minor working interests in more than 140 wells within the Bakken/Three Forks play. Our joint venture continues to acquire acreage in this expanding play and is currently running four drilling rigs continuously.

The following table lists recent activity. Please refer to our prior news releases for additional information. The Company generally reports joint venture and other wells where its interests are meaningful, but does not report numerous minor interest wells. The pace of activity has increased and we expect to participate in more than 90 joint venture wells over the next two years, exclusive of the participation in numerous minor interest wells. The following table updates our prior operations release with respect to this project.

                WELL NAME

SPACING UNIT(Acres)

  WI  

IP(BOPD)(2)(24-hr test)

  STATUS

4th Qtr 2009

      Goldeneye #2-2H 640 4.34% 1,823 Producing Banshee #2-1H 640 5.41% 1,807 Producing Skybolt #1-24H 640 5.40% 1,050 Producing Stallion #1-1-12H (1) 1,280 11.70% 2,523 Producing Howitzer #1-25H 640 14.40% 981 Producing Zephyr #1-36H 640 12.03% 1,462 Producing Ripper #1-22H 640 5.27% 1,243 Producing Cougar Federal #1-30H 640 12.19% --- Completing Cannonball Federal#1-27-34H 1,280 4.74% --- Drilling Jughead Federal #1-26H 640 8.88% --- Completing

 

1st Qtr 2010

Lunker Federal 1-33-4H 1,280 5.25% --- Moving to Location Machete 1-19H 640 9.9% --- Completing Wizard 1-35H 640 14.4% --- Drilling Whirlwind 1-31H 640 6.28% --- Drilling  

(1)The Stallion #1-1-12H was previously listed incorrectly as the Stallion #2-1-12H.

(2) Consistent with prior press releases, “IP(BOPD) (24 hr test)” is defined as the peak oil volume produced on a daily basis through permanent production facilities that occurs within the first few days of initial production from the well. Higher hourly rates can occur while the well is cleaning up through temporary test facilities after hydraulic fracture stimulation. The reported IP only accounts for the oil production and does not include gas or gas equivalent production.

Comments:

Frank A. Lodzinski, Chief Executive Officer of GeoResources, said, Our net production in the Williston Basin continues to increase with the on-going success of this development program. As part of our recurring communications, we expect to provide a further operations update after the end of the 1st quarter.

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, Gulf Coast and the Williston Basin. 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 our 10-K/A for the year ended December 31, 2008 and the other SEC reports of the Company 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).