HOUSTON, May 11 /PRNewswire-FirstCall/ -- GeoResources, Inc.
(NASDAQ:GEOID) announced its first quarter 2007 (pre-mergers)
operating results. (Logo:
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO ) On April
17, 2007, the Company completed its mergers with Southern Bay Oil
& Gas L.P. and Chandler Energy, LLC. Although GeoResources is
the legal acquirer, under generally accepted accounting principles,
Southern Bay, being the largest party to the mergers, is deemed to
have acquired the Company and the other net assets contributed by
Chandler and its related parties. Accordingly, future SEC filings
and earnings releases, commencing with the 2nd quarter of 2007,
will reflect the current and historical financial statements of
Southern Bay with the net assets of the Company and other net
assets contributed in the mergers, treated as an acquisition on the
date of mergers. The first quarter results discussed herein reflect
only the operations of the Company and do not reflect the
operations of the combined entity. The Company intends to file
required pro forma combined financial information on Form 8-K as
soon as reasonably possible, but not later than July 3, 2007, which
is the filing deadline for such information. On a pre-mergers basis
GeoResources, Inc. announced total revenues of $1,508,028 for the
first quarter ended March 31, 2007, compared to $2,164,395 for the
same quarter of 2006. Net income for the first quarter of 2007 was
$153,788 or $0.04 per share versus net income of $527,688 or $0.14
per share for the comparable 2006 period. Earnings before interest,
taxes, depreciation, depletion and amortization (EBITDA) for the
quarter were $365,808, down from $825,681 in the same quarter of
2006. The reduction was largely due to non-recurring costs
associated with the mergers and costs associated with discontinued
operations. GeoResources' oil and gas revenue during the first
quarter of 2007 was $1,508,028 generating a gross profit of
$644,314 versus revenue of $1,646,149 and gross profit of $856,796
for the same period in 2006. Commodity prices during the 2007 first
quarter averaged $46.14 per barrel of oil equivalent (BOE), a 6%
decline from the first quarter of 2006. GeoResources sold 32,686
BOE or 363 BOE per day during the first quarter of 2007 compared to
33,500 BOE or 372 BOE per day during the first quarter of 2006, a
2% decline. GeoResources' drilling subsidiary, Western Star
Drilling Company, was inactive during the first quarter of 2007 and
incurred a loss of $83,232, resulting from fixed costs and
depreciation. This compares to revenue of $518,246 generating gross
profit of $43,911 for the first quarter of 2006. In connection with
the recently completed mergers and the expected significant
increase in oil and gas operations, management is considering
future alternatives for Western Star Drilling Company, including
continued operations or its possible divestiture. (1) EBITDA is
defined as earnings before interest, income taxes, depreciation and
amortization. EBITDA 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 evaluating us. Our measure of EBITDA may
not be the same as similar measures described by other companies.
EBITDA is calculated as follows: Quarter Ended March 31, 2007 March
31, 2006 Net Income $153,788 $527,688 Add back: Interest expense
2,769 12,945 Income tax 5,000 71,000 Depreciation and amortization
204,251 214,048 EBITDA $365,808 $825,681 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.
GeoResources cannot make any assurances that the agreement
referenced in this release will close. In addition, 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 the SEC reports of the Company, particularly its Form 10-KSB
for the Fiscal Year Ended December 31, 2006, for meaningful
cautionary language disclosure. PART I. FINANCIAL INFORMATION ITEM
1. Financial Statements GEORESOURCES, INC., AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS March 31, December 31, 2007 2006
(Unaudited) ASSETS CURRENT ASSETS: Cash and equivalents $ 443,162 $
889,766 Trade receivables, net 1,396,454 1,437,093 Inventories
149,319 141,549 Income tax receivable 39,449 -- Prepaid expenses
70,481 47,268 Total current assets 2,098,865 2,515,676 PROPERTY,
PLANT AND EQUIPMENT, at cost: Oil and gas properties, using the
full cost method of accounting: Properties being amortized
31,338,474 30,685,572 Properties not subject to amortization
226,212 224,297 Drilling rig and equipment 1,926,535 1,923,035
Other 868,552 861,078 34,359,773 33,693,982 Less accumulated
depreciation, depletion amortization and impairment (20,282,075)
(20,058,541) Net property, plant and equipment 14,077,698
13,635,441 LEONARDITE ASSETS HELD FOR SALE 550,803 590,225 TOTAL
ASSETS $16,727,366 $16,741,342 LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES: Accounts payable $1,539,048 $1,649,972 Accrued
expenses 277,551 320,692 Income taxes payable -- 60,551 Current
portions of capital lease obligations -- 13,298 Total current
liabilities 1,816,599 2,044,513 LONG-TERM DEBT, less current
maturities 50,000 -- ASSET RETIREMENT OBLIGATION 2,551,990
2,521,840 DEFERRED INCOME TAXES Related to continuing operations
773,000 768,000 Related to discontinued operations 243,000 268,000
Total liabilities 5,434,589 5,602,353 STOCKHOLDERS' EQUITY: Common
stock, par value $.01 per share; authorized 10,000,000 shares;
issued and outstanding, 3,782,769 and 3,782,769 shares,
respectively 37,828 37,828 Additional paid-in capital 432,791
432,791 Retained earnings 10,822,158 10,668,370 Total stockholders'
equity 11,292,777 11,138,989 TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $16,727,366 $16,741,342 GEORESOURCES, INC., AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months
Ended March 31, 2007 2006 OPERATING REVENUES: Oil and gas sales
$1,508,028 $1,646,149 Drilling revenue -- 518,246 1,508,028
2,164,395 OPERATING COSTS AND EXPENSES: Oil and gas production
costs and taxes 671,966 627,516 Drilling costs 81,419 474,335
Depreciation and depletion 204,251 214,048 Selling, general and
administrative 204,429 170,801 1,162,065 1,486,700 Operating income
345,963 677,695 OTHER INCOME (EXPENSE): Interest expense (2,769)
(12,945) Interest income 2,389 4,321 Professional fees related to
mergers (140,855) -- Other income, net 4,650 5,390 (136,585)
(3,234) Income before income taxes 209,378 674,461 Income tax
expense (5,000) (71,000) Income from continuing operations 204,378
603,461 DISCONTINUED OPERATIONS: Loss from leonardite operations
(75,590) (91,773) Income tax (expense) benefit 25,000 16,000
(50,590) (75,773) Net Income $153,788 $527,688 EARNINGS PER SHARE:
Income from continuing operations .05 .16 Income (loss) from
discontinued operations (.01) (.02) Net Income, basic and diluted
$.04 $.14 GEORESOURCES, INC., AND SUBSIDIARIES CONSOLIDATED
STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31,
2007 2006 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $153,788
$527,688 Adjustments to reconcile net income to net cash provided
by operating activities: Depreciation and depletion 216,620 215,761
Accretion of asset retirement obligation 30,150 27,700 Deferred
income taxes (20,000) 27,000 Other 1,250 1,250 Changes in assets
and liabilities: Decrease (increase) in: Trade receivables 40,639
84,293 Inventories 18,082 (33,977) Income taxes receivable (39,449)
-- Prepaid expenses and other (22,013) (124,794) Increase
(decrease) in: Accounts payable 130,749 156,721 Accrued expenses
(43,141) (68,764) Income taxes payable (60,551) 18,000 Net cash
provided by operating activities 406,124 830,878 CASH FLOWS FROM
INVESTING ACTIVITIES: Additions to property, plant and equipment
(908,714) (733,137) Proceeds from sale of property, plant and
equipment 19,284 18,133 Net cash used in investing activities
(889,430) (715,004) CASH FLOWS FROM FINANCING ACTIVITIES: Principal
payments on long-term capital lease obligation (13,298) (10,146)
Proceeds from long-term borrowings 50,000 -- Proceeds from stock
options exercised -- 4,620 Principal payments on long-term debt --
(254,632) Net cash provided by (used in) financing activities
36,702 (260,158) NET DECREASE IN CASH AND EQUIVALENTS (446,604)
(144,284) CASH AND EQUIVALENTS, beginning of period 889,766
1,669,882 CASH AND EQUIVALENTS, end of period $443,162 $1,525,598
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Cash paid for:
Interest $2,769 $12,945 Income taxes 100,000 10,000
http://www.newscom.com/cgi-bin/prnh/20051114/CGM073LOGO
http://photoarchive.ap.org/ DATASOURCE: GeoResources, Inc. CONTACT:
Cathy Kruse of GeoResources, Inc., +1-701-572-2020 x113, Web site:
http://www.georesources.net/
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Georesources (MM) (NASDAQ:GEOID)
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