GeoResources, Inc. Completes Mergers With Southern Bay Oil & Gas and Chandler Energy, LLC
18 Abril 2007 - 9:30AM
PR Newswire (US)
WILLISTON, N.D., April 18 /PRNewswire-FirstCall/ -- GeoResources,
Inc., (NASDAQ:GEOI), today announced the closing of the mergers
(the Merger) with Southern Bay Oil & Gas L.P. and Chandler
Energy, LLC, after receiving all required shareholder approvals.
(Photo: http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO)
The combined entity has assets in the Gulf Coast, Rocky Mountains
and Williston Basin. In connection with the Merger, Southern Bay
made capital contributions of approximately $19.4 million, with $
5.0 million contributed in January 2007, and the remainder made at
closing. Pro-forma proved reserves are currently estimated at
approximately 8.2 million barrels of oil equivalent (BOE), 61% oil
and 74% proved developed. The combined entity has current daily
production of approximately 1,500 BOE. In the transactions (1)
Southern Bay partners received 8,263,000 shares of GeoResources'
common stock, (2) Chandler members received 1,931,000 shares and
(3) certain working interest owners in a Chandler-operated oil and
gas project in eastern Colorado received 496,000 shares. Total
outstanding common shares increased to approximately 14,563,000
shares. As part of the Merger, GeoResources' common stock was
approved for listing on the Nasdaq Global Market and trades under
the symbol "GEOI", and the GeoResources Board was reconstituted to
include a total of seven directors comprised principally of parties
appointed by Southern Bay and Chandler. The directors of
GeoResources are now: Frank A. Lodzinski, Collis P. Chandler, III,
Christopher W. Hunt, Jay F. Joliat, Scott R. Stevens, Michael A.
Vlasic and Nick Voller. The executive officers are: Frank A.
Lodzinski, President and Chief Executive Officer; Collis P.
Chandler, III, Executive Vice President and Chief Operating Officer
Northern Region; Francis M. Mury, Executive Vice President and
Chief Operating Officer Southern Region; Jeffrey P. Vickers, Vice
President, Williston Basin Exploration and Development; Robert J.
Anderson, Vice President Business Development, Acquisitions and
Divestitures; Howard E. Ehler, Vice President and Chief Financial
Officer; and Cathy Kruse, Corporate Secretary. Corporate
headquarters will be relocated to Houston Texas. 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. For more
information visit the company's website at
http://www.southernbayenergy.com/. 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 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, 2006, 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.geoi.net/
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