GeoResources Inc., Houston, (Nasdaq: GEOI) has acquired all of the limited partner interest in an affiliated partnership from an undisclosed financial institution for $91.1 million. The assets double GeoResouces' reserves and production base, and include oil and gas properties in Louisiana, the Gulf Coast, South Texas, the Permian Basin and the Black Warrior Basin. Production is approximately 5.2 million cubic feet of gas and 1,096 barrels of oil for a total 1,962 barrels of oil equivalent per day. Proved reserves are 16.3 billion cubic feet and 4.9 million barrels of oil for a total 7.6 million barrels equivalent.
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