GeoResources, Inc. announced unaudited consolidated financial results for the third quarter and nine months ended September 30, 2009. For the three months ended September 30, 2009, the company reported total revenues of $23.0 million and net income of $3.4 million, or $0.21 per basic and diluted common share against total revenues of $23.6 million and net income of $5.8 million, or $0.35 per diluted common share for the same period of last year. Earnings before interest, income taxes, depreciation, depletion and amortization, and exploration expense increased 8% to approximately $14.7 million for the third quarter 2009 compared $13.6 for the third quarter 2008. Income before income taxes was $5.97 million against $9.6 million for the same period in 2008. For the first nine-months of 2009, revenues totaled $56.8 million and net income was $7.4 million or $0.46 per basic and diluted common share against total revenues of $75.7 million and net income of $17.8 million, or $1.14 per diluted common share for the same period of last year. EBITDAX for the first nine months of 2009 decreased 26% to approximately $33.0 million compared to $44.5 million for the same period in 2008. Income before income taxes was $12.5 million against $28.8 million for the same period in 2008. Net cash provided by operating activities was $12.9 million and additions to property and equipment was $81.6 million against et cash provided by operating activities of $38.6 million and additions to property and equipment of $43.0 million for the same period in 2008.

GeoResources Inc. provided an operations update. BAKKEN SHALE the company holds a proportionate 10%-18% working interest in approximately 110,000 net acres in the Bakken Shale trend of the Williston Basin. Approximately 63,000 acres are located in Mountrail County, with the remainder located in adjacent counties. To date, the company has realized a 100% success rate with 30 successful wells drilled by the joint venture operator. In addition, the company owns minor working interests in more than 125 wells within the Bakken/Three Forks play. These wells have provided invaluable information related to the development economics, geology and drilling and completion procedures with multiple operators at different locations within the basin. Its joint venture continues to acquire acreage in this expanding play and is currently running three rigs and may occasionally run a fourth drilling rig. Meerkat wells were drilled on a single 557 acre pooled unit; Goldeneye #2-2H is an increased density well being the second well on a 640 acre unit. Completed well costs, including surface equipment and production facilities for single lateral wells drilled on 640 acre units range from approximately $3.0 to $3.5 million. The economics of drilling on 640 spacing units are attractive and allows us to 'prove-up' and place acreage on production under an expedited schedule.

Georesources Inc is looking for acquisition opportunities. At independent petroleum association of America (Ipaa) Ogis San Francisco conference, Frank Lodzinski, Chairman, President and CEO of the company said: �The only reason I mentioned that is that we do have a goodly amount of experience and history in the M&A markets in troubled situations. And so consequently I have been working -- while our folks are blocking and tackling and drilling wells and looking for assets and doing things like that, I'm out stirring the pot looking for new acquisition opportunities, private and public companies, and I think there is going to be a lot of opportunity for us next year.�