WILLISTON, N.D., March 3, 2003 (PRIMEZONE) -- GeoResources, Inc. (Nasdaq:GEOI) today announced year-end 2002 reserves of 2,557,000 BOE as compared to 2,156,000 BOE at year-end 2001. Production for 2002 was 142,197 BOE as compared to 151,832 BOE in the previous year.
The Company announced plans to drill the first of two wells in the Kramer, ND area in early March. Permits for both wells were received in 2002 and plans call for drilling to commence on the second well immediately upon the completion of the first well. Both wells will be drilled by Western Star Drilling Company, a subsidiary of GeoResources, Inc.
The first well to be drilled is the SSMU C-101X. The well is a development well in the Company's South Starbuck Madison Unit. The second well, Boll 1-26, is an exploratory well located less than a mile from the SSMU well in the Kramer prospect. Geologic success of the Boll 1-26 would represent a new pool discovery in North Dakota. Both wells will target the Madison interval with planned total depth of less than 3,500 feet. GeoResources' working interest in both wells is essentially 100%.
Chief Executive Officer, J.P. Vickers and GeoResources, Inc. are currently featured on the MacReport.Net website, a provider of online business and financial information. A replay of the audio business summary may be accessed through GeoResources, Inc. website at http://www.geoi.net and clicking on the MacReport link.
GeoResources, Inc. is a Williston, North Dakota-based diversified natural resources company engaged in three principal business segments -- oil and gas exploration, development and production; oil and gas drilling; and leonardite mining and the manufacture of leonardite-based products. GeoResources, Inc. is traded on the NASDAQ Small Cap Market under the symbol "GEOI."
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. 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, 2001, for meaningful cautionary language disclosure.
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