Published: February 16, 2010
GeoResources, Inc. Provides an Interim Operations Update
HOUSTON - (BUSINESS WIRE) - GeoResources, Inc., (NASDAQ: GEOI), today provided an interim operations
update on its joint venture in the Bakken Shale trend of the Williston
Basin.
To date, the Company has participated in 42 wells drilled by its joint
venture operator and has realized a 100% success rate. In addition, the
Company owns minor working interests in more than 140 wells within the
Bakken/Three Forks play. Our joint venture continues to acquire acreage
in this expanding play and is currently running four drilling rigs
continuously.
The following table lists recent activity. Please refer to our prior
news releases for additional information. The Company generally reports
joint venture and other wells where its interests are meaningful, but
does not report numerous minor interest wells. The pace of activity has
increased and we expect to participate in more than 90 joint venture
wells over the next two years, exclusive of the participation in
numerous minor interest wells. The following table updates our prior
operations release with respect to this project.
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WELL NAME
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SPACING UNIT (Acres)
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WI
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IP (BOPD)(2) (24-hr test)
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STATUS
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4th Qtr 2009
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Goldeneye #2-2H
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640
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4.34%
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1,823
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Producing
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Banshee #2-1H
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640
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5.41%
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1,807
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Producing
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Skybolt #1-24H
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640
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5.40%
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1,050
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Producing
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Stallion #1-1-12H (1)
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1,280
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11.70%
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2,523
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Producing
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Howitzer #1-25H
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640
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14.40%
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981
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Producing
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Zephyr #1-36H
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640
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12.03%
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1,462
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Producing
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Ripper #1-22H
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640
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5.27%
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1,243
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Producing
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Cougar Federal #1-30H
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640
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12.19%
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---
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Completing
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Cannonball Federal#1-27-34H
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1,280
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4.74%
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---
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Drilling
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Jughead Federal #1-26H
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640
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8.88%
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Completing
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1st Qtr 2010
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Lunker Federal 1-33-4H
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1,280
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5.25%
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---
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Moving to Location
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Machete 1-19H
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640
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9.9%
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---
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Completing
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Wizard 1-35H
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640
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14.4%
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---
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Drilling
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Whirlwind 1-31H
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640
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6.28%
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Drilling
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(1)The Stallion #1-1-12H was previously listed incorrectly as the
Stallion #2-1-12H.
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(2) Consistent with prior press releases, "IP(BOPD) (24 hr test)"
is defined as the peak oil volume produced on a daily basis
through permanent production facilities that occurs within the
first few days of initial production from the well. Higher hourly
rates can occur while the well is cleaning up through temporary
test facilities after hydraulic fracture stimulation. The reported
IP only accounts for the oil production and does not include gas
or gas equivalent production.
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Comments:
Frank A. Lodzinski, Chief Executive Officer of GeoResources, said, Our
net production in the Williston Basin continues to increase with the
on-going success of this development program. As part of our recurring
communications, we expect to provide a further operations update after
the end of the 1st quarter.
About GeoResources, Inc.
GeoResources, Inc. is an independent oil and gas company engaged in the
acquisition and development of oil and gas reserves through an active
and diversified program which includes purchases of reserves,
re-engineering, and development and exploration activities, currently
focused in the Southwest, Gulf Coast and the Williston Basin. For more
information, visit our website at www.georesourcesinc.com.
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.
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 our 10-K/A for the year ended December 31, 2008
and the other SEC reports of the Company and any and all other documents
filed with the SEC regarding information about GeoResources for
meaningful cautionary language in respect of the forward-looking
statements herein. Interested persons are able to obtain
free copies of filings containing information about GeoResources,
without charge, at the SEC's Internet site (http://www.sec.gov).

GeoResources, Inc.
Cathy Kruse, 701-572-2020 ext 113
cathy@georesourcesinc.com
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