GMX RESOURCES INC. Announces Latest Bakken Results And Plans To Present At Upcoming Conference
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 CommentsThe 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
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