As
filed with the Securities and Exchange Commission on February 13,
2008
Registration
No. 333-
====================================================================
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________
FORM
S-8
REGISTRATION
STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
__________
GEORESOURCES,
INC.
(Exact
name of registrant as specified in its charter)
__________
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Colorado
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84-0505444
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(State
or other jurisdiction of incorporation or organization)
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(I.R.S.
employer identification no.)
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110
Cypress Station Drive, Suite 220
Houston,
Texas 77090
(281)
537-9920
(Address,
including zip code, and telephone number, including area code, of registrant’s
principal executive offices)
__________
1993
Employees’ Stock Incentive Plan
(Full
title of the plan)
__________
Frank A.
Lodzinski, Chief Executive Officer
110
Cypress Station Drive, Suite 220
Houston,
Texas 77090
(281)
537-9920
(Name,
address, including zip code, and telephone number, including area code, of agent
for service)
__________
The
Commission is requested to send copies of all communications to:
Reid A.
Godbolt, Esq.
Jones
& Keller, P.C.
World
Trade Center
1625
Broadway, 16
th
Floor
Denver,
Colorado 80202
Telephone:
(303) 573-1600
Facsimile:
(303) 573-0769
__________
__________
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Calculation
of Registration Fee
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Title
of each class of securities to be registered
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Amount
to be registered
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Proposed
maximum offering price per share
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Proposed
maximum aggregate offering price
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Amount
of registration fee
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1993
Employees Stock Incentive Plan - Common Stock, $0.01 Par
Value
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135,500(1)
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$9.09(2)
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$1,231,695(2)
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$48.41
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(1)
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Pursuant
to Rule 416 under the Securities Act, this registration statement also
covers an indeterminate number of interests to be offered or sold pursuant
to the employee benefit plans described herein or as may be issued as a
result of adjustments by reason of any stock split, stock dividend or
similar transaction.
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(2)
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Calculated
in accordance with Rule 457(h) under the Securities Act of 1933, as
amended.
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Part
I
INFORMATION
REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item
1. Plan Information
The
documents containing the information specified in Item 1 will be sent or given
to participants in the 1993 Employees’ Stock Incentive Plan as specified by Rule
428(b)(1) of the Securities Act of 1933, as amended (the “Securities Act”). Such
documents are not required to be and are not filed with the Securities and
Exchange Commission (the “Commission”) either as part of this registration
statement or as prospectuses or prospectus supplements pursuant to Rule 424.
These documents and the documents incorporated by reference in this registration
statement pursuant to Item 3 of Part II of this Form S-8, taken together,
constitute a prospectus that meets the requirements of Section 10(a) of the
Securities Act.
Item
2. Registrant Information and Employee Plan Annual Information
We will
provide to each participant a written statement advising it of
the availability of documents incorporated by reference in Item 3 of Part
II of this registration statement, which documents are incorporated by reference
in the Section 10(a) prospectus; and of documents required to be delivered
pursuant to Rule 428(b) under the Securities Act without charge and upon
written or oral notice by contacting:
Secretary
GeoResources,
Inc.
110
Cypress Station Drive, Suite 220
Houston,
Texas 77090
Telephone:
(281) 537-9920
REOFFER
PROSPECTUS
135,
500 Shares
of Common Stock
1993
E
MPLOYEES
’ STOCK INCENTIVE PLAN
This
reoffer prospectus forms a part of a registration statement which registers an
aggregate of 135,500 shares of common stock, par value $0.01 per share, issued
under the GeoResources, Inc. 1993 Employees’ Stock Incentive Plan (the
“Plan”).
This
reoffer prospectus covers the resale of shares of common stock granted under the
Plan (1) by persons who are our "affiliates" within the meaning of federal
securities laws or (2) by persons who hold "restricted securities" acquired
under the Plan whether or not held by affiliates. We will not receive
any proceeds from sales of shares by selling stockholders. Selling
stockholders may sell all or a portion of the shares from time to time either
directly in private transactions, or through one or more brokers or dealers on
the NASDAQ Global Market, or any other market or exchange on which the common
stock is quoted or listed for trading, at such prices and upon such terms as may
be obtainable. These sales may be at fixed prices (which may be changed), at
market prices prevailing at the time of sale, at prices related to such
prevailing market prices or at negotiated prices.
The
shares are being registered to permit the selling stockholders to sell the
shares from time to time in the public market. The selling stockholders
may sell the shares through ordinary brokerage transactions or through any means
described in the section titled “Plan of Distribution.” The selling
stockholders may sell any, all or none of the shares offered by this reoffer
prospectus.
This
reoffer prospectus describes the general manner in which the shares of our
common stock may be offered and sold by the selling stockholders. If necessary,
the specific manner in which shares of common stock may be offered and sold will
be described in a supplement to this reoffer prospectus.
Our
common stock is quoted on The NASDAQ Global Market under the symbol “GEOI.” On
February 12, 2008, the last reported sale price of our common stock was $9.40
per share.
We may
amend or supplement this reoffer prospectus from time to time by filing
amendments or supplements as required. You should read this entire reoffer
prospectus and any amendments or supplements carefully before you make your
investment decision.
INVESTING
IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK. YOU SHOULD
CAREFULLY CONSIDER “RISK FACTORS” ON PAGE 3.
Neither
the Securities and Exchange Commission nor any state securities commission has
approved or disapproved of these securities or passed upon the adequacy or
accuracy of this prospectus. Any representation to the contrary is a
criminal offense.
The date
of this reoffer prospectus is February 13, 2008.
TABLE
OF CONTENTS
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Page
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FORWARD-LOOKING
STATEMENTS
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1
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IMPORTANT
INFORMATION ABOUT THIS REOFFER PROSPECTUS
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1
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INFORMATION
ABOUT GEORESOURCES, INC.
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2
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RISK
FACTORS
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3
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USE
OF PROCEEDS
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10
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SELLING
STOCKHOLDERS
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11
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PLAN
OF DISTRIBUTION
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13
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LEGAL
MATTERS
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16
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EXPERTS
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16
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TRANSFER
AGENT AND REGISTRAR
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16
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INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
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17
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You
should rely only on the information contained in this reoffer prospectus. We
have not authorized anyone to provide you with information different from that
contained in this reoffer prospectus. Offers to sell shares of common stock will
be made only in jurisdictions where offers and sales are permitted. The
information contained in this reoffer prospectus is accurate only as of the date
of this reoffer prospectus, regardless of the time of delivery of this reoffer
prospectus or of any sale of the shares.
FORWARD-LOOKING
STATEMENTS
Certain statements contained in this
reoffer prospectus are not statements of historical fact and constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act (the “Act”), including, without limitation, the statements
specifically identified as forward-looking statements within this reoffer
prospectus. Many of these statements contain risk factors as well. In addition,
certain statements in future filings by the company with the Securities and
Exchange Commission, in press releases, and in oral and written statements made
by or with the approval of the company which are not statements of historical
fact constitute forward-looking statements within the meaning of the Act.
Examples of forward-looking statements, include, but are not limited to:
(i) projections of revenues, income or loss, earnings or loss per share,
the payment or non-payment of dividends, capital structure, and other financial
items, (ii) statements of our plans and objectives or our management or
Board of Directors including those relating to planned development of our oil
and gas properties, (iii) statements of future economic performance and oil
as gas reserve estimates and revenues therefrom (iv) statements of
assumptions underlying such statements. Words such as “believes,” “anticipates,”
“expects,” “intends,” “targeted,” “may,” “will” and similar expressions are
intended to identify forward-looking statements but are not the exclusive means
of identifying such statements.
Such forward-looking statements speak
only as of the date on which such statements are made, and we undertake no
obligation to update any forward-looking statement to reflect events or
circumstances after the date on which such statement is made to reflect the
occurrence of unanticipated events.
IMPORTANT
INFORMATION ABOUT THIS REOFFER PROSPECTUS
This is
only a summary and does not contain all of the information that you should
consider before investing in our common stock. You should read the entire
reoffer prospectus carefully, including the "Risk Factors" section as well as
the information incorporated by reference into this reoffer prospectus under
"Where You Can Find More Information".
In this
reoffer prospectus, the terms “company,” “we,” “us,” and “our” refer to
GeoResources, Inc., a Colorado corporation, including our wholly owned
subsidiaries.
INFORMATION
ABOUT GEORESOURCES, INC.
GeoResources,
Inc. is a natural resources company engaged in the principal business of oil and
gas exploration, development and production. We own and operate producing
oil and gas properties primarily in the Gulf Coast, Permian Basin, Rocky
Mountains and Williston Basin, and conduct oil and gas exploration operations in
these areas.
On April
17, 2007, we completed the transactions contemplated by the Agreement and Plan
of Merger (the “Merger Agreement”) dated September 14, 2006, by and among us,
Southern Bay Energy Acquisition, LLC, our wholly-owned subsidiary (“Southern
Acquisition”), Chandler Acquisition, LLC, our wholly-owned subsidiary (“Chandler
Acquisition”), Southern Bay Oil & Gas, L.P. (“Southern Bay”), Chandler
Energy, LLC (“Chandler”) and PICA Energy, LLC, a wholly-owned subsidiary of
Chandler (“PICA”). The Merger Agreement provided for two mergers (the
“Mergers”) whereby Southern Bay was merged with and into Southern Acquisition,
which is the surviving entity, and PICA was merged with and into Chandler
Acquisition, which is the surviving entity, and the equity interests in Southern
Bay and PICA were converted into 8,263,000 shares of our common stock for the
Southern Bay equity owners and 1,931,000 shares of our common stock for the PICA
equity owners. In addition to the Mergers, we acquired working
interests in a Chandler project in Colorado (the “Yuma Working Interests”) in
exchange for 496,000 shares of our common stock. All of the shares
issued pursuant to the Mergers and in exchange for the Yuma Working Interests
were “restricted securities” as defined in Rule 144 promulgated under the
Securities Act of 1933, as amended (the “Securities Act”) and were subsequently
registered under a registration statement on Form S-3 filed with the Commission
on July 24, 2007, and declared effective on August 13,
2007.
On
October 16, 2007, through a wholly-owned subsidiary, we entered into a Limited
Partner Interest Purchase and Sale Agreement with an unaffiliated company, TIFD
III-X LLC, for the acquisition (the “Acquisition”) of 98% of AROC Energy, LP for
a cash purchase price of $91,000,000 and paid $12,952,000 to cancel certain oil
and gas hedges. These costs were funded with available cash of
$8,052,000 and borrowings of $96.0 million under our amended and restated credit
agreement. The Acquisition includes oil and gas properties located in
the Gulf Coast, South Texas, the Permian Basin and the Black Warrior
Basin.
Our
principal executive office is located at 110 Cypress Station Drive, Suite 220,
Houston, Texas 77090, and our telephone number is (281)
537-9920.
RISK
FACTORS
Set forth below are risks with respect
to our company. Readers should review these risks, together with the
other information contained in this reoffer prospectus. The risks and
uncertainties we have described in this reoffer prospectus are not the only ones
facing our company. Additional risks and uncertainties not presently known to
us, or that we currently deem immaterial, may also adversely affect our
business. Any of the risks discussed in this reoffer prospectus or that are
presently unknown or immaterial, if they were to actually occur, could result in
a significant adverse impact on our business, operating results, prospects or
financial condition.
We are dependent upon the services of
our Chief Executive Officer and other executive officers.
We are
dependent upon a limited number of personnel, including Frank A. Lodzinski, our
Chief Executive Officer and President, Francis M. Mury, our Executive
Vice-President and Chief Operating Officer-Southern Division, Collis P.
Chandler, III, our Executive Vice-President and Chief Operating Officer-Northern
Division, and other management personnel and key employees. Failure to retain
the services of these persons, or to replace them with adequate personnel in the
event of their departure or termination, may have a material adverse effect on
operations. No employment agreements with any of our officers currently exist,
but we may consider such agreements in the future.
We must successfully acquire or develop additional reserves of
oil and gas.
Our future production of oil and gas is
highly dependent upon our level of success in acquiring or finding additional
reserves. The rate of production from our oil and gas properties generally
decreases as reserves are depleted. We may not be able to acquire or
develop oil and gas properties economically due to a lack of capital and
inability to obtain adequate financing, which may be required to fund prospect
generation, drilling operations and property acquisitions. To the extent
financing is obtained, it may not be on terms beneficial to us.
Intense
competition in the oil and gas exploration and production segment could
adversely affect our ability to acquire desirable properties prospective for oil
and gas, as well as producing oil and gas properties.
The oil
and gas industry is highly competitive. We compete with major integrated and
independent oil and gas companies for the acquisition of desirable oil and gas
properties and leases, for the equipment and services required to develop and
operate properties, and in the marketing of oil and gas to end-users. Many
competitors have financial and other resources that are substantially greater
than ours, which could in the future make acquisitions of producing properties
at economic prices difficult for us. In addition, many larger competitors may be
better able to respond to factors that affect the demand for oil and natural gas
production, such as changes in worldwide oil and natural gas prices and levels
of production, the cost and availability of alternative fuels and the
application of government regulations. Significant competition also exists for
us in attracting and retaining experienced, capable and technical personnel,
including geologists, geophysicists, engineers, landmen and others with
experience in the oil and gas industry.
We
may be faced with shortages of personnel and equipment, thereby adversely
affecting operations and financial results.
Our
operations and financial results may be adversely impacted due to difficulties
in attracting and retaining qualified and experienced personnel in our oil and
gas exploration and production business. Additional personnel are likely to be
required in connection with any expansion plans, and the domestic oil and
gas
industry
is currently experiencing significant shortages of qualified personnel in all
areas of operations. Similarly, our expansion plans will require access to
services and oil field equipment, both of which are currently in short
supply.
Volatile
oil and natural gas prices could adversely affect our financial condition and
results of operations.
Our
success will be largely dependent on oil and natural gas prices, which are
volatile and have recently been at historically high levels. Any substantial or
extended decline in the price of oil and natural gas will have a negative impact
on our business operations and future revenues. Moreover, oil and natural gas
prices depend on factors that are outside of our control, such as:
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economic
and energy infrastructure disruptions caused by actual or threatened acts
of war, or terrorist activities particularly with respect to the Middle
East oil producers, Nigeria and
Venezuela;
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weather
conditions, such as hurricanes, including energy infrastructure
disruptions resulting from those
conditions;
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changes
in the global oil supply, demand and
inventories;
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changes
in domestic natural gas supply, demand and
inventories;
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the
price and quantity of foreign imports of
oil;
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the
price and availability of liquefied natural gas
imports;
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political
conditions in or affecting other oil-producing
countries;
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general
economic conditions in the United Stated and
worldwide;
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the
interdependence of oil and natural gas and energy trading
companies;
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the
level of worldwide oil and natural gas exploration and production
activity;
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technological
advances affecting energy consumption;
and
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the
price and availability of alternative
fuels.
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Lower oil
and natural gas prices may not only decrease revenues on a per unit basis, but
also may reduce the amount of oil and natural gas that can be produced
economically by us. Lower prices will also negatively impact estimates of our
proved reserves. A substantial or extended decline in oil or natural gas prices
may materially and adversely affect our financial condition, results of
operations, liquidity or ability to finance operations and planned capital
expenditures.
Industry
changes may adversely affect various financial measurements and negatively
affect the market price of our common stock.
Although
we believe that the Mergers discussed above under “Information About
GeoResources, Inc.” will allow us to seek to accelerate growth and
increase operating efficiencies, unforeseen costs and industry changes as listed
below, could potentially have an adverse effect on return of capital employed
and earnings per share. Future events and conditions could cause any such
changes to be significant, including, among other things, adverse changes
in:
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commodity
prices for oil, natural gas and liquid natural
gas;
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capital
expenditure obligations; and
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We
may incur substantial losses and be subject to substantial liability claims as a
result of our oil and natural gas operations.
Oil and
natural gas exploration, drilling and production activities are subject to
numerous operating risks including the possibility of:
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blowouts,
fires and explosions;
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personal
injuries and death;
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uninsured
or underinsured losses;
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unanticipated,
abnormally pressured formations;
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mechanical
difficulties, such as stuck oil field drilling and service tools and
casing collapse; and
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environmental
hazards, such as uncontrollable flows of oil, natural gas, brine, well
fluids, toxic gas or other pollution into the environment, including
groundwater and shoreline
contamination.
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Any of
these operating hazards could cause damage to properties, serious injuries,
fatalities, oil spills, discharge of hazardous materials, remediation and
clean-up costs and other environmental damages, which could expose us to
liabilities. Although we believe that we are adequately insured for replacement
costs of our wells and associated equipment, the payment of any of these
liabilities could reduce the funds available for exploration, development, and
acquisition, or could result in a loss of our properties. Also, as is customary
in the oil and gas business, we do not carry business interruption
insurance.
The
insurance market in general and the energy insurance market in particular have
experienced cost increases. It is possible that we will determine not to
purchase insurance because of high insurance premiums. If we incur substantial
liabilities and the damages are not fully covered by insurance or are in excess
of policy limits, then our business, results of operations and financial
condition would likely be materially adversely affected.
We
have hurricane associated risks in connection with our operations in the Texas
and Louisiana Gulf Coast.
We could
be subject to production curtailments resulting from hurricane damage to certain
fields or, even in the event that producing fields are not damaged, production
could be curtailed due to damage to facilities and equipment owned by oil and
gas purchasers, or vendors and suppliers, because a portion of our oil and gas
properties are located in or near coastal areas of the Texas and Louisiana Gulf
Coast. In August 2005, Hurricane Katrina caused significant damage to
the facilities at four of our oil and gas properties located in southeast
Louisiana and southeast Texas. These properties accounted for
approximately 13% of the former Southern Bay’s oil production in 2005
(approximately 20,000 barrels). In connection to these damages to the
facilities at the four properties, .03 net wells were shut in for 250 days, 2.35
net wells were shut in for 381 days, .22 net wells were shut in for 385 days,
and .71 net wells commenced production in early 2007 after being shut in since
August 25, 2005 and additional wells continue to be phased in. As of
December 31, 2007, production from the affected fields was near pre Hurricane
Katrina levels.
The
nature of our business and assets may expose us to significant compliance costs
and liabilities.
Our
operations, involving the exploration, production, storage, treatment, and
transportation of liquid hydrocarbons, including crude oil, are subject to
stringent federal, state, and local laws and regulations governing the discharge
of materials into the environment. Our operations are also subject to laws and
regulations relating to protection of the environment, operational safety, and
related employee health and safety matters. Compliance with all of these laws
and regulations may represent a significant cost of doing business. Failure to
comply with these laws and regulations may result in the assessment of
administrative, civil, and criminal penalties; the imposition of investigatory
and remedial liabilities; the issuance of injunctions that may restrict, inhibit
or prohibit our operations; or claims of damages to property or
persons.
Revisions
of oil and gas reserve estimates could adversely affect the trading price of our
common stock. Oil and gas reserves and the standardized measure of cash flows
represent estimates, which may vary materially over time due to many
factors.
The
market price of our common stock may be subject to significant decreases due to
decreases in estimated reserves and our estimated cash flows. Estimated reserves
may be subject to downward revision based upon future production, results of
future development, prevailing oil and gas prices, prevailing operating and
development costs and other factors. There are numerous uncertainties and
uncontrollable factors inherent in estimating quantities of oil and gas
reserves, projecting future rates of production, and timing of development
expenditures.
In
addition, the estimates of future net cash flows from proved reserves and the
present value of proved reserves are based upon various assumptions about prices
and costs and future production levels that may prove to be incorrect over time.
Any significant variance from the assumptions could result in material
differences in the actual quantity of reserves and amount of estimated future
net cash flows from estimated oil and gas reserves.
Any
hedging activities we engage in may prevent us from realizing the benefits in
oil or gas price increases.
Because we engage in hedging
activities, we may be prevented from realizing the benefits of price increases
above the levels of the hedges during certain time periods. From time to time,
we have engaged
in
hedging activities with respect to some of our projected oil and gas production
through financial arrangements designed to protect against price declines, such
as swaps, collars and futures agreements. As of the date of this prospectus, we
were a party to five oil hedge contracts and eight natural gas hedge contracts,
all of which we have designated as cash flow hedges. These contracts
were entered into for the purpose of mitigating the effects of a potential
decline in oil and gas prices.
Drilling for and producing oil and natural gas are high-risk
activities with many uncertainties that could adversely affect our financial
condition and results of operations.
Our
success will depend on the results of our exploitation, exploration, development
and production activities. Oil and natural gas exploration and production
activities are subject to numerous risks beyond a company's control, including
the risk that drilling will not result in commercially viable oil or natural gas
production. Decisions to purchase, explore, develop or otherwise exploit
prospects or properties will depend in part on the evaluation of data obtained
through geophysical and geological analyses, production data and engineering
studies, the results of which are often inconclusive or subject to varying
interpretations. Costs of drilling, completing and operating wells are often
uncertain before drilling commences. Overruns in budgeted expenditures are
common risks that can make a particular project uneconomical. Further, many
factors may curtail, delay or cancel drilling, including:
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shortages
of or delays in obtaining equipment and qualified
personnel;
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pressure
or irregularities in geological
formations;
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equipment
failures or accidents;
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adverse
weather conditions;
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reductions
in oil and natural gas prices;
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delays
imposed by or resulting from compliance with regulatory
requirements.
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Existing
debt and use of debt financing may adversely affect our strategy.
On
October 16, 2007, we entered into an Amended and Restated Credit Agreement (the
“Amended Credit Facility”) with Wachovia Bank, National Association
(“Wachovia”), as Administrative Agent, Issuing Bank, Sole Lead Arranger and Sole
Bookrunner (the “Lender”) with an initial borrowing base of $110.0 million and
financing up to $200.0 million.
The
initial borrowing base of the Amended Credit Facility is $110.0 million, which
will be reduced to $100 million on September 30, 2008, and it is subject to
redetermination on June 1 and December 1 of each year. The amounts
borrowed under the Amended Credit Facility bear interest at either (a) the
London Interbank Offered Rate (“LIBOR”) plus 1.50% to 2.25% or (b) the prime
lending rate of Wachovia plus .5% to 1.25%, depending on the amount borrowed
under the Amended Credit Facility. Principal amounts outstanding
under the Amended Credit Facility, up to $100 million, are due and payable in
full at maturity, October
16, 2010. Any
principal balance in excess of $100 million is due and payable at September 30,
2008.
Additional
payments due under the Amended Credit Facility, include paying a commitment fee
to the Lender in respect of the unutilized commitments
thereunder. The commitment rate is 0.375% to 0.50% per year depending
on the amount of borrowing base utilization. We are also required to
pay customary letter of credit fees.
All of
the obligations under the Amended Credit Facility, and the guarantees of those
obligations, are secured by substantially all of our assets.
The
Amended Credit Facility contains a number of covenants that, among other things,
restrict, subject to certain exceptions, our ability to incur additional
indebtedness, create liens on assets, make investments, enter into sale and
leaseback transactions, pay dividends and distributions or repurchase its
capital stock, engage in mergers or consolidations, sell certain assets, sell or
discount any notes receivable or accounts receivable and engage in certain
transactions with affiliates.
In
addition, the Amended Credit Facility requires us to maintain certain customary
financial ratios. The Amended Credit Facility also contains customary
affirmative covenants and defines events of default for facilities of this
type. Upon the occurrence and continuance of an event of default, the
Lenders have the right to accelerate repayment of the loans and exercise their
remedies with respect to the collateral.
We use
debt to fund a portion of our acquisition activities and we will likely use debt
to fund a portion of our future acquisition activities. Any temporary
or sustained inability to service or repay debt will materially adversely affect
our results of acquisitions and financial condition and will materially
adversely affect our ability to obtain other financing.
We
are obligated to comply with financial and other covenants in our existing
debt that could restrict our operating activities, and the
failure to comply could result in defaults that accelerate the payment under our
debt.
Our
secured
debt generally contains customary covenants,
including, among others, provisions:
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relating
to the maintenance of the oil and gas properties securing the
debt; and
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restricting
our ability to assign or further encumber the properties securing the
debt.
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In
addition, our line of credit requires us to maintain financial covenants,
including, but not limited to the following:
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a
current ratio of not less than 1.0 to
1.0;
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a
funded debt to EBITDA ratio of not greater than 4.0 to 1.0;
and
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an
interest coverage ratio, which is the ratio of the EBITDA for the four
most recently completed quarters ending on such date compared to the cash
interest payments made for such fiscal quarters, of not less than 3.0 to
1.0.
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As of
December 31, 2007, we were in compliance with all such covenants. If we were to
breach any of our
debt covenants and did not cure the breach
within any applicable cure period, our lenders could require us to repay the
debt immediately, and, if the
debt is secured, could immediately begin proceedings to take
possession of the property securing the loan.
Our
properties may be subject to influence by third parties that do not allow us to
proceed with planned explorations and expenditures.
We are
the operator of a majority of our properties, but for many of our properties we
will own less than 100% of the working interests. Joint ownership is customary
in the oil and gas industry and is generally conducted under the terms of a
joint operating agreement (“JOA”), where a single working interest owner is
designated as the “operator” of the property. For properties where less than
100% of the working interest is owned, whether operated or non-operated,
drilling and operating decisions may not be within our sole control. If we
disagree with the decision of a majority of working interest owners, we may be
required, among other things, to postpone the proposed activity or decline to
participate. If we decline to participate, we might be forced to relinquish our
interest through “in-or-out” elections or may be subject to certain non-consent
penalties, as provided in a JOA. In-or-out elections may require a joint owner
to participate, or forever relinquish its position. Non-consent penalties
typically allow participating working interest owners to recover from the
proceeds of production, if any, an amount equal to 200% to 500% of the
non-participating working interest owner's share of the cost of such
operations.
If
oil and gas prices decrease or exploration efforts are unsuccessful, we may be
required to write down the capitalized cost of individual oil and gas
properties.
A
writedown of the capitalized cost of individual oil and gas properties could
occur when oil and gas prices are low or if we have substantial downward
adjustments to our estimated proved oil and gas reserves, if operating costs or
development costs increase over prior estimates, or if exploratory drilling is
unsuccessful. A writedown could adversely affect the trading prices of our
common stock.
We use
the successful efforts accounting method. All property acquisition costs and
costs of exploratory and development wells are capitalized when incurred,
pending the determination of whether proved reserves are discovered. If proved
reserves are not discovered with an exploratory well, the costs of drilling the
well are expensed. All geological and geophysical costs on exploratory prospects
are expensed as incurred.
The
capitalized costs of our oil and gas properties, on a field-by-field basis, may
exceed the estimated future net cash flows of that field. If so, we will record
impairment charges to reduce the capitalized costs of each such field to its
estimate of the field's fair market value. Unproved properties are evaluated at
the lower of cost or fair market value. These types of charges will reduce
earnings and shareholders' equity.
We
periodically assess our properties for impairment based on future estimates of
proved and risk-adjusted probable reserves, oil and gas prices, production rates
and operating, development and reclamation costs based on operating budget
forecasts. Once incurred, an impairment charge cannot be reversed at a later
date even if we experience increases in the price of oil or gas, or both, or
increases in the amount of its estimated proved reserves.
There are a
substantial number of shares of our common stock eligible for future sale in the
public market. The sale of a large number of these shares could cause the market
price of our common stock to fall.
There
were 14,703,383 shares of our common stock outstanding as of February 12,
2008.
Members of our management and other
affiliates owned approximately 9,292,909 shares of our common stock,
representing 63.2% of our outstanding common stock as of February 12, 2008. Sale
of a substantial number of these shares as well as the other shares which may be
sold pursuant to this reoffer prospectus would likely have a significant
negative affect on the market price of our common stock, particularly if the
sales are made over a short period of time.
If our
stockholders sell a large number of shares of our common stock the market price
of shares of our common stock could decline significantly. Moreover, the
perception in the public market that our stockholders might sell shares of our
common stock could depress the market price of those shares.
USE
OF PROCEEDS
The
proceeds from the sale of the common stock offered by this reoffer prospectus
are solely for the account of the selling stockholders. We will not receive any
proceeds from the sale of these shares of common stock.
SELLING
STOCKHOLDERS
The
following table sets forth certain information as of February 12, 2008, with
respect to the selling stockholders. The following table assumes that the
selling stockholders sell all of the shares offered by this reoffer prospectus.
We are unable to determine the exact number of shares, if any, that actually
will be sold.
The
number and percentage of shares beneficially owned is based on shares
outstanding at February 12, 2008, determined in accordance with Rule 13d-3
of the Securities Exchange Act of 1934 (the “Exchange Act”). The information is
not necessarily indicative of beneficial ownership for any other purpose. Under
Rule 13d-3, beneficial ownership includes any shares as to which an
individual has sole or shared voting power or investment power. Unless otherwise
indicated in the footnotes, each person has sole voting and investment power (or
shares such powers with his or her spouse) with respect to the shares shown as
beneficially owned.
|
|
|
Shares
Owned Prior to Offering (1)
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|
|
Shares
Offered Pursuant to this
Reoffer
Prospectus
|
|
|
Shares
Owned After Offering
|
|
Name
of Selling Stockholder
|
|
Number
|
|
|
Percent
|
|
|
Number
|
|
|
Number(2)
|
|
|
Percent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Connie
Hval (3)
|
|
|
14,500
|
|
|
|
*
|
|
|
|
9,500
|
|
|
|
5,000
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jeff
Jennings (4)
|
|
|
14,500
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|
|
|
*
|
|
|
|
9,500
|
|
|
|
5,000
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Cathy
Kruse (5)
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|
|
12,500
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|
|
|
*
|
|
|
|
7,500
|
|
|
|
5,000
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mary
Mahar (6)
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|
4,500
|
|
|
|
*
|
|
|
|
4,500
|
|
|
|
0
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Karl
Merk (7)
|
|
|
9,500
|
|
|
|
*
|
|
|
|
9,500
|
|
|
|
0
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Diane
Reinholdt (8)
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5,000
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|
|
|
*
|
|
|
|
5,000
|
|
|
|
0
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Rod
Smith (9)
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9,500
|
|
|
|
*
|
|
|
|
9,500
|
|
|
|
0
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Jeffrey
P. Vickers (10)
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282,634
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1.92%
|
|
|
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71,000
|
|
|
|
211,634
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1.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Herb
Williamson (11)
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|
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9,500
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|
|
|
*
|
|
|
|
9,500
|
|
|
|
0
|
|
|
|
*
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Total
|
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362,134
|
|
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|
2.46%
|
|
|
|
135,500
|
|
|
|
226,634
|
|
|
|
1.54%
|
|
|
|
|
|
|
|
|
|
|
|
|
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* Less
than 1%
|
(1)
|
Percentages
prior to proposed sales of shares offered by this reoffer prospectus are
based on 14,703,383 shares of our common stock, excluding treasury shares,
which were issued and outstanding as of February 12,
2008.
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|
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(2)
|
We
do not know when or in what amounts the selling stockholders may offer for
sale the shares of common stock pursuant to this offering. The selling
stockholders may choose not to sell any of the shares offered by this
reoffer prospectus. Because the selling stockholders may offer all or some
of the shares of common stock pursuant to this reoffer prospectus, and
because, except as noted, there are currently no agreements, arrangements
or undertakings with respect to the sale of any of the shares of common
stock, we cannot estimate the number of shares of common stock that the
selling stockholders will hold after completion of the offering. For
purposes of this table, we have assumed that the selling stockholders will
have sold all of the shares covered by this reoffer prospectus with the
exception of the shares held for certain persons that have not vested at
this time.
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|
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|
(3)
|
Ms.
Hval has been an employee of the Company since 1981. From June
2000 to April 17, 2007, Ms. Hval was the Treasurer of the
Company. Ms. Hval acquired 5,000 shares of common stock
of the Company outside of the Plan.
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|
|
|
|
(4)
|
Mr.
Jennings has been an employee of the Company since June
2000. He was the Vice President of Land and Finance from June
2000 until the closing of the Mergers on April 17, 2007. Mr.
Jennings acquired 5,000 shares of common stock of the Company outside of
the Plan.
|
|
|
|
|
(5)
|
Ms.
Kruse has been an employee of the Company since 1981. She has
been the Corporate Secretary of the Company since October
1991. Ms. Kruse was a Director of the Company from June 1996
until the closing of the Mergers on April 17, 2007. Mr. Kruse
acquired 5,000 shares of common stock of the Company outside of the
Plan.
|
|
|
|
|
(6)
|
Ms.
Mahar was an employee of the Company from 1997 until December 31,
2007.
|
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|
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|
(7)
|
Mr.
Merk was an employee of the Company from 1983 until December 31,
2007.
|
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(8)
|
Ms.
Reinholdt was an employee of the Company from 1994 until April 28,
2006.
|
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(9)
|
Mr.
Smith was an employee of the Company from 1973 until December 31,
2007.
|
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(10)
|
Mr.
Vickers was the Chief Executive Officer, Chief Financial Officer and a
Director of the Company from 1982 until the closing of the Mergers on
April 17, 2007. Since April 17, 2007, Mr. Vickers has been the
Vice President, Williston Basin Exploration and Development
Division. Mr. Vickers acquired 211,634 shares of common stock
of the Company outside of the Plan.
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|
|
|
|
(11)
|
Mr.
Williamson was an employee of the Company from 1972 until July 6,
2007.
|
|
|
|
|
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PLAN
OF DISTRIBUTION
The
selling stockholders named in this reoffer prospectus, or pledgees, donees,
transferees or other successors-in-interest selling shares received from the
selling stockholders after the date of this reoffer prospectus as a gift,
pledge, partnership distribution or other non-sale related transfer after the
date of this reoffer prospectus, may sell these shares from time to time. The
selling stockholders will act independently of us in making decisions with
respect to the timing, manner and size of each sale. Sales may be
made on one or more exchanges, on any automated interdealer quotation system on
which the shares are listed, in the over-the-counter market or otherwise, at
prices and at terms then prevailing or at prices related to the then current
market price or in negotiated transactions. We and the selling stockholders may
effect such transactions by selling the shares to or through broker-dealers. The
shares may be sold by one or more of, or a combination of, the
following:
|
|
•
|
a
block trade in which the broker-dealer so engaged will attempt to sell the
shares as agent but may position and resell a portion of the block as
principal to facilitate the
transaction;
|
|
|
•
|
purchases
by a broker-dealer as principal and resale by such broker-dealer for its
account under this reoffer
prospectus;
|
|
|
•
|
an
exchange distribution in accordance with the rules of such
exchange;
|
|
|
•
|
ordinary
brokerage transactions and transactions in which the broker solicits
purchasers;
|
|
|
•
|
privately
negotiated transactions;
|
|
|
•
|
through
the writing of options on the securities, whether or not the options are
listed on an options exchange;
|
|
|
•
|
one
or more underwritten offerings on a firm commitment or best efforts
basis;
|
|
|
•
|
any
combination of these methods of sale;
or
|
|
|
•
|
any
other method permitted pursuant to applicable
law.
|
To the
extent required, this reoffer prospectus may be amended or supplemented from
time to time to describe a specific plan of distribution. In effecting sales,
broker-dealers engaged by the selling stockholders may arrange for other
broker-dealers to participate in such resales.
The
selling stockholders may enter into hedging transactions with broker-dealers in
connection with distributions of the shares or otherwise. In such transactions,
broker-dealers may engage in short sales of the shares in the course of hedging
the positions they assume with the selling stockholders. The selling
stockholders also may sell shares short and redeliver the shares to close out
such short positions. The selling stockholders may enter into option or other
transactions with broker-dealers which require the delivery to the broker-dealer
of the shares. The broker-dealer may then resell or otherwise transfer such
shares under this reoffer prospectus. The selling stockholders also may loan or
pledge the shares to a broker-dealer. The broker-dealer may sell the shares so
loaned, or upon a default the broker-dealer may sell the pledged shares under
this reoffer prospectus.
Broker-dealers
or agents may receive compensation in the form of commissions, discounts or
concessions from the selling stockholders. Broker-dealers or agents may also
receive compensation from the purchasers of the shares for whom they act as
agents or to whom they sell as principals, or both. Compensation as to a
particular broker-dealer might be in excess of customary commissions and will be
in amounts to be negotiated in connection with the sale. Broker-dealers or
agents and any other participating broker-dealers or the selling stockholders
may be deemed to be “underwriters” within the meaning of Section 2(11) of
the Securities Act of 1933 (the “Securities Act”) in connection with sales of
the shares. Accordingly, any such commission, discount or concession received by
them and any profit on the resale of the shares purchased by them may be deemed
to be underwriting discounts or commissions under the Securities Act. Because
the selling stockholders may be deemed to be an “underwriter” within the meaning
of Section 2(11) of the Securities Act, the selling stockholders will be
subject to the prospectus delivery requirements of the Securities
Act.
In
addition, any securities covered by this reoffer prospectus which qualify for
sale under Rule 144 promulgated under the Securities Act may be sold under Rule
144 rather than under this reoffer prospectus. The selling stockholders have
advised us that they have not entered into any agreements, understandings or
arrangements with any underwriters or broker-dealers regarding the sale of their
securities. There is no underwriter or coordinating broker acting in connection
with the proposed sale of shares by the selling stockholders.
The
shares will be sold only through registered or licensed brokers or dealers if
required under applicable state securities laws. In addition, in certain states
the shares may not be sold unless they have been registered or qualified for
sale in the applicable state or an exemption from the registration or
qualification requirement is available and is complied with.
Under
applicable rules and regulations under the Exchange Act, any person engaged in
the distribution of the shares may not engage in market-making activities with
respect to our common stock during certain restricted periods. In addition, the
selling stockholders will be subject to applicable provisions of the Exchange
Act and the associated rules and regulations under the Exchange Act, including
Regulation M, which provisions may limit the timing of purchases and sales of
shares of our common stock by the selling stockholders. We will make copies of
this reoffer prospectus available to the selling stockholders and have informed
the selling stockholders of the need for delivery of copies of this reoffer
prospectus to purchasers at or prior to the time of any sale of the
shares.
We will
file a supplement to this reoffer prospectus, if required, pursuant to Rule
424(b) under the Securities Act upon being notified by the selling stockholder
that any material arrangement has been entered into with a broker-dealer for the
sale of shares through a block trade, special offering, exchange distribution or
secondary distribution or a purchase by a broker or dealer. Such supplement will
disclose:
|
|
•
|
the
name of such selling stockholder and of the participating
broker-dealer(s);
|
|
|
•
|
the
number of shares involved;
|
|
|
•
|
the
price at which such shares were
sold;
|
|
|
•
|
the
commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable;
|
|
|
•
|
that
such broker-dealer(s) did not conduct any investigation to verify the
information set out in this reoffer prospectus;
and
|
|
|
•
|
other
facts material to the transaction.
|
We will
bear all costs, expenses and fees in connection with the registration of the
shares. The selling stockholders will bear all commissions and discounts, if
any, attributable to their respective sales of the shares. The selling
stockholders may agree to indemnify any broker-dealer or agent that participates
in transactions involving sales of the shares against certain liabilities,
including liabilities arising under the Securities Act.
LEGAL
MATTERS
The
validity of the common stock being offered from time to time under this reoffer
prospectus will be passed upon for us by Jones & Keller, P.C., Denver,
Colorado. Reid A. Godbolt, a member of Jones & Keller, P.C.,
beneficially owns 12,753 shares of our common stock held of record by a limited
liability company he owns jointly with his spouse.
EXPERTS
The
consolidated financial statements and financial statement schedules incorporated
in this reoffer prospectus by reference to our Annual Report on Form 10-KSB for
the year ended December 31, 2006 have been so incorporated in reliance upon the
report of Richey, May & Co., LLP, independent accountants, and upon the
authority of said firm as experts in auditing and accounting.
The
consolidated financial statements of Southern Bay Oil & Gas, L.P. as of
December 31, 2006 and 2005 and for each of the two years in the period ended
December 31, 2006 incorporated by reference in this reoffer prospectus and
elsewhere in the registration statement have been audited by Grant Thornton LLP,
independent registered public accounting firm, as indicated in their report with
respect thereto, and are included herein in reliance upon the authority of said
firm as experts in giving said report.
The
consolidated financial statements and financial statement schedules of Chandler
Energy, LLC incorporated in this reoffer prospectus by reference to our Current
Report on Form 8-K/A filed on June 22, 2007 have been so incorporated in
reliance upon the report of Burdick Meritt & Associates, P.C., independent
accountants, and upon the authority of said firm as experts in auditing and
accounting.
The
consolidated financial statements and financial statement schedules of AROC
Energy, L.P. incorporated in this reoffer prospectus by reference to our Current
Report on Form 8-K/A filed on December 7, 2007 have been so incorporated in
reliance upon the report of Grant Thornton LLP, independent registered public
accounting firm, as indicated in their report with respect thereto, as are
included herein in reliance upon the authority of said firm as experts in giving
said report.
TRANSFER
AGENT AND REGISTRAR
Our
Transfer Agent and Registrar is Wells Fargo Shareowner Services, 161 North
Concord Exchange Street, South St. Paul, Minnesota 55075.
INCORPORATION
OF CERTAIN INFORMATION BY REFERENCE
Where
You Can Find More Information
We file
annual, quarterly and special reports, proxy statements and other information
with the Commission. You may read and copy any reports, statements or other
information we file with the Commission at the Commission's Public Reference
Room at 100 F Street, N.E., Washington, D.C. 20549. Please call the Commission
at 1-800-SEC-0330 for further information on the operation of the Public
Reference Room. Our Commission filings are also available to the public from
commercial document retrieval services and at the web site maintained by the
Commission at
www.sec.gov
.
We have filed with the Commission a
registration statement on Form S-8 relating to the securities covered by this
reoffer prospectus and any prospectus supplement. This reoffer
prospectus is a part of the registration statement and does not contain all the
information in the registration statement. Whenever a reference is
made in this reoffer prospectus or any prospectus supplement to a contract or
other document, the reference is only a summery and you should refer to the
exhibits that are a part of the registration statement for a copy of the
contract or other document. You may review a copy of the registration
statement at the Commission’s public reference room in Washington, D.C., as well
as through the Commission’s Internet site.
The Commission allows us to
“incorporate by reference” into this reoffer prospectus the information we file
with it, which means that we can disclose important information to you by
referring you to those documents. The information incorporated by reference is
considered to be part of this reoffer prospectus, and information we file later
with the Commission will automatically update and supersede such information.
The following documents filed with the Commission are hereby incorporated by
reference into this reoffer prospectus:
|
|
(a)
|
Our
Annual Report on Form 10-KSB for the Year Ended December 31, 2006, filed
on April 2, 2007, which contains audited financial statements for the most
recent fiscal year for which such statements have been
filed;
|
(b) Our
Proxy Statement on Schedule 14A filed on February 23, 2007;
(c) Our
Current Report on Form 8-K filed on February 23, 2007;
|
|
(d)
|
Our
Quarterly Report on Form 10-QSB for the quarter ended March 31, 2007,
filed on May 11, 2007;
|
(e) Our
Current Report on Form 8-K filed on April 23, 2007 and as amended on June 22,
2007;
(f) Our
Current Report on Form 8-K filed on May 31, 2007;
(g) Our
Current Report on Form 8-K filed on July 10, 2007;
|
(h)
|
Our
Current Report on Form 8-K filed on July 20,
2007;
|
|
(i)
|
Our
Quarterly Report on Form 10-QSB for the quarter ended June 30, 2007, filed
August 14, 2007;
|
|
(j)
|
Our
Current Report on Form 8-K filed on October 2,
2007;
|
|
(k)
|
Our
Proxy Statement on Schedule 14A filed on October 22,
2007;
|
|
(l)
|
Our
Current Report on Form 8-K filed on October 22, 2007 and as amended on
December 7, 2007; and
|
|
(m)
|
Our
Quarterly Report on Form 10-QSB for the quarter ended September 30, 2007,
filed on November 13, 2007;
|
In
addition, all documents which we file with the Commission under Section 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934 will be deemed to be
incorporated by reference into this reoffer prospectus.
This
reoffer prospectus is part of a registration statement that we filed with the
Commission. Upon written or oral request, we will provide, without charge, to
each person, including beneficial owners of our securities, to whom a copy of
this reoffer prospectus is delivered, a copy of any or all of the information
incorporated by reference in this reoffer prospectus (other than exhibits to
such documents, unless the exhibits are specifically incorporated by reference
in such documents). Your requests for copies should be directed to the
Secretary, GeoResources, Inc., 110 Cypress Station Drive, Suite 220, Houston,
Texas 77090; telephone (281) 537-9920.
Part
II
INFORMATION
REQUIRED IN THE REGISTRATION STATEMENT
Item
3. Incorporation of Documents by Reference
Where
You Can Find More Information
The
Registrant files annual, quarterly and special reports, proxy statements and
other information with the Commission. You may read and copy any reports,
statements or other information the Registrant files with the Commission at the
Commission's Public Reference Room at 100 F Street, N.E., Washington, D.C.
20549. Please call the Commission at 1-800-SEC-0330 for further information on
the operation of the Public Reference Room. The Registrant’s Commission filings
are also available to the public from commercial document retrieval services and
at the web site maintained by the Commission at
www.sec.gov
.
The Registrant has filed with the
Commission a registration statement on Form S-8 relating to the securities
covered by the reoffer prospectus and any prospectus supplement. The
reoffer prospectus is a part of the registration statement and does not contain
all the information in the registration statement. Whenever a
reference is made in the reoffer prospectus or any prospectus supplement to a
contract or other document, the reference is only a summary and you should refer
to the exhibits that are a part of the registration statement for a copy of the
contract or other document. You may review a copy of the registration
statement at the Commission’s public reference room in Washington, D.C., as well
as through the Commission’s Internet site.
The
Commission allows the Registrant to “incorporate by reference” into this
registration statement the information the Registrant files with it, which means
that the Registrant can disclose important information to you by referring you
to those documents. The information incorporated by reference is considered to
be part of this registration statement, and information we file later with the
Commission will automatically update and supersede such information. The
following documents filed with the Commission are hereby incorporated by
reference into this registration statement:
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(a)
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The
Registrant’s Annual Report on Form 10-KSB for the Year Ended December 31,
2006, filed on April 2, 2007, which contains audited financial statements
for the most recent fiscal year for which such statements have been
filed;
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(b) The
Registrant’s Proxy Statement on Schedule 14A filed on February 23,
2007;
(c) The
Registrant’s Current Report on Form 8-K filed on February 23, 2007;
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(d)
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The
Registrant’s Quarterly Report on Form 10-QSB for the quarter ended March
31, 2007, filed on May 11, 2007;
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(e)
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The
Registrant’s Current Report on Form 8-K filed on April 23, 2007 and as
amended on June 22, 2007;
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(f) The
Registrant’s Current Report on Form 8-K filed on May 31, 2007;
(g) The
Registrant’s Current Report on Form 8-K filed on July 10, 2007;
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(h)
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The
Registrant’s Current Report on Form 8-K filed on July 20,
2007;
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(i)
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The
Registrant’s Quarterly Report on Form 10-QSB for the quarter ended June
30, 2007, filed August 14, 2007;
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(j)
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The
Registrant’s Current Report on Form 8-K filed on October 2,
2007;
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(k)
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The
Registrant’s Proxy Statement on Schedule 14A filed on October 22,
2007;
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(l)
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The
Registrant’s Current Report on Form 8-K filed on October 22, 2007 and as
amended on December 7, 2007; and
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(m)
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The
Registrant’s Quarterly Report on Form 10-QSB for the quarter ended
September 30, 2007, filed on November 13,
2007;
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In
addition, all documents which the Registrant files with the Commission under
Section 13(a), 13(c), 14 or 15(d) of the Securities Exchange Act of 1934 will be
deemed to be incorporated by reference into this registration
statement.
Item
4. Description of Securities
Not
applicable.
Item
5. Interests of Named Experts and Counsel
The
validity of the common stock being offered from time to time under this
registration statement will be passed upon for the Registrant by Jones &
Keller, P.C., Denver, Colorado. Reid A. Godbolt, a member of Jones
& Keller, P.C., beneficially owns 12,753 shares of our common stock held of
record by a limited liability company he owns jointly with his
spouse.
Item
6. Indemnification of Directors and Officers
Article
109 of Title Seven of the Colorado Revised Statutes enables a Colorado
corporation to indemnify its officers, directors, employees and agents against
liabilities, damages, costs and expenses for which they are liable if: (i) in
their Official Capacities (as defined by this statute), they acted in good faith
and had no reasonable basis to believe their conduct was not in the best
interest of the company; (ii) in all other cases, their conduct was at least not
opposed to the company’s best interests; and (iii) in the case of any criminal
proceeding, they had no reasonable cause to believe their conduct was
unlawful.
The
Articles of Incorporation of the Registrant limit the liability of directors to
the fullest extent provided by Colorado law.
The
Bylaws of the Registrant provide indemnification to officers, directors,
employees and agents to the fullest extent provided by Colorado
law.
Item
7. Exemption from Registration Claimed
All
shares of common stock registered hereunder for reoffer or resale will be issued
upon exercise of options or restricted stock awards granted or to be granted
pursuant to the Registrant’s 1993 Employees’ Stock Incentive Plan to the
directors, officers and employees of the Registrant pursuant to the exemption
from registration afforded by Section 4(2) of the Securities Act of 1933 and/or
Regulation D promulgated thereunder. Upon exercise of an option, the optionee is
required to execute an undertaking not to resell such shares except pursuant to
an effective registration statement or other exemption under the Act, a
restrictive legend is placed on the certificates for the shares of common stock
purchased and transfer stops are placed against such certificates. These
restricted stock issuances did not involve any underwriters, underwriting
discounts or commissions. Because each recipient of the restricted common stock
was an employee to the Registrant at the time he or she acquired the stock, it
believes that each issuance did not involve any public offering and was exempt
from the registration requirements of the Securities Act.
Item
8. Exhibits
5.1 Opinion
of Jones & Keller, P.C. regarding the legality of the common stock being
registered*
23.1 Consent
of Richey, May & Co., LLP*
23.2 Consent
of Grant Thornton LLP*
23.3
Consent
of Burdick Meritt & Associates, P.C.*
23.4 Consent
of Grant Thornton LLP*
23.5 Consent
of Jones & Keller, P.C. (included in Exhibit 5.1 filed
herewith)
24.1 Power
of Attorney (included on signature page of this registration
statement)
----------
* Filed
herewith.
Item
9. Undertakings
(a) The
undersigned Registrant hereby undertakes:
(1) To file, during any period in which
offers or sales are being made, a post-effective amendment to the registration
statement:
(i) To include any prospectus required
by section 10(a)(3) of the Securities Act of 1933 (the “Securities
Act”);
(ii) To reflect in the prospectus any
facts or events arising after the effective date of the registration statement
(or the most recent post-effective amendment thereof) which, individually or in
the aggregate, represent a fundamental change in the information set forth in
the registration statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation
from the low or high end of the estimated maximum offering range may be
reflected in the form of prospectus filed with the Commission pursuant to Rule
424(b) if, in the aggregate, the changes in volume and price represent no more
than a 20% change in the maximum aggregate offering price set forth in the
“Calculation of Registration Fee” table in the effective registration statement;
and
(iii) To include any material information with respect to the plan of
distribution not previously disclosed in the registration statement or any
material change to such information in the registration statement;
Provided, however
, that
paragraphs (a)(1)(i) and (ii) do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the registrant
pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934
(the “Exchange Act”) that are incorporated by reference in the registration
statement.
(2) That, for the purpose of
determining any liability under the Securities Act, each such post-effective
amendment shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial bona fide offering thereof.
(3) To remove from registration by
means of a post-effective amendment any of the securities being registered which
remain unsold at the termination of the offering.
(b) The
undersigned registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the registrant’s annual
report pursuant to section 13(a) or section 15(d) of the Exchange Act (and,
where applicable, each filing of an employee benefit plan’s annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering
thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers and controlling persons of the Registrant
pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the
successful defense of any action, suit or proceeding) is asserted by such
director, officer or controlling person in connection with the securities being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
SIGNATURES
Pursuant
to the requirements of the Securities Act of 1933, the Registrant certifies that
it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunder duly authorized, in Houston, Texas,
on February 13, 2008.
GEORESOURCES,
INC.
By:
/s/
Frank A.
Lodzinski
Frank A.
Lodzinski, Chief Executive Officer
KNOW ALL
MEN BY THESE PRESENTS, that the undersigned officers or directors of the
registrant, by virtue of their signatures to this registration statement
appearing below, hereby constitute and appoint Frank A. Lodzinski and Howard E.
Ehler, attorneys-in-fact in their names, place, and stead to execute any and all
amendments to this registration statement in the capacities set forth opposite
their names and hereby ratify all that said attorneys-in-fact may do by virtue
hereof.
Pursuant
to the requirements of the Securities Act of 1933, this registration statement
has been signed by the following persons in the capacities and on the date
indicated.
Dated:
February 13, 2008
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/s/
Frank A. Lodzinski
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/s/
Scott R. Stevens
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Frank
A. Lodzinski, Principal Executive Officer and Chairman of the
Board
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Scott
R. Stevens, Director
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/s/
Collis P. Chandler, III
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/s/
Michael A. Vlasic
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Collis
P. Chandler, III, Director
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Michael
A. Vlasic, Director
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/s/
Christopher W. Hunt
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/s/
Nick L. Voller
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Christopher
W. Hunt, Director
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Nick
L. Voller, Director
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/s/
Jay F. Joliat
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/s/
Howard E. Ehler
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Jay
F. Joliat, Director
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Howard
E. Ehler, Principal Financial Officer and Principal Accounting
Officer
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EXHIBIT
INDEX
EXHIBIT
NUMBER
DESCRIPTION
-----------------
5.1 Opinion
of Jones & Keller, P.C. regarding the legality of the common stock being
registered*
23.1 Consent
of Richey, May & Co., LLP*
23.2 Consent
of Grant Thornton LLP*
23.3 Consent
of Burdick Meritt & Associates, P.C.*
23.4 Consent
of Grant Thornton LLP*
23.5 Consent
of Jones & Keller, P.C. (included in Exhibit 5.1 filed
herewith)
24.1 Power
of Attorney (included on signature page of this registration
statement)
__________________
* Filed
herewith.
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