LATEST KEY DEVELOPMENTS GMX Resources Reaffirms Q2, FY 2011 Production Guidance Monday, 9 May 2011 11:59pm EDT GMX Resources announced that its second quarter and fiscal 2011 production guidance is 6.1 Bcfe and a range of 25-26 Bcfe, respectively.
Sounds like Bakkan and Niobara will drill a little earlier than previously forecasted.
Cash flow of $16.5 million a little less than I hoped for, was hoping for $20 mil area. Equals about 29 cents per share based on 55.7 mil shares outstanding (don't be misled by the "average" shares outstanding).
Debt now at $340 mil, about as expected. Nothing due short term, that is good.
Nice hedges in place for the rest of '11 and all of '12, and even some of '13. Looks like '11 and '12 about 65-70% hedged.
Cash of $77 mil earmarked for DRILL DRILL DRILL!!!!!!
After looking through results closer, I don't disagree with you. The one piece that I think could hurt is Revenue. Non Gaap revenue was $29 million, about $4 million below consensus. Granted, that average estimate is certainly skewed by the analyst that also predicted EPS of $.25. Either way, the progress in controlling expenses is very impressive, as is their production. Have to say, I can't wait to see market reaction tomorrow, as I really have no clue which way it will go. Suspect pre market will be down. Only question is how quickly does that change after the call starts.