A natural resources company engaged in two principal business segments: oil and gas exploration, development and production; and oil and gas drilling.
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GeoResources, which is engaged in oil and gas exploration and production, has reported net income of $4.2 million, or $0.29 per share for the first quarter of 2008 compared to the net income of $790,000 or $0.15 per share for the same period in 2007.
The company has said that total revenue increased 482% to $23.9 million in the first quarter of 2008 compared to $4.1 million for the same quarter of 2007. EBITDAX increased 563% to approximately $12.27 million for the first quarter of 2008, compared to $1.88 million for the same quarter of 2007.
Oil and natural gas production increased substantially in the first quarter. Natural gas production increased to 809 million cubic feet (mmcf) from 192mmcf in the first quarter of 2007, an increase of 321%.
Oil production for the first quarter increased to 200 million barrels (mbbls) from 46mbbls in the same period of 2007, an increase of 335%.