GMX RESOURCES Announces Successful Bakken Well; Provides an Operational Update; Protection of Cash Flow With Additional Hedges
GMX RESOURCES INC. (NYSE: GMXR) today announces that the Company has successfully drilled and completed its sixth operated horizontal Bakken well, the Johnston 31-4-1H, 55% working interest, located in Sections 4&9 Township 146N Range 99W in McKenzie County, North Dakota. The Johnston 31-4-1H was drilled to a measured depth of 20,979' with a lateral length of 8,869'. It was completed as a 34-stage frac Middle Bakken producer achieving a peak rate of 1,479 boepd. The Johnston 31-4-1H had a spud to total depth of 29 days, a spud to rig release of 31 days and a spud to sales of 58 days.
The Company's seventh operated well, the Fairfield State 21-16-1H, was spud on May 13, 2012. GMXR currently projects a 96% working interest in the Fairfield State 21-16-1H, which is located in Sections 16&21, Township 143N, Range 99W in Billings County, North Dakota. The Fairfield State 21-16-1H is a Three Forks well and has been successfully drilled to a total measured depth of 20,979' and a lateral length of 9,510'. The Company expects to fracture stimulate the well in July 2012.
The Company's eighth operated well, the Basaraba 24-35-1H, is located in Sections 26&35, Township 144N, Range 100W in Billings County, North Dakota. The Company has received the necessary federal and states permits in this 50% working interest well, which we expect to spud in June 2012.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.