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GMX Resources Inc. Message Board

  • rusty_wallace_fans rusty_wallace_fans Feb 8, 2013 5:36 PM Flag

    comapny update press release tonight

    What do you experts make of the company update released tonight. Getting it on a Friday night is suspect but I have not read it. Warren Buffet reports his company earnings on a Friday night if that makes us feel better.

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    • they couldn't have said less...

      • 1 Reply to jj309
      • "The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently in completion phase. The Company has an 89% working interest; this well targeted the Middle Bakken with a total depth of 20,255' and a lateral length of 8,630'. The well was drilled parallel to the Lange 11-30-1H our best well to date."

        This Well should have been completed in December, 2012.
        Something must have gone wrong.

        Friday Press Release is also bad News.
        GMXR waited for the :
        "The Heiser 11-2-1H well, located in Sections 2 & 11, Township 145N Range 99W in McKenzie County has been successfully fracture stimulated. The Company has a 66% working interest; this well targeted the Middle Bakken with a lateral length of 9,620'. "

        before issuing the Bad news that the Lange Well wasn't completed.

        Also bad News is:
        "The Company's available cash at year-end 2012 was $46.0 million and includes $16.8 million reserved for the maturity of the Company's 5% Convertible Senior Notes due 2013."

        Cash will run out in March and not in May as I though previously.
        The roughly 3 Months(December thru February of No Production on the not completed Lange #2H was the killer.

        ED

    • Right off the bat, I see Q4 oil production came in at 55,000, 5,000 less then the (lowered) 60,000 guidence given in early December. That's a pretty big shortfall over a 3 week period.