GMX Resources Inc., Oklahoma City, (NYSE: GMXR) has achieved total production of 6 billion cubic feet equivalent (Bcfe) for first-quarter 2011, which is a company record and an achievement of the previously announced guidance.
The 6 Bcfe of production in the first quarter represents a 14% increase over fourth-quarter 2010, and a 89% increase over first-quarter 2010. The company's second-quarter and full-year 2011 guidance is 6.1 Bcfe with an expected range of 25- to 26 Bcfe, respectively, which represents an increase of 42% and 43% to 49% in second-quarter and full-year 2010.
GMXR controls development acreage in two oil-shale resources in the Williston Basin (North Dakota/Montana) targeting the Bakken and Sanish-Three Forks and the DJ Basin (Wyoming), targeting the Niobrara formation. Both plays are 90% oil.
The Bakken properties contain 34 potential operated units (1,280-acre), 136 operated locations (10,000-foot laterals; est. 45-55% working interest), giving the company a seven-year inventory using a two-rig development program. The Niobrara properties contain 133 potential operated units (640-acre), 532 operated locations (5,000-foot laterals; est. 45% working interest), giving the company a five-and-a-half year inventory using a two-rig development program.
The company's natural gas resources are in the East Texas Basin, in the Haynesville/Bossier gas shale and the Cotton Valley sand formation, where the majority of its acreage is contiguous and held by production.
The Haynesville/Bossier and the Cotton Valley sand locations include 257 net Haynesville/Bossier horizontal locations, and 100 to 250 net Cotton Valley sand horizontal locations, representing an estimated 12-year inventory of development utilizing two continuous rigs.
Recommended Reading
Darbonne: ‘The Dance’ of US Policy Leaving Energy Mid Slip
2024-08-30 - The 1909 Matisse painting known as “The Dance” demonstrates the outcome of one of the U.S.’ pillars falling down.
Analyst: US NGL Market Tightens Links to Crude, NatGas Production
2024-08-30 - A boost in propane and ethane development is tied to the opening of the Matterhorn Pipeline in the Permian, evidence of the increasingly closer link between different sectors of the energy industry.
EDF Renewables Secures Investment in Solar Energy Storage Project
2024-08-30 - Power Sustainable Energy Infrastructure acquired a 50% stake in EDF Renewables North America’s Desert Quartzite Solar+Storage Project in California.
Energy Transition in Motion (Week of Aug. 30, 2024)
2024-08-30 - Here is a look at some of this week’s renewable energy news, including a more than $2 billion hydrogen and atmospheric gases facility in the works.
US Drillers Cut Oil, Gas Rigs for Third Week in a Row, Baker Hughes Says
2024-08-30 - The rig count is 8% below this time last year, according to Baker Hughes.