The successful transition to oil is a vital building block of GMX Resources’ shareholder value. Dealing with the facts today, the solution to our challenges is to continue to focus on the steps necessary to achieve the goal. Our oil production has grown 107%. We’re on budget with our 2012 CapEx forecast. We’re on budget with our 2012 G&A reduction goal and expect to reduce G&A by another 20% in the year 2013, and we’re on budget for our 2012 LOE forecast. So we’re moving the company in the direction that we set course for 18 months ago.It’s not even been a year since our first Bakken well came online and we have produced more oil in the first six months of 2012 than we did in the entire year of 2011. More specifically, looking forward to 2013, as the company’s liquidity position improves through drilling results, cost reductions and asset optimizations, we’ll be able to accelerate our business plan.
GMX Resources' CEO Discusses Q2 2012 Results - Earnings Call Transcript
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