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I see some continued upside w/ GEOI!

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OilStockReport   Monday, 04/11/11 12:59:07 PM
Re: logman post# 32
Post # of 41 
I see some continued upside w/ GEOI!

GeoResources Inc. (GEOI) is a pure value play, and one of the stocks whose assets I really like. I do not own this stock now, but think the stock is cheap considering the properties it holds. GeoResources has acreages in the Eagle Ford and Bakken/Three Forks. It has 45000 net acres in the Bakken and 23000 net acres in the Eagle Ford. GeoResources is continually adding positions in both plays. It has 24 Mmboe proved reserves, with 60% coming from oil. Last year, it averaged 5090 Boe/d. Total net acreage is 235572. Breaking down the acreage into a percentage we see:

Gulf Coast/East Texas-34%

Williston Basin- 32%

Louisiana- 16%

Permian- 9%

Mid-Continent- 6%

Other- 3%

Another area of significance is the Austin Chalk where GeoResources has 29000 net acres. For 2011, cap ex was recently increased from $88 million to $114 million, with 2012 at $173 million. In summary, it is hard not to like this company. See GeoResources: A Play on Eagle Ford and Bakken Shales, for a more in depth article on this company. GeoResources is inexpensive at its current valuation.

P/E Ratio- 26.8

Price to Sales- 4.38

Price to Tangible Book- 2.2

This is not an offer to buy or sell securities or any kind of investment advice. Oil investment carries very high risks so consult a licensed professional making any decisions. My resume is real time on Twitter @TurnKeyOil.
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