GMX RESOURCES INC.,
GMXR (the "Company"), is an oil and gas exploration and production
Company with assets in the Williston Basin, Denver Julesburg ("DJ") Basin and
East Texas Basin.
Year-End 2012 Reserves
The Company's year-end 2012 reserve estimates were prepared by DeGolyer and
McNaughton, an independent reserve engineering firm. Total estimated proved
reserves were 35.6 million BOE. Based on these estimated proved reserves, the
following reserve changes are reflected in the report:
Bakken PDP Growth vs. 2011
* PDP reserves of 1.7 MMBOE, up 430%; PDP PV-10 of $38.7 million, up 295%
Bakken PUD Growth vs. 2011
* 2012 PUD reserves of 7.1 MMBOE, up 1,321%
* 2012 PUD PV-10 of $50.4 million, up 1,020%
* 21.5 net Bakken PUDs in 2012 vs. 1.85 in 2011
Bakken Total Proved Growth vs. 2011
* 2012 total proved reserves of 8.9 MMBOE, up 971%
* Bakken 2012 total PV-10 of $89.1 million, up 523%
Using SEC pricing, Haynesville/Bossier ("H/B") PUD wells reflect a negative
PV-10 value of -$48 million, and the PV-10 value for the Company's proved
reserves without the H/B PUD wells is $128.4 million compared to the total
proved reserved reported of $80.1 million. Using current NYMEX natural gas
strip prices, as shown in the table below, the Haynesville/Bossier PV-10 would
increase by approximately $110 million, and total PV-10 would increase to
$194.6 million. The majority of the Company's Cotton Valley Sands/Other
reserves were sold in the fourth quarter of 2012.
The following tables provide a recap of the Company's proved reserves for the
year ended 2012 and show the sensitivity of its total 2012 proved reserves by
area by summarizing the Company's proved reserves as of December 31, 2012
using SEC prices for both oil and natural gas and in the second table using
the SEC price for oil and the current NYMEX strip prices for our proved
natural gas reserves:
^
SEC Pricing
Proved Reserves – 2012 SEC Pricing^(a)
Oil/NGLs Natural Total PV-10^(b) PV 10 %
MMbls Gas Bcfe ($ in Total
Bcf Millions) Proved
Proved Developed
Bakken/Three Forks 1.6 0.9 10.3 $38.7 48.3%
Cotton Valley and Other — 0.4 0.4 0.5 0.6%
Haynesville/Bossier — 54.5 54.5 38.8 48.4%
Proved Undeveloped
Bakken/Three Forks 6.5 3.7 42.8 50.4 62.9%
Cotton Valley and Other — — — — —
Haynesville/Bossier — 105.6 105.6 (48.3) (60.2)%
Total Proved 8.1 165.1 213.6 $80.1 100.0%
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