GeoResources, Inc. Reports Results of Special Shareholders' Meeting
02 Abril 2007 - 9:15AM
PR Newswire (US)
WILLISTON, N.D., April 2 /PRNewswire-FirstCall/ -- GeoResources,
Inc., (NASDAQ:GEOI), today announced that at a special meeting of
shareholders on March 29, 2007 in Williston, North Dakota, the
shareholders of the company approved the issuance of shares
pursuant to the merger agreement with Southern Bay Oil & Gas,
L.P. and Chandler Energy, LLC. However, the approval by two- thirds
of GeoResources shareholders to increase the total authorized
shares of stock to 100 million common shares and 20 million
preferred shares from the 10 million common shares currently
authorized was not obtained, which is one of the conditions to
closing the merger agreement, as the Company does not have enough
authorized but unissued shares to complete the approved
transactions. The meeting was therefore adjourned until April 17,
2007 in order to solicit additional proxies on this proposal. The
Company needs approximately 565,000 additional shares or 14.9% of
its outstanding shares, to vote for the proposal in order for it to
be adopted. Also receiving shareholder approval was the Company's
Amended and Restated 2004 Employee Stock Incentive Plan. (Logo:
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO ) About
GeoResources, Inc. GeoResources, Inc., a Williston, North
Dakota-based natural resources company, is engaged primarily in oil
and gas exploration and production and oil and gas drilling. For
more information visit the company's website at
http://www.geoi.net/. About Southern Bay Oil & Gas L.P.
Southern Bay Oil & Gas, L.P. is headquartered in Houston,
Texas. Southern Bay and its subsidiaries own and operate producing
oil and gas properties on the Texas and Louisiana Gulf Coast, and
in the Permian Basin in Texas. Southern Bay and its affiliates also
conduct oil and gas exploration operations in these geographic
areas. For more information visit the company's website at
http://www.southernbayenergy.com/. About Chandler Energy, LLC
Chandler Energy, LLC is a Denver, Colorado based oil and gas
exploration and production company with operations in the Rocky
Mountains and Michigan. 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. GeoResources cannot
make any assurances that the agreement referenced in this release
will close. In addition, 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, particularly its Form 10-KSB for the Fiscal Year Ended
December 31, 2005, for meaningful cautionary language disclosure.
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO
http://photoarchive.ap.org/ DATASOURCE: GeoResources, Inc. CONTACT:
Cathy Kruse, of GeoResources, Inc., +1-701-572-2020, ext 113, Web
site: http://www.georesources.net/
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