GMX Resources Inc. issued an operations update on its oil and gas properties located in East Texas. The company has more than 42,000 net acres under lease that has exposure to various formations in the area.
GMX Resources Inc. reported that the company produced 4.2 billion cubic feet equivalent (Bcfe) of natural gas in the quarter ending June 30, 2010. This was in line with the company’s guidance given earlier in the year.
GMX Resources Inc. said that production of 4.2 Bcfe was a record for the company, and represented sequential growth of 31% over the first quarter of 2010, and year over year growth of 27%.
Ken Kenworthy, Jr., the CEO of GMX Resources Inc. said, “The second quarter of 2010 production reflects the growth expectations attributable to our three rig Haynesville/Bossier Horizontal drilling program and operational actions and modifications made within the quarter. We achieved our production guidance, which consisted of 74% Haynesville/Bossier production, for the second quarter as our wells continue to exhibit improved performance.”
GMX Resources Inc. acreage in Texas is prospective for the Haynesville and Bossier Shale, two unconventional resource formations. The company reported proved reserves of 355 Bcfe as of 12/31/2009.
GMX Resources Inc. also has reserves and production from conventional formations on its acreage including the Cotton Valley Sand, Travis Peak and Hosston Sands.
For more information on the company, go to www.gmxresources.com
Let us hear your thoughts below: