OKLAHOMA CITY, July 7, 2011 (GLOBE NEWSWIRE) -- GMX RESOURCES INC., (NYSE:GMXR) today announces that the Company has begun drilling our first well in the Williston Basin and provides the details of our planned second quarter 2011 earnings call.
The Company has spudded its first Williston Basin well in Stark County, North Dakota. The Wock 21-2-1H is a Three Forks well being drilled in Township 140N, Range 98W. The Company expects the well to be completed in the third quarter of 2011.
The Company will release its second quarter 2011 financial and operational results after the close of trading on the New York Stock Exchange on Wednesday, August 3, 2011.
The Company has scheduled a conference call for Thursday, August 4, 2011 at 8:00 a.m. CDT (9:00 a.m. EDT) to discuss the second quarter 2011 financial and operating results. To access the call, dial (877) 303-9132 or (408) 337-0136 prior to the conference call start time. Please reference conference code 79577501. A replay of the call will be available after 11:00 a.m. EDT on August 4, 2011 through August 18, 2011 and can be accessed using the following number and pass code. Toll free: (800) 642-1687 or (706) 645-9291. Replay conference code 79577501. A presentation pertaining to this call will be available on the Company's website no later than 6:00 a.m. CDT, August 3, 2011.
GMXR is a resource play rich E&P company with development acreage in two oil shale resources in the Williston Basin (North Dakota / Montana) targeting the Bakken & Sanish-Three Forks and the DJ Basin (Wyoming), targeting the Niobrara Formation; both plays are 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 and held by production. These oil and natural gas resource plays provide a robust inventory of operated, high probability, repeatable, organic growth opportunities for our company's growth. The Bakken properties contain 34 potential operated units (1,280 acre) and 136 operated locations (10,000 ft. laterals; est. 45-55% working interest). The Niobrara properties contain 133 potential operated units (640 acre) and 532 operated locations (5,000 ft. laterals; est. 45-70% working interest). The Haynesville/Bossier and the Cotton Valley Sand locations include 253 net Haynesville/Bossier horizontal locations, and 100-250 net Cotton Valley Sand horizontal locations. The Company believes multiple basins and both oil and natural gas resource choices will provide us flexibility to allocate capital to achieve the highest risk adjusted rate of return on 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 the completion of announced acquisitions, commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain financing for its planned activities, 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.