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.
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?
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.
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.