OKLAHOMA CITY, Feb. 11, 2013 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE: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.
The Heiser 11-2-1H well, located in Sections 2 & 11, Township 145N Range 99W in McKenzie County is currently producing with a peak 24 hour flow rate of 3,268 BOEPD. The Company has a 66% working interest in the well which targeted the Middle Bakken with a lateral length of 9,620'.
Management Comments
The Company's president, Michael Rohleder, stated, "Our most recent completion, the Heiser 11-2-1H, had our highest initial production peak rate of 3,268 BOEPD to date and confirms that the changes we have made in our drilling and completion programs are having a positive effect. The Heiser unit is an offset of the Akovenko units and the two wells previously completed and this IP rate could provide further evidence that multiple completions in close proximity create better communication with the natural fracture network system. This supports our plan to increase production and significantly lower well costs by focusing our 2013 capex exclusively on PAD drilling and simultaneous zipper frac completions."
Upcoming Conference Attendance
The Company will attend the Enercom Oil and Services Conference where members of the Company's management team will be presenting. The Oil and Services Conference will be held at The Omni Hotel located at 500 California St. in San Francisco CA February 19-21 2013. A copy of our slide presentation will be available on the Company's website before our scheduled presentation and the event will be webcast live as well as available for replay on the Enercom Oil and Service Conference website. Details regarding the Company's participation in the symposium are as follows:
Date and Time: Wednesday February 20, 2013 from 10:05 – 10:30 AM PST
Presenter: Michael J. Rohleder – President
Venue: The Omni Hotel 500 California St. San Francisco, CA
Webcast Links: http://www.investorcalendar.com/CEPage.asp?ID=170487
http://theoilandservicesconference.com/webcasts.html
GMXR is a resource play rich exploration and production Company. The company is currently developing its Bakken and Three Forks oil shale resources located in the Williston Basin, North Dakota. The company is also planning test wells in the DJ Basin, Wyoming targeting additional potential oil resources in the Niobrara Petroleum System. GMXR's large natural gas resources are located in the East Texas Basin, primarily in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation; where the majority of GMXR's acreage is contiguous, with infrastructure in place and substantially all held by production. GMXR believes these oil and natural gas resource plays provide a substantial inventory of operated, high probability, repeatable, organic growth opportunities in constantly changing economical environments. GMXR's multiple basin strategy provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with both oil and natural gas resources throughout its portfolio.
The GMX RESOURCES INC. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158
Please visit www.gmxresources.com for more information on GMXR.
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that GMXR expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's 2013 drilling plan and estimated capital expenditures, the number and location of planned wells, and statements regarding the quality of GMXR's properties and resource potential. These statements are based on certain assumptions and analysis made by GMXR in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes appropriate in the circumstances, including the assumption that there will be no material change in the operating environment for GMXR's properties. Such statements are subject to a number of risks, including but not limited to risks relating to the Company's ability to obtain financing for its planned activities, commodity price risks, drilling and production risks, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of GMXR. Reference is made to GMXR's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements.