GeoResources, Inc. Reports Third Quarter 1997 Earnings
WILLISTON, N.D., Nov. 11 /PRNewswire/ -- GeoResources, Inc. (Nasdaq: GEOI - news), a natural resources exploration and
production company, today announced that third quarter 1997 net income rose to $346,000 or $.08 per share compared to
$291,000 or $.07 per share for the third quarter of 1996. For the nine months ended September 30, 1997, net income reached
$600,000 or $.15 per share compared to $658,000 or $.16 per share for the nine months ended September 30, 1996. Total
operating revenue for the third quarter increased 23% from $936,000 in 1996 to $1,148,000 in 1997. Revenue for the 1997 nine
months period increased 12% from $2,748,000 in 1996 to $3,072,000 in 1997. These revenue increases were due to increased oil
production and increased leonardite sales.
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