Friday, October 15, 2010

Fayette County, Texas; Eagle Ford Shale Update

By Andrea:

GeoResources Inc. (GEOI) recently released an operational update noting the acquirement of new land acreage in the Eagle Ford Shale in Southwest Fayette County, Texas:

They have assembled approximately 22,000 net acres in the Eagle Ford trend of Texas and entered into agreements with Ramshorn Investments, Inc., an affiliate of Nabors Industries LTD, to jointly acquire additional acreage and implement a drilling and development program. A wholly-owned subsidiary of GeoResources, Inc. retains a 50% working interest (currently about 11,000 net acres) and will serve as operator within an Area of Mutual Interest, located in Southwest Fayette County, Texas, which covers approximately 140,000 acres. Pursuant to the Participation and Joint Operating Agreements, Ramshorn has purchased a 50% interest in the acreage and will drill six horizontal obligation wells for the joint account. In addition, the parties have agreed to acquire additional acreage within the AMI. They intend to begin drilling as soon as reasonably possible, perhaps by the end of 2010.

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