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GMX RESOURCES INC. Provides Operational Update

OKLAHOMA CITY, Oct. 3, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC ., (NYSE:GMXR), an oil and gas exploration and production Company with assets in the East Texas Basin, Denver Julesburg Basin and Williston Basin provides an update on recent drilling and completion activities.

Operations Update

Billings County North Dakota

The Basaraba 34-35-1H, 89%WI, GMXR's eighth operated well is located in Sections 26&35, Township 144N Range 100W in Billings County North Dakota. The, well is the Company's first Middle Bakken well in Billings County. It was successfully fracture stimulated using a thirty-nine stage plug and perf completion. It was fracture stimulated with 25% more proppant, 4MM# which was 44% white sand and 56% ceramic proppant. The peak flow rate was 1,673 BOEPD, 48/64" choke @ 1,000# Flowing Casing Pressure (FCP). The plug and perf completion was also the first time we used this completion procedure which included cleaning out the lateral. The coiled tubing unit was released on September 30th after milling out 33 plugs and reaching a depth of 19,000'.  The Basaraba has a five day cumulative production of 4,375 BOE or an average of 875 BOE/Day.

The Company's seventh operated well Fairfield State 21-16-1H in Sections 16&21, Township 143N Range 99W in Billings County North Dakota. During the sliding sleeve completion of the Three Forks we screened out after the first four stages.   We were only able to complete less than 30% of the remainder of the lateral as a modified plug and perf design. The peak flow rate on the well was 177 BOE. The Middle Bakken in pilot hole looked very good and will be the target of future development.

McKenzie County North Dakota

The Akovenko 24-34-2H, the first Company well drilled with oil base mud is located in Sections 27&34, Township 146N, Range 99W in McKenzie County North Dakota. The well reached total depth in less than 30 days and drilling costs were $4MM, in line with our estimate. Plug and perf completion in the Middle Bakken is scheduled to begin in late October 2012. This ninth operated well will be the first plug and perf completion in McKenzie County in the Middle Bakken and the first completion in a lateral drilled with oil base mud. The oil base mud used in this well drilled to a total depth of 20,997' with a horizontal lateral length of 9,341' should exhibit very little damage to the rock's natural permeability and porosity.   The Company has a 92% working interest in the well. The Akovenko 24-34-2H will be the first well drilled with oil based mud and using a plug and perf completion methodology, completion recipe to be determined. The south offset Akovenko 24-34-1H was drilled with water base mud, completed thirty stages with sliding sleeves and should provide a good contrast to the Akovenko 24-34-2H.

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