GeoResources to repay bank borrowings with common stock proceeds

By Sara Rosenberg

New York, Nov. 25 - GeoResources Inc. plans to reduce debt under its credit facility using substantially all of the proceeds from the sale of 3 million shares of common stock at a price of $10.20 per share, according to a news release.

Closing of the $30.6 million stock offering is expected to occur on or about Tuesday.

GeoResources is a Houston-based oil and gas company.

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