GMX RESOURCES INC. Provides Company Update
OKLAHOMA CITY, Feb. 8, 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.
No Near-Term Debt Maturity
The remaining balance of the Company's 5% Convertible Senior Notes Due 2013 has been retired as of February 1, 2013. The Company has no debt maturities until May 2015.Operations Update The Heiser 11-2-1H well, located in Sections 2 & 11, Township 145N Range 99W in McKenzie County has been successfully fracture stimulated. The Company has a 66% working interest; this well targeted the Middle Bakken with a lateral length of 9,620'. The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently in completion phase. The Company has an 89% working interest; this well targeted the Middle Bakken with a total depth of 20,255' and a lateral length of 8,630'. The well was drilled parallel to the Lange 11-30-1H our best well to date. The Helmerich & Payne FlexRig 3™ #255 has been relocated to Sections 16 & 21, Township 143N Range 99W in Billings County, North Dakota. The rig has re-entered the Fairfield State 21-16-1H and used the existing vertical wellbore to drill a horizontal Middle Bakken lateral – the Fairfield State 21-16-1H RE. The Company has completed the drilling of the Fairfield State 21-16-1H-RE in January 2013, and is now drilling the Fairfield 21-16-2H which is also targeting the Middle Bakken. Both wells are planned as 9,850' horizontal laterals. The Company plans to fracture stimulate the wells simultaneously. The pad drilling and zipper-frac is expected to reduce the overall project cost in which the Company has a 96% working interest. The Company expects to have both wells contributing to production in mid-to-late March 2013, weather permitting.
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