2010-07-09-2010-07-07-2010-07-07

Transaction Type
Sellers
Buyers
Announce Date
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Close Date
Estimated Price
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Description

Acquired 47.5% working interest, representing 23,300 net acres, in the Bakken shale, ND.

Bolstering its joint-venture leasehold, GeoResources Inc., Houston, (Nasdaq: GEOI) has acquired a 47.5% working interest, representing 23,300 net acres, in the Bakken shale in North Dakota for an undisclosed price.

The assets comprise 49,000 net leasehold acres in Williams County. GeoResources will jointly develop the acreage with two industry partners, including Denver-based Resolute Energy Corp. (NYSE: REN). In March, Resolute entered into agreements with GeoResources to acquire a 45% interest in the acreage, with GeoResources retaining a 45% operating interest.

Currently, the company holds 38 Bakken units, each consisting of 1,280 acres, and also has material working interests in an additional 49 Bakken units, also consisting of 1,280 acres each.

GeoResources is planning a horizontal drilling program, targeting the middle Bakken formation, on the acquired acreage and will drill an initial three wells. Secondary drilling objectives include the Three Forks, Madison and Red River formations.

GeoResources has operations in the U.S. Southwest, Gulf Coast and the Williston Basin.