GEOI reports
GEOI reports
7:18AM GeoResources beats by $0.08, reports revs in-line (GEOI) 17.97 : Reports Q3 (Sep) earnings of $0.38 per share, $0.08 better than the Thomson Reuters consensus of $0.30; revenues rose 17.0% year/year to $26.9 mln vs the $26.8 mln consensus. "We are on track for our first $100 million year (revenues). Comparatively, we benefited from both increased production and from improved oil and gas prices. Our increased production was a direct result of our successful drilling programs in the Williston Basin and strategic acquisitions, offset by the impact of suspending our natural gas drilling due to low prices. The impact of suspending gas drilling is quite evident when comparing the third quarter of this year to last year... Nevertheless, we expect our overall production for 2010 to exceed 2009 totals."