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GEORESOURCES, INC. ANNOUNCES THIRD QUARTER EARNINGS

 WILLISTON, N.D., Dec. 1 ~PRNewswire~ -- GeoResources, Inc., (NASDAQ: GEOI) a diversified natural resources exploration and production company, today reported that 1992 third quarter net income rose to $68,000 or $.02 per share compared to a net loss of $6,000 for the third quarter of 1991. For the nine months ended Sept. 30, 1992, net income was $90,000 or $.02 per share compared to $115,000 or $.03 per share for 1991. Total operating revenue for the third quarter of 1992 was up 21 percent from the same period in 1991, however; 1992 nine month revenue was 2 percent lower than the same period in 1991. The three month increase was due to an increase in leonardite sales and more barrels of oil sold at higher prices.
 The company drilled one gross (one net) wildcat well located between the Zion and Leonard Fields in Bottineau County, N.D. Production casing was run on this well and a completion attempt is in progress.
 GeoResources, Inc.'s common stock is traded in the national over- the-counter market under the symbol GEOI.
 GEORESOURCES, INC.
 STATEMENTS OF OPERATIONS (Unaudited)
 Three Months Ended Nine Months Ended
 9~30~92 9~30~91 9~30~92 9~30~91
 Operating revenues:
 Oil and gas sales $528,091 $428,499 $1,300,754 $1,148,267
 Leonardite sales 167,861 145,098 462,367 674,239
 -- 695,952 573,597 1,763,121 1,822,506
 Operating costs and expenses:
 Oil and gas production 253,987 243,049 669,435 627,991
 Cost of leonardite sold 115,364 116,554 382,985 459,266
 Selling, general and
 administrative 30,033 68,428 98,273 152,524
 Depreciation and
 depletion 195,371 138,280 483,725 388,805
 -- 594,755 566,311 1,634,418 1,628,586
 Operating income 101,197 7,286 128,703 193,920
 Nonoperating income (expense):
 Interest income 1,668 4,218 8,613 21,429
 Interest expense (20,378) (23,484) (51,994) (79,336)
 Other income 7,193 6,031 29,431 11,247
 -- (11,517) (13,235) (13,950) (46,660)
 Income (loss) before
 income taxes 89,680 (5,949) 114,753 147,260
 Income tax expense (21,904) -- (25,000) (32,000)
 Net income (loss) $67,776 $(5,949) $89,753 $115,260
 Earnings per common share $.02 -- $.02 $.03
 Weighted average number of
 shares outstanding 3,961,714 3,961,714 3,961,714 3,961,714
 -0- 12~1~92
 ~CONTACT: Cathy Kruse of GeoResources, 701-572-2020~
 (GEOI)


CO: GeoResources, Inc. ST: North Dakota IN: OIL SU: ERN

DS -- MN002 -- 2343 12~01~92 10:43 EST
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Publication:PR Newswire
Date:Nov 24, 1992
Words:442
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