GeoResources, Inc. (GEOI) Announces 2011 Oil and Gas Capital Budget

By @ibtimes on

GeoResources, Inc. issued an operations update and announced the company’s oil and gas exploration and development capital budget for 2011. The company has assembled prospective acreage in many different onshore areas in the United States.

GeoResources, Inc. has 46,000 net acres under lease in the Williston Basin, where the company is working to develop the Bakken and Three Forks formations. The company has 37,000 acres located in Williams and Mountrail Counties in North Dakota and 9,000 acres in Montana.

GeoResources, Inc. has 21,000 net acres of mineral leasehold that is prospective for the Eagle Ford Shale in Texas. The acreage is located in several different areas including Gonzales, Atascosa, Fayette, and McMullen Counties.

GeoResources, Inc. has budgeted $114 million in capital in 2011 to develop its properties. This includes $50.5 million for the development of the Williston Basin, where the company will have both operated and non-operated wells. GeoResources, Inc. has budgeted $15.8 million in 2011 to develop the Eagle Ford Shale. This capital will be enough to drill nineteen wells.

GeoResources, Inc. said that if the 2011 development program is successful, then the company would spend $173 million in 2012.

For more information on the company, go to www.georesourcesinc.com

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