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GMX RESOURCES INC. Provides Company Update

Stocks in this article: GMXR

The Company has elected to participate in five separate wells with Whiting Petroleum Corporation.   The wells are all located in Stark County, North Dakota.   All five wells are targeting the Pronghorn Sand and are in various stages of being drilled or are waiting on completion services.    The Company anticipates that some wells will be completed and contribute to production during the first quarter of 2013. The following table summarizes the active non-operated Bakken drilling activities:

 
Well Name GMXR WI% Township Range County Target
Marsh 41-16PH 2.083% 140N 97W Stark Pronghorn Sand
Wagner Farms 11-16PH 2.083% 140N 97W Stark Pronghorn Sand
Buresh 41-15PH 0.416% 140N 97W Stark Pronghorn Sand
Havelka 11-15PH 0.416% 140N 97W Stark Pronghorn Sand
Havelka 21-15PH 0.416% 140N 97W Stark Pronghorn Sand

Fourth Quarter, Year-End Production

The Company's production for the fourth quarter of 2012 was approximately 310,000 BOE, which included approximately 55,100 Bbls of oil, 1.4 Bcf of natural gas and 23,800 Bbls of NGLs. The 55,100 Bbls of oil was virtually all Bakken generated and resulted in an average of ~600 Bbls/day as compared to approximately 13,100 Bbls, or 142 Bbls/day, in the Bakken during the fourth quarter of 2011, an increase of 319%. The Company's natural gas and NGL production during the fourth quarter of 2012 declined an estimated 65% and 78%, respectively, from the fourth quarter of 2011, primarily due to the sale of the Cotton Valley Sands producing assets in the fourth quarter of 2012, the sale of a Volumetric Production Payment for a portion of our Haynesville/Bossier reserves and the decision in mid-2011 to temporarily suspend Haynesville/Bossier drilling activities.  

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