GeoResources, Inc. has closed on the acquisition of producing properties from an unaffiliated party in the Williston Basin of North Dakota and Montana for $7.9 million. The properties will be operated by the Company and have current net production of approximately 106 BOEPD and additional drilling opportunities. As of January 1, 2008 the Company has estimated the proved reserves at 970,000 BOE of which 93% is oil.
Separately, the Company has sold, effective January 1, 2008, all of its interest in the Grand Canyon Unit in Otsego County, Michigan to an unaffiliated party for $6,600,000 in cash. The Grand Canyon Unit was the only property owned by the Company in Michigan.
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