Targeted Strategies for Today's Evolving Markets

MissionIR Blog

GeoResources, Inc. (GEOI) Issues Oil and Gas Update

GeoResources, Inc. issued an operations update on its oil and gas activities in various areas in the United States.

GeoResources, Inc. is currently working on the St. Martinville project, a shallow oil development project in St. Martin Parish, Louisiana. The company is starting to drill the Conoco Fee A-53, its first well at the project and plans to drill a total of four wells during the final quarter of 2010 and first quarter of 2011.

GeoResources, Inc. said that the Conoco Fee A-53 well is being drilled to test several Miocene aged oil zones at depths from 2,700 to 4,500 feet. The company has a 97% working interest in the Conoco Fee A-53 well.

GeoResources, Inc. is also considering testing the Discorbis formation, a natural gas zone located at a depth of approximately 10,000 feet.

GeoResources, Inc. also recently closed on the purchase of oil and gas properties in various domestic basins for $16.6 million. The deal included 9,700 net acres with 39 producing wells on the property.

GeoResources, Inc. reported that the daily average production on the properties acquired were 240 barrels of oil equivalent (BOE) per day, and proved reserves totaled approximately 900,000 BOE.

For more information on the company, go to

Let us hear your thoughts below:

This entry was posted in Small Cap News. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *