Gmx Resources Inc trades in the stock market as ticker GMXR. Business Summary & Profile For Gmx Resources Inc.

Gmx Resources Inc

GMX Resources Inc. operates as an independent oil and natural gas exploration and production company primarily in the United States. It has interests in two oil shale resources, including the Williston Basin that targets the Bakken/Sanish-Three Forks in North Dakota/Montana; and the DJ Basin, which targets the Niobrara Formation in Wyoming. The company also holds interests in natural gas resources comprising the Haynesville/Bossier Formation and the Cotton Valley Sand Formation in the East Texas Basin. As of December 31, 2010, it had proved reserves of 319.3 billion cubic feet of natural gas equivalent; and 264 net producing wells in east Texas. The company was founded in 1998 and is headquartered in Oklahoma City, Oklahoma.
109 Employees
Last Reported Date: 01/9/12
Founded in 1998
LAST $1.90 USD
CHANGE TODAY +0.06 3.26%
As of 4:15 PM 02/23/12 All times are local (Market data is delayed by at least 15 minutes).


04/1/11 - $6.48
02/1/12 - $0.86
GMXR Does Not Pay Dividends
K = Thousands  M = Millions  B = Billions

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Key developments for GMX RESOURCES INC (GMXR)

GMX Resources Inc. Announces Production Results for the Fourth Quarter and Full Year of 2011; Provides Production Guidance for the First Quarter of 2012 and Capital Expenditure Guidance for the Year 2012; Provides Operational Update

GMX Resources Inc. announced production results for the fourth quarter and full year of 2011. For the quarter, the company announced production was 4.8 BCFE, down 9% from fourth quarter of 2010. Production allocated to the company's VPP agreement in the fourth quarter was 0.45 BCFE. Oil production for the fourth quarter 2011 was 28,171 BBLs, representing an increase of 17% over the fourth quarter of 2010 and a 50% increase over the third quarter of 2011. Crude and NGLs as a percentage of revenues, excluding hedges, during the fourth quarter 2011 were 39% compared to 23% in the fourth quarter of 2010. For the year 2011, the company announced production for 2011 was 24 BCFE, up 37% from 2010, before designated VPP volumes. For the first quarter, the company estimated production guidance for the first quarter 2012 is 591,000 BOE which includes an estimated 52,000 BBLs of oil. The company projects oil production to increase 302% from 92,837 BBLs during 2011 to approximately 373,000 during 2012, and for total production to be approximately 2,274,000 BOE. Oil production in BBLs from the year-end 2011 to year-end 2013 is projected to have a compound annual growth rate of approximately 215% assuming a second rig is added in 2012 and a third rig is added in 2013. For the year 2012, capital expenditures are expected to be approximately $97 million in 2012 including capitalized interest and G&A. Bakken targeted drilling capital expenditures are expected to be approximately $68 million for 7.1 net wells. The company plans to alternate one-rig program between McKenzie and Billings Counties North Dakota. For 2012, total cash expenditures for G&A expenses are projected to be $26 million including $5 million of capitalized cash G&A, representing a 21% reduction over 2011 totals. The $7 million reduction in cash expenditures for G&A expenses is projected as result of the following: Reductions in cash compensation, long-term incentive payments and annual incentive bonuses for the executive officers; A reduction in force of approximately 13% of the employee base through attrition and consolidation of responsibilities; The reduction or elimination of a number of other non-compensation related G&A expenses. The company has shifted its activity in 2012 to actively drill McKenzie County and Billings County, North Dakota leaseholds. In McKenzie County, first non-operated well, the Taboo #1- 25-36H Sections 25 & 36 Townships 147N Range 100W was drilled by Slawson Exploration and had a 24 hour IP of 1,436 BOE/D. First Billings County well, the Evoniuk #21-2-1H was completed in Sections 2&11 Township 142N Range 100W with a total depth of 20,600' and lateral length of 9,293'. The well was completed with a 30-stage sliding sleeve swell packer system and produced a Peak Rate test of 637 BOE/D without recovering any frac balls. The well has flow restrictions downhole that will require a workover rig. To that end, the company has signed a long-term new build contract for a dedicated fit-for-purpose workover rig and crew, with an expected delivery of March 1, 2012. The company's fourth operated well and second McKenzie County well; the Lange #11-30-1H in Sections 30 & 31 Township 147N Range 99W is currently drilling in the lateral with a target of Middle Bakken production and has exhibited similar oil shows to the Taboo. The Lange #11-30-1H is a direct offset and located 3,000 feet east of the Taboo. The company also reports that the company have elected to participate with Continental Resources Inc. in the drilling of the Pojorlie #21-2-1H well in Section 2 &11 Township 146N Range 98W of McKenzie County. The company will have 34% working interest in the well that is expected to spud in February 2012. The Company will focus its drilling and development activities in Billings & McKenzie Counties in 2012. In Stark County North Dakota, the Company has drilled and completed two Three Forks wells. The Wock #21-2-1H and Frank #31-4-1H were both successfully fracture stimulated but are also awaiting the workover rig to clean out their laterals. These wells represent five successfully drilled and completed wells in Bakken Petroleum System acreage and drilling program. The company has continued to make significant progress in completing the necessary steps to receive permits on both its Federal and State leaseholds. The company has four additional locations permitted and one in process in McKenzie County, one permitted and seven in process in Billings County and two additional locations permitted in Stark County, North Dakota. In addition to the four wells that they have already elected to participate in, the company has an additional seven wells that expect to participate in with working interest ranging between 1% and 14% with an average of 5%. In the Niobrara, the company reports that the Newton Ranches #14-3444H well, operated by Devon Energy, in Goshen County Wyoming in which the company has a 29.2% working interest has been successfully fracture stimulated and is currently on pump. Due to commercial considerations, the company will not be releasing information related to the production from this well. The company has received a proposal from Devon Energy to drill, core and complete the Newton Ranches #3-2635H in Section 26 Township 23N Range 65W. They expect additional wells to be drilled in and around Niobrara acreage in 2012. The majority of the company's 204-square mile Chugwater 3D seismic shoot that encompasses Platte, Laramie and Goshen Counties, Wyoming leases has been completed and is currently in processing. The company completed a total of eight 'long lateral' Haynesville/Bossier horizontal wells during 2011 before suspending the drilling program due to decreasing commodity prices and high completed well costs. The "long lateral" H/B Hz wells are consistent with the company's previously stated expectation of 6.5 BCF estimated ultimate recovery. Other operators have also discontinued their H/B drilling programs, and completed well costs have begun to decline.

GMX Resources Inc. Presents at IPAA Oil and Gas Investment Symposium Florida, Feb-02-2012 04:25 PM

GMX Resources Inc. Presents at IPAA Oil and Gas Investment Symposium Florida, Feb-02-2012 04:25 PM. Venue: Four Seasons Resort Palm Beach, 2800 South Ocean Blvd, Palm Beach, Florida, United States. Speakers: Michael J. Rohleder, President and Director, Timothy L. Benton, Executive Vice President of Geosciences.

GMX Resources Inc. Announces Preliminary Results of its Tender Offer and Consent Solicitation for its 11.375% Senior Notes Due 2019

GMX Resources Inc. announced that it had received tenders and consents from the holders of approximately $198 million in aggregate principal amount, or approximately 99%, of its outstanding $200,000,000 11.375% senior notes due 2019 (the existing notes) in connection with its previously announced exchange offer and consent solicitation for the existing notes, which commenced on November 15, 2011. Holders tendering in the exchange offer will receive new 11.00% senior secured notes due 2017 (the new notes). Pursuant to the terms of the exchange offer, holders of the existing notes were entitled to exchange, for each $1,000 principal amount of existing notes tendered by such holder, either: (a) $750.00 principal amount of new notes (the exchange only election) or (b) $971.40 principal amount of new notes, if the holder subscribed to purchase for cash an additional $600.00 principal amount of new notes, to be issued at par, in a private placement being made to the holders in connection with the exchange offer for each $1,000 principal amount of existing notes tendered by such holder. The new notes will mature in December 2017, be secured by substantially all of the assets of the company and accrue cash interest at 11.0% per annum (or, at the company's option, 9.0% cash pay and 4.0% payment in kind in additional new notes). Holders tendering pursuant to the exchange and purchase election tendered approximately $145 million in aggregate principal amount of existing notes. Holders tendering pursuant to the exchange only election tendered approximately $53 million in aggregate principal amount of existing notes.

GMXR Competitors

Company Last Change
Crimson Exploration Inc $3.04 USD +0.05
Double Eagle Petroleum Co $7.24 USD -0.03
Halcon Resources Corp $11.07 USD +0.14
Sonde Resources Corp C$2.50 CAD +0.04
Warren Resources Inc $4.25 USD +0.06
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Industry Analysis

Valuation GMXR Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 0.9x
Price/Book 0.8x
Price/Cash Flow NM Not Meaningful
TEV/Sales NM Not Meaningful



GMXR transactions

Private Placement
August 31, 2011
No related news found for this Gmx Resources Inc.

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