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.
"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.