Sailing along: at GeoResources
Plain sailing at GeoResources
North Dakota-based producer GeoResources saw slow growth in its quarterly and year-to-date figures, although third-quarter earnings were dragged down by property costs.
Net earnings for the third quarter fell to $523,415, or $0.14 per share, from $575,927, or $0.155 cents per share, in the year-ago quarter on higher depreciation and amortisation costs.
Revenue for the period rose to $2.5 million from $2.4 million last time.
The company's Western Star Drilling subsidiary saw revenue fall to $523,555 in the quarter from $694,492 in the year-ago quarter as drilling days fell by more than half.
Net earnings for the first nine months of 2006 rose to $1.9 million, or $0.50 per share, from $1.7 million, or 44 cents per share, in the first nine months of 2005. Revenue over the same periods rose to $7.2 million from $6.1 million.