Published: March 11, 2010
GeoResources, Inc. Reports Fourth Quarter and 2009 Annual Financial Results
HOUSTON - (BUSINESS WIRE) - GeoResources, Inc., (NASDAQ:GEOI), today announced its financial and
operating results for the twelve and three month periods ended December
31, 2009. The following tables summarize the results of operations
compared to similar periods in 2008.
|
|
|
Twelve Months Ended December 31,
(In thousands, except
Earnings per share)
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
80,428
|
|
$
|
94,607
|
|
Net income
|
|
$
|
9,775
|
|
$
|
13,522
|
|
Earnings per share (diluted)
|
|
$
|
0.59
|
|
$
|
0.86
|
|
Adjusted EBITDAX (1)
|
|
$
|
48,159
|
|
$
|
54,150
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
(In thousands, except
Earnings per share)
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
Total revenue
|
|
$
|
23,616
|
|
$
|
18,863
|
|
Net income
|
|
$
|
2,371
|
|
$
|
(4,291)
|
|
Earnings per share (diluted)
|
|
$
|
0.14
|
|
$
|
(0.26)
|
|
Adjusted EBITDAX (1)
|
|
$
|
14,080
|
|
$
|
9,186
|
_________
(1) See additional detail below.
|
|
|
Percent
Increase
(Decrease)
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Gas Production (MMcf)
|
|
67
|
%
|
|
|
4,944
|
|
|
2,962
|
|
Oil Production (MBbls)
|
|
15
|
%
|
|
|
851
|
|
|
743
|
|
Barrel of oil equivalent (MBOE)
|
|
36
|
%
|
|
|
1,675
|
|
|
1,236
|
|
Average Price Gas before Hedge Settlements (per Mcf)
|
|
(61
|
%)
|
|
$
|
3.28
|
|
$
|
8.36
|
|
Average Price Oil before Hedge Settlements (per Bbl)
|
|
(41
|
%)
|
|
$
|
56.37
|
|
$
|
94.88
|
|
Average Price Gas after Hedge Settlements (per Mcf)
|
|
(51
|
%)
|
|
$
|
3.97
|
|
$
|
8.12
|
|
Average Price Oil after Hedge Settlements (per Bbl)
|
|
(26
|
%)
|
|
$
|
61.09
|
|
$
|
82.42
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percent
Increase
(Decrease)
|
|
Three Months Ended
December 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
Gas Production (MMcf)
|
|
113
|
%
|
|
|
1,514
|
|
|
711
|
|
Oil Production (MBbls)
|
|
32
|
%
|
|
|
250
|
|
|
190
|
|
Barrel of oil equivalent (MBOE)
|
|
63
|
%
|
|
|
503
|
|
|
308
|
|
Average Price Gas before Hedge Settlements (per Mcf)
|
|
(32
|
%)
|
|
$
|
3.77
|
|
$
|
5.57
|
|
Average Price Oil before Hedge Settlements (per Bbl)
|
|
33
|
%
|
|
$
|
68.19
|
|
$
|
51.37
|
|
Average Price Gas after Hedge Settlements (per Mcf)
|
|
(32
|
%)
|
|
$
|
4.02
|
|
$
|
5.91
|
|
Average Price Oil after Hedge Settlements (per Bbl)
|
|
6
|
%
|
|
$
|
65.57
|
|
$
|
61.78
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDAX (see definition below) increased 53% to approximately
$14.1 million for the fourth quarter 2009 compared to $9.2 million for
the fourth quarter 2008. Adjusted EBITDAX for the year 2009 decreased
11% to approximately $48.2 million compared to $54.2 million in 2008.
The following tables reconcile reported net income to Adjusted EBITDAX
for the periods indicated (in thousands):
|
|
|
|
Twelve Months Ended December 31,
|
|
|
|
|
2009
|
|
2008
|
|
Adjusted EBITDAX (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
9,775
|
|
$
|
13,522
|
|
|
Add back:
|
|
|
|
|
|
|
|
Interest expense
|
|
|
4,984
|
|
|
4,820
|
|
|
|
Income taxes:
|
|
|
|
|
|
|
|
Current
|
|
|
412
|
|
|
866
|
|
|
|
Deferred
|
|
|
4,655
|
|
|
6,903
|
|
|
|
Depreciation, depletion and amortization
|
|
|
22,409
|
|
|
16,007
|
|
|
|
Hedge and derivative contracts
|
|
|
299
|
|
|
440
|
|
|
|
Non-cash compensation
|
|
|
1,424
|
|
|
661
|
|
|
|
Exploration and impairments
|
|
|
4,201
|
|
|
10,931
|
|
|
Adjusted EBITDAX (1)
|
|
$
|
48,159
|
|
$
|
54,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
$
|
2,371
|
|
|
$
|
(4,291
|
)
|
|
Add back:
|
|
|
|
|
|
|
Interest expense
|
|
|
1,435
|
|
|
|
962
|
|
|
|
Income taxes:
|
|
|
|
|
|
|
Current
|
|
|
588
|
|
|
|
(3,573
|
)
|
|
|
Deferred
|
|
|
(637
|
)
|
|
|
372
|
|
|
|
Depreciation, depletion and amortization
|
|
|
6,906
|
|
|
|
4,724
|
|
|
|
Hedge and derivative contracts
|
|
|
(28
|
)
|
|
|
392
|
|
|
|
Non-cash compensation
|
|
|
360
|
|
|
|
199
|
|
|
|
Exploration and impairments
|
|
|
3,085
|
|
|
|
10,401
|
|
|
Adjusted EBITDAX (1)
|
|
$
|
14,080
|
|
|
$
|
9,186
|
|
|
|
|
|
|
|
|
|
|
|
(1) As used herein, adjusted EBITDAX is calculated as earnings before
interest, income taxes, depreciation, depletion and amortization, and
exploration expense and further includes non-cash compensation,
impairments and hedge ineffectiveness and income or loss on derivative
contracts. Adjusted EBITDAX should not be considered as an alternative
to net income (as an indicator of operating performance) or as an
alternative to cash flow (as a measure of liquidity or ability to
service debt obligations) and is not in accordance with, nor superior
to, generally accepted accounting principles, but provides additional
information for evaluation of our operating performance.
Comments
Frank A. Lodzinski, CEO and President, commented, "Our results for the
fourth quarter and year ended December 31, 2009 continue to reflect our
growth. Our production increased 36% over the prior year and our
reserves increased 42% over the prior year using the SEC pricing
methodology. This represented a 467% production replacement rate. A
comparison of the 4th quarter of 2009 vs. 2008 underscores
our considerable growth. Our gas production was up 113% and our oil
production was up 32%. Revenues, adjusted EBITDAX and net income were
all up appreciably. A contributing factor to increased earnings was
lower lease operating expenses. On a unit-of-production basis, our lease
operating expenses were down about 40%, both for comparative quarter and
annual periods, largely as a result of our re-engineering and
development drilling activities. Our increased production is a direct
result of our successful drilling programs in the Bakken Shale and
Austin Chalk and from the strategic acquisitions we have made in these
core areas. As recently announced we have further increased our acreage
position in the Bakken Shale Trend of the Williston Basin and expect our
drilling programs to continue to contribute to our growth."
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 primarily
focused in three core areas - 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 for the year ended December 31, 2009 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 and SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2009
|
|
2008
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
$
|
12,660
|
|
|
$
|
13,967
|
|
|
|
Accounts Receivable
|
|
|
|
|
|
|
|
Oil and gas revenues
|
|
|
14,860
|
|
|
|
11,439
|
|
|
|
|
Joint interest billings and other
|
|
|
13,734
|
|
|
|
7,172
|
|
|
|
|
Affiliated partnerships
|
|
|
933
|
|
|
|
2,905
|
|
|
|
Notes receivable
|
|
|
120
|
|
|
|
120
|
|
|
|
Derivative financial instruments
|
|
|
764
|
|
|
|
8,200
|
|
|
|
Income taxes receivable
|
|
|
2,077
|
|
|
|
2,165
|
|
|
|
Prepaid expenses and other
|
|
|
2,297
|
|
|
|
3,923
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
47,445
|
|
|
|
49,891
|
|
|
|
|
|
|
|
|
|
|
Oil and gas properties, successful efforts method:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proved properties
|
|
|
285,363
|
|
|
|
204,536
|
|
|
|
Unproved properties
|
|
|
10,281
|
|
|
|
2,409
|
|
|
Office and other equipment
|
|
|
828
|
|
|
|
1,025
|
|
|
Land
|
|
|
96
|
|
|
|
96
|
|
|
|
|
|
|
|
296,568
|
|
|
|
208,066
|
|
|
|
|
|
|
|
|
|
|
|
Less accumulated depreciation, depletion and amortization
|
|
|
(48,182
|
)
|
|
|
(26,486
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net property and equipment
|
|
|
248,386
|
|
|
|
181,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity in oil and gas limited partnerships
|
|
|
3,532
|
|
|
|
3,266
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
1,360
|
|
|
|
6,409
|
|
|
|
|
|
|
|
|
|
|
Deferred financing costs and other
|
|
|
3,574
|
|
|
|
2,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
304,297
|
|
|
$
|
243,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORESOURCES, INC and SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
2009
|
|
2008
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
6,452
|
|
|
$
|
10,750
|
|
|
|
Accounts payable to affiliated partnerships
|
|
|
8,361
|
|
|
|
10,310
|
|
|
|
Revenue and royalties payable
|
|
|
13,928
|
|
|
|
11,701
|
|
|
|
Drilling advances
|
|
|
390
|
|
|
|
2,169
|
|
|
|
Accrued expenses
|
|
|
1,574
|
|
|
|
1,506
|
|
|
|
Derivative financial instruments
|
|
|
4,794
|
|
|
|
1,572
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total current liabilities
|
|
|
35,499
|
|
|
|
38,008
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
|
69,000
|
|
|
|
40,000
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes
|
|
|
15,778
|
|
|
|
17,868
|
|
|
|
|
|
|
|
|
|
|
|
Asset retirement obligations
|
|
|
6,110
|
|
|
|
5,418
|
|
|
|
|
|
|
|
|
|
|
|
Derivative financial instruments
|
|
|
3,233
|
|
|
|
1,245
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' equity:
|
|
|
|
|
|
|
|
Common stock, par value $0.01 per share; authorized 100,000,000
shares; issued and outstanding: 19,705,362 shares in 2009 and
16,236,717 in 2008
|
|
|
197
|
|
|
|
162
|
|
|
|
Additional paid-in capital
|
|
|
146,966
|
|
|
|
112,523
|
|
|
|
Accumulated other comprehensive income (loss)
|
|
|
(3,288
|
)
|
|
|
7,283
|
|
|
|
Retained earnings
|
|
|
30,802
|
|
|
|
21,027
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity
|
|
|
174,677
|
|
|
|
140,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
304,297
|
|
|
$
|
243,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORESOURCES, INC. and SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF INCOME
|
|
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
|
|
2009
|
|
2008
|
|
2007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
Oil and gas revenues
|
|
$
|
71,618
|
|
|
$
|
85,263
|
|
|
$
|
36,518
|
|
|
|
Partnership management fees
|
|
|
1,007
|
|
|
|
1,725
|
|
|
|
969
|
|
|
|
Property operating income
|
|
|
1,710
|
|
|
|
1,430
|
|
|
|
1,251
|
|
|
|
Gain on sale of property and equipment
|
|
|
1,355
|
|
|
|
4,362
|
|
|
|
49
|
|
|
|
Partnership income
|
|
|
4,318
|
|
|
|
1,061
|
|
|
|
184
|
|
|
|
Interest and other
|
|
|
420
|
|
|
|
765
|
|
|
|
1,144
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenue
|
|
|
80,428
|
|
|
|
94,606
|
|
|
|
40,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses:
|
|
|
|
|
|
|
|
|
|
|
Lease operating expense
|
|
|
18,763
|
|
|
|
22,914
|
|
|
|
10,818
|
|
|
|
Severance taxes
|
|
|
3,623
|
|
|
|
7,517
|
|
|
|
2,880
|
|
|
|
Re-engineering and workovers
|
|
|
2,807
|
|
|
|
3,518
|
|
|
|
2,092
|
|
|
|
Exploration expense
|
|
|
1,406
|
|
|
|
2,592
|
|
|
|
153
|
|
|
|
Impairment of oil and gas properties
|
|
|
2,795
|
|
|
|
8,339
|
|
|
|
-
|
|
|
|
General and administrative expense
|
|
|
8,500
|
|
|
|
7,168
|
|
|
|
6,513
|
|
|
|
Depreciation, depletion and amortization
|
|
|
22,409
|
|
|
|
16,007
|
|
|
|
7,507
|
|
|
|
Hedge ineffectiveness
|
|
|
137
|
|
|
|
(123
|
)
|
|
|
287
|
|
|
|
Loss on derivative contracts
|
|
|
162
|
|
|
|
563
|
|
|
|
-
|
|
|
|
Interest
|
|
|
4,984
|
|
|
|
4,820
|
|
|
|
1,916
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total expense
|
|
|
65,586
|
|
|
|
73,315
|
|
|
|
32,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
14,842
|
|
|
|
21,291
|
|
|
|
7,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes:
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
412
|
|
|
|
866
|
|
|
|
1,472
|
|
|
|
Deferred
|
|
|
4,655
|
|
|
|
6,903
|
|
|
|
3,408
|
|
|
|
|
|
|
|
5,067
|
|
|
|
7,769
|
|
|
|
4,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
9,775
|
|
|
$
|
13,522
|
|
|
$
|
3,069
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (basic)
|
|
$
|
0.59
|
|
|
$
|
0.87
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (diluted)
|
|
$
|
0.59
|
|
|
$
|
0.86
|
|
|
$
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
16,532,003
|
|
|
|
15,598,244
|
|
|
|
12,404,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
16,559,431
|
|
|
|
15,751,185
|
|
|
|
12,404,771
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GEORESOURCES, INC. and SUBSIDIARIES
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
Cash flows from operating activities:
|
|
2009
|
|
2008
|
|
2007
|
|
|
Net income
|
|
$
|
9,775
|
|
|
$
|
13,522
|
|
|
$
|
3,069
|
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Depreciation, depletion and amortization
|
|
|
22,409
|
|
|
|
16,007
|
|
|
|
7,507
|
|
|
|
|
Exploratory dry holes and unproved property impairments
|
|
|
-
|
|
|
|
2,241
|
|
|
|
-
|
|
|
|
|
Impairment of proved properties
|
|
|
2,795
|
|
|
|
8,339
|
|
|
|
-
|
|
|
|
|
Gain on sale of property and equipment
|
|
|
(1,355
|
)
|
|
|
(4,362
|
)
|
|
|
(49
|
)
|
|
|
|
Accretion of asset retirement obligations
|
|
|
368
|
|
|
|
391
|
|
|
|
232
|
|
|
|
|
Unrealized loss on derivative contracts
|
|
|
(238
|
)
|
|
|
563
|
|
|
|
-
|
|
|
|
|
Amortization of loss on cancelled hedges
|
|
|
482
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
Hedge ineffectiveness (gain) loss
|
|
|
137
|
|
|
|
(123
|
)
|
|
|
287
|
|
|
|
|
Partnership income
|
|
|
(4,318
|
)
|
|
|
(1,061
|
)
|
|
|
(184
|
)
|
|
|
|
Partnership distributions
|
|
|
2,406
|
|
|
|
653
|
|
|
|
204
|
|
|
|
|
Deferred income taxes
|
|
|
4,655
|
|
|
|
6,903
|
|
|
|
3,408
|
|
|
|
|
Non-cash compensation
|
|
|
1,424
|
|
|
|
661
|
|
|
|
553
|
|
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Decrease (increase) in accounts receivable
|
|
|
(7,923
|
)
|
|
|
3,958
|
|
|
|
(13,872
|
)
|
|
|
|
Decrease in notes receivable
|
|
|
275
|
|
|
|
480
|
|
|
|
-
|
|
|
|
|
Decrease (increase) in prepaid expense and other
|
|
|
(1,116
|
)
|
|
|
(1,990
|
)
|
|
|
(347
|
)
|
|
|
|
Increase (decrease) in accounts payable and accrued expense
|
|
|
(5,732
|
)
|
|
|
(3,844
|
)
|
|
|
20,056
|
|
|
|
|
Net cash provided by operating activities
|
|
|
24,044
|
|
|
|
42,338
|
|
|
|
20,864
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Proceeds from sale of property and equipment
|
|
|
1,991
|
|
|
|
26,789
|
|
|
|
2,419
|
|
|
|
Additions to property and equipment
|
|
|
(89,396
|
)
|
|
|
(51,824
|
)
|
|
|
(110,148
|
)
|
|
|
Investment in oil and gas limited partnership
|
|
|
-
|
|
|
|
(978
|
)
|
|
|
(1,632
|
)
|
|
|
Cancellation of hedge contracts
|
|
|
-
|
|
|
|
(2,975
|
)
|
|
|
-
|
|
|
|
Increase in other assets
|
|
|
-
|
|
|
|
-
|
|
|
|
(565
|
)
|
|
|
|
Net cash used in investing activities
|
|
|
(87,405
|
)
|
|
|
(28,988
|
)
|
|
|
(109,926
|
)
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Issuance of common stock
|
|
|
33,054
|
|
|
|
32,187
|
|
|
|
23,518
|
|
|
|
Distributions to stockholders
|
|
|
-
|
|
|
|
-
|
|
|
|
(4,007
|
)
|
|
|
Issuance of long-term debt
|
|
|
64,000
|
|
|
|
-
|
|
|
|
99,000
|
|
|
|
Reduction of long-term debt
|
|
|
(35,000
|
)
|
|
|
(56,000
|
)
|
|
|
(9,800
|
)
|
|
|
Debt issuance costs
|
|
|
-
|
|
|
|
-
|
|
|
|
(1,436
|
)
|
|
|
|
Net cash provided by (used in) financing activities
|
|
|
62,054
|
|
|
|
(23,813
|
)
|
|
|
107,275
|
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
(1,307
|
)
|
|
|
(10,463
|
)
|
|
|
18,213
|
|
|
Cash and cash equivalents at beginning of period
|
|
|
13,967
|
|
|
|
24,430
|
|
|
|
6,217
|
|
|
Cash and cash equivalents at end of period
|
|
$
|
12,660
|
|
|
$
|
13,967
|
|
|
$
|
24,430
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplementary information:
|
|
|
|
|
|
|
|
|
|
Interest paid
|
|
$
|
4,064
|
|
|
$
|
5,073
|
|
|
$
|
835
|
|
|
|
|
Income taxes paid
|
|
$
|
664
|
|
|
$
|
3,970
|
|
|
$
|
1,533
|
|
|
Non-cash net assets acquired in merger transactions:
|
|
|
|
|
|
|
|
|
|
GeoResources
|
|
|
|
|
|
$
|
23,827
|
|
|
|
|
PICA Energy, LLC
|
|
|
|
|
|
$
|
11,703
|
|
|
|
|
Yuma property interests
|
|
|
|
|
|
$
|
3,120
|
|
|
Other property interests
|
|
|
|
|
|
$
|
218
|
|
GeoResources, Inc.
Cathy Kruse, 701-572-2020 ext. 113
cathy@georesourcesinc.com
Copyright © 2012, Business Wire, Inc., All rights reserved. Copyright © 2012, NewsBlaze, Daily News
|
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