GeoResources to repay $87 million of bank debt with stock proceeds

By Sara Rosenberg

New York, Jan. 10 - GeoResources Inc. plans to pay down the $87 million balance under its credit facility using proceeds from the sale of 4.7 million shares of common stock, according to a news release.

Remaining proceeds from the offering, along with cash flow and credit facility availability, will be used to fund drilling and development expenditures and for incremental leasehold acquisitions and general corporate purposes.

GeoResources is a Houston-based independent oil and gas company.

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