19 Feb 2008drilling progress report● Neutral
On February 15, 2008 GeoResources raised its 2008-2009 capital budget to $61.5 million from the previously announced $40.0 million, including spending tied to an affiliated institutional partnership. The money is split across Southern and Northern districts, including $9.0 million for Bakken Shale drilling and $7.8 million for exploratory drilling, and covers 29 wells with assigned proved undeveloped reserves, 15 Bakken Shale wells and two exploratory wells at Quarantine Bay, Louisiana. The company says the budget is subject to significant change and may be accelerated depending on cash flow and possible divestiture proceeds.