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GMX Resources Inc. Message Board

  • pocilujko pocilujko Mar 22, 2013 5:15 PM Flag

    Production on Lange #2H for February.

    If the Well has any February Production; it will be released on March 30, 2013.

    The Heiser February Production "SOLD" will be released on April 15, 2013.

    Basically Production on previous GMXR Operated Wells are "poor'.

    ED

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    • ED, I've been following GMXR for over four years now. Your posts on the well results are greatly appreciated. Thank you for your contributions to this message board. I fear my shares will be nothing more than digital dust. It is really bothersome that we have not heard anything from the PR group at GMXR.

      Sentiment: Hold

    • The key question is, why is GMXR's previous production so poor? Is it bad acreage, or bad drilling? If it's bad acreage, we're all done.

      • 2 Replies to goblue747
      • Not a commercial pilot, private only. I fly a Grumman Tiger.

      • Go to past presentations and splatter pattern maps of drilling sites within the Bakken. As I have pointed out for over a year, many of their lease holdings are outside "fairways". They could have gotten lucky and found a new play but I don't think that is the case. The recent Hess sale puts a lot of pressure on asset valuation. When you run out of money for new drilling + have significant decline rates...declining cash flow will go to operations and debt only...and there not be enough for both. I think Kenny has had plenty of time to have shopped assets. Negotiating parties are now valuing cash flow, low end asset values and debt liens. There is a price for GMXR but a reorg may place that value at a point where the common, preferred and some debt becomes valueless. We will see. Did you fly commerical jets?

    • Ed,

      Care to give estimates on Lang 2H February total BOE number...

      as of March 4th: The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently producing with a peak 24 hour flow rate of 2,402 BOEPD. The Company has an 89% working interest and 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.

      Gus

      • 1 Reply to dognamedgus
      • Gus:

        What we don't know is when this Well was completed.
        The Press Release was March 4th.
        The February 8th Press Release:
        "The Lange 44-31-2H, located in Sections 30 & 31, Township 147N Range 99W in McKenzie County, North Dakota is currently in completion phase."

        GMXR shareholders will be lucky if the Lange #2H was producing for 10 ten days in February.
        Best guess would be in the 10 to 12,000 Barrels of Oil Range for 10 days.

        Based on Lange #1H; this Well produces roughly 18% Natural Gas of the 2,402 BOEPD.
        Since this Well is on the same Pad as the Lange #1H we can expect the Natural Gas to be hooked up to a pipeline when the Lange #2H was completed or very shortly thereafter.

        ED

    • Even if the whole company has gone 'tight hole' it seems like we know more when you post this stuff. Thanks.