OKLAHOMA CITY, April 3, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC
., (NYSE:
GMXR -
News), today announces that
the Company has successfully drilled and completed its fourth operated horizontal Bakken well, the Lange 11-30-1H, 89% working interest, located in Sections 30&31 Township 147N Range 99W in
McKenzie County, North Dakota. The Lange 11-30-1H was drilled to a measured depth of 20,519' with a lateral length of 9,348'. It was completed as a 32 stage frac Middle Bakken producer achieving a peak rate of 2,549 boepd @1,500 psi flowing casing pressure.
Michael J. Rohleder, President said, "The Lange result is consistent with our belief that the acreage position we have in Billings and McKenzie counties will deliver terrific results. The Lange's initial rate is more than 50% greater than the rate that was reported on our non-operated Taboo well, which is a direct offset to the Lange. Our 2012 drilling plan will continue to be focused in this very productive region."
The Company will attend the 2012 Oil and Gas Investment Symposium / IPAA where members of the Company's management team will be presenting. The 2012 Oil and Gas Investment Symposium / IPAA will be held at the Sheraton New York Hotel & Towers April 16-18, 2012. 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. Details regarding the Company's participation in the symposium are as follows:
Date & Time: Tuesday April 17, 2012 from 8:45 -- 9:05 AM EDT
Presenter: Michael J. Rohleder -- President
Address for Audio Webcast & Replay: http://www.investorcalendar.com/CEPage.asp?ID=168019
Venue: Sheraton New York Hotel & Towers 811 7th Avenue at 53rd Street New York, NY
GMXR is a resource play rich E&P company. Oil shale resources are located in the Williston Basin, North Dakota & Montana targeting the Bakken Petroleum System and in the DJ Basin, Wyoming targeting the Niobrara Petroleum System; both plays are estimated 90% oil. Our natural gas resources are located in the East Texas Basin, in the Haynesville/Bossier gas shale and the Cotton Valley Sand Formation, where the majority of our acreage is contiguous, with infrastructure in place and mostly held by production. We believe these oil and natural gas resource plays provide a substantial inventory of operated, high probability, repeatable, organic growth opportunities. The Company's multiple basin strategy provides flexibility to allocate capital to achieve the highest risk adjusted rate of return, with both oil and natural gas resources throughout our portfolio. Please visit www.gmxresources.com for more information on the Company.
The GMX RESOURCES INC. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes appropriate in the circumstances, including the assumption that there will be no material change in the operating environment for the Company's properties. Such statements are subject to a number of risks, including but not limited to risks relating to the Company's ability to obtain financing for its planned activities,, commodity price risks, drilling and production risks, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of the Company. Reference is made to the Company's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements.
