GEORESOURCES, INC. ANNOUNCES NINE MONTH EARNINGS AND PROGRESS OF RECENT DRILLING
GEORESOURCES, INC. ANNOUNCES NINE MONTH EARNINGS
AND PROGRESS OF RECENT DRILLING
WILLLISTON, N.D., Nov. 22 /PRNewswire/ -- GeoResources, Inc., (NASDAQ: GEOI) a natural resources exploration and production company, today announced that lower oil prices and leonardite sales led the company to incur a slight loss for the third quarter of 1991 of $6,000 ($.002 per share) compared to net income of $155,000 ($.04 per share) for the same quarter in 1990. For the nine months ended Sept. 30, 1991 and 1990, the company earned $115,000 ($.03 per share) and $182,000 ($.05 per share), respectively. Revenues for the third quarter 1991 and 1990 were $574,000 and $774,000, respectively. Revenue for the nine months ended Sept. 30, 1991, was $1,823,000 compared to $1,814,000 for the same period in 1990.
The company also announced the drilling of two more oil wells in Bottineau County, N.D. The Hultgren number 2 had production casing run on Oct. 25, 1991. GeoResources, Inc. owns a 100 percent working interest and an 87.5 percent net revenue interest in this well. The Hultgren number 2 well is located in the Leonard Field, Bottineau County, N.D. A spokesman for the company said the production potential of this well won't be known until a completion, scheduled for December 1991, can be performed. The company also drilled and set pipe on the Stella Rice number 3-27 in the Landa Field. This well had production casing set on Nov. 19, 1991. GeoResources owns a 100 percent working interest and 84 percent net revenue interest in the Stella Rice number 3-27 well. This well is scheduled to be completed by the end of November 1991. This drilling brings to four the total number of wells drilled by GeoResources in 1991.
GeoResources, Inc.'s common stock is traded in the national over-the-counter market under the symbol GEOI.
/CONTACT: Cathy Kruse of GeoResources, 701-572-2020/
(GEOI) CO: GeoResources, Inc. ST: North Dakota IN: OIL SU: ERN KH-DS -- MN006 -- 6325 11/22/91 11:09 EST