GeoResources, Inc. Prices Public Offering of Common Stock
Houston, Texas, November 25, 2009 – GeoResources, Inc., (NASDAQ: GEOI), today announced that it has priced its public offering of 3.0 million shares of its common stock at a public offering price of $10.20 per share (before underwriting discounts and commissions). GeoResources has granted the underwriters a 30-day option to purchase up to 450,000 additional shares of common stock to cover any over-allotments.
Closing of the offering is expected to occur on or about December 1, 2009, subject to customary closing conditions. GeoResources intends to use substantially all of the net proceeds from the offering to reduce outstanding indebtedness under its credit agreement.
SMH Capital Inc. is Sole Book-Running and Lead Manager, Rodman & Renshaw, LLC is Co-Lead Manager and C.K. Cooper & Company is Co-Manager for the common stock offering. A copy of the preliminary supplemental prospectus and related base prospectus for the offering may be obtained on the Securities and Exchange Commission (“SEC”) website at http://www.sec.gov. Alternatively, SMH Capital Inc. will arrange to send you the preliminary supplemental prospectus and related base prospectus if you request them by contacting SMH Capital Inc. at 527 Madison Avenue, 14th floor, New York, NY 10022, Attn: Syndicate Department, or by telephone to (212) 893-1123, or by fax at (212) 317-2710.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state.
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.
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).
Copyright (C) 2009, GeoResources, Inc . All right reserved.
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