GeoResources draws on revolver for purchase of wells and acreage

By Sara Rosenberg

New York, June 1 - GeoResources Inc. used borrowings under its senior secured revolving credit facility, along with cash, to fund the acquisition of producing wells and acreage in the Bakken Shale trend of the Williston Basin, according to a news release.

The company's net acquisition cost was about $10.4 million, prior to adjustments for post effective date net revenues.

The acquisition closed on May 20 but is effective as of April 1.

GeoResources is a Houston-based oil and gas company.

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