SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the Quarter ended June 30, 1996.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 for the transition period from to .
Commission File Number - 0-8041
GeoResources, Inc.
(Exact name of Registrant as specified in its charter)
Colorado 84-0505444
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
1407 West Dakota Parkway, Suite 1-B, Williston, North Dakota 58801
(Address of Principal executive offices) (Zip Code)
(Registrant's telephone number including area code) (701) 572-2020
Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No .
Indicate the number of shares outstanding of each of the issuer's classes
of common stock, as of the latest practicable date.
Class Outstanding at July 31, 1996
Common Stock 4,060,714 shares
(par value $.01 per share)
GEORESOURCES, INC., AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
OPERATING REVENUES:
Oil and gas sales $ 758,346 $ 617,973 $1,467,321 $1,076,613
Leonardite sales 210,096 191,876 394,273 345,488
968,442 809,849 1,861,594 1,422,101
OPERATING COSTS AND EXPENSES:
Oil and gas production 235,471 216,216 492,116 433,963
Cost of leonardite sold 154,170 158,025 321,249 296,753
Depreciation and depletion 166,277 146,364 335,269 262,376
Selling, general and
administrative 116,559 81,846 240,642 167,401
672,477 602,451 1,389,276 1,160,493
Operating income 295,965 207,398 472,318 261,608
OTHER INCOME (EXPENSE):
Interest expense (30,423) (29,199) (63,431) (61,409)
Interest income 3,888 2,919 7,746 5,713
Other income and losses, net (8,865) 19,020 (31,052) 3,547
(35,400) (7,260) (86,737) (52,149)
Income before income
taxes 260,565 200,138 385,581 209,459
Income tax expense 7,000 -- 18,000 --
Net income $ 253,565 $ 200,138 $ 367,581 $ 209,459
EARNINGS PER SHARE:
Net income per
common share $ .06 $ .05 $ .09 $ .05
Weighted average number of
shares outstanding 4,060,714 4,035,714 4,051,785 4,030,742
See Notes to Consolidated Financial Statements.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
GEORESOURCES, INC.
August 9, 1996
/S/ J. P. Vickers
J. P. Vickers
Chief Executive Officer
Chief Financial Officer
