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GMX Resources Inc. Message Board

  • southerngweed southerngweed Jan 20, 2012 6:37 PM Flag


    GMXR’s 2012 Plan

    Execution! We will focus on timely, quality drilling, completion and production operations of our Bakken acreage. GMXR’s objective for the second half of 2011, to increase our liquidity to fund our 2012 oil drilling program and into 2013 has been achieved. At year-end 2011, our revenues were 88% natural gas and by successfully drilling our Bakken acreage 70% of our revenues are projected to be oil and natural gas liquids. Our goals now are to increase our oil production 300% in 2012; double 2012 production in 2013 and increase 2013 oil production by 60% in 2014. In 2014 we expect 90% of our income to be derived from our oil production. All of this growth will be possible on our existing acreage, primarily in Billings and McKenzie Counties, North Dakota. In those two counties we currently have interests in 75 units and 300 potential locations. Most of this acreage has been de-risked from recent successful drilling.

    Ken Kenworthy Jr.
    Chief Executive Officer

    I do!

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