Recent

% | $
Quotes you view appear here for quick access.

GMX Resources Inc. Message Board

  • hamradio73s hamradio73s Apr 30, 2013 1:09 AM Flag

    GMXR's production mumbers reported to State

    I made a spread sheet using data mined from the NDIC data base, calculating the average total production per day for 10 GMXR non-confidential status wells. THAT NUMBER IS 1,047 BBLS/day. There are still 10 wells that are confidential, those that have been permitted and possibly drilled. The spreadsheet below is difficult to read due to the way it pastes into this message board......but Cumulative oil to-date is divided by the months well has been producing, and then divided by 30 days, giving Oil/day on each well. At the bottom Oil/day is totaled to 1,047 and multiplied by $87 (March sweet crude) which amounts to 33M dollars per year. The actual dollars earned are about half (16M dollars per year) assuming a 50% margin, that I have explained in other posts. It is reasonable to assume that the 10 confidential wells, when reported will more than double the aforementioned 1,047 BBLS / day. Enjoy the data, hamradio73s

    File Well Months Cum Oil Oil/DAY avg
    21002 WOCK 21-2-1H 18 43,477 81
    21213 FRANK 31-4-1H 17 23,990 47
    21214 FRANK 31-4-2H confidential
    22065 LOWER30 FED 21-4-1H confidential
    22048 FRANKS FED 24-8-1H confidential
    24073 LITTLE FED 24-10-1H confidential
    21540 EVONIUK 21-2-2H 15 25,964 58
    21947 FAIRFIELD 21-16-1HRE 4 2,516 21
    24639 FAIRFIELD 21-16-2H confidential
    22207 BASARABA 34-35-1H 7 32,223 153
    24586 CHARLIE 21-16-1H confidential
    23658 HEISER 11-2-1H confidential
    21589 JOHNSTON 31-4-1H 10 30,258 101
    25122 WHATSON A S24-11-1H confidential
    25123 WHATSON B N34-11-1H confidential
    21544 AKOVENKO 24-34-2H 5 25,568 170
    21545 AKOVENKO 24-34-1H 11 24,641 75
    21582 LANG 11-30-1H 12 48,789 136
    25172 LANG 11-30-31H confidential
    23634 LANG 44-31-2H 2 12,360 206


    Total Oil/day 1,047
    Oil price (Mar) 87
    Total $/year 33,252,804
    50% margin 16,626,402

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • Ham
      Heres a link to the spread sheet that we were using before chapter 11 filing

      Msg 397 of 477 at 12/4/2012 10:33:15 PM by
      Go to invester village gmxr board
      As you will see as good as the land is there wells are not producing as well as they should better for all if whiting or someone else takes over in the long run, not bashing proof is in the well logs side by side well to well.
      This is still the best shale play in the us just not the bestco to buy common unless you can afford to loss all you put out.
      Imo
      Have fun gas is still there best asset if they come out with common.

      Joe

    • hamradio73s thank you. This is only for the month of march on 1 wells $33 million per year. With 10 wells it is 33 million X 10 = $330 million

      With all 20 wells, it will be 33million X 20 = $660 million... Right??
      Too much money

      • 1 Reply to collinssalau
      • NO ! NO! It is cumulative from the very first drop of oil produced from each well. Take the WOCK (first well in spreadsheet) it has produced a total of 43,477 bbls in 18 months. Doing the math... 43,477 divided by 18, divided by 30 days, = 80.52 barrel per day (average) from this single well.

        Then those daily average numbers are totaled, multiplied by $87 (actual march price), and then multiplied by 365 days giving 33M gross with an estimated 16M net after expenses. Then assuming the 10 confidential wells do equally well, about 32M is what they will take home.

        Now consider this, 32M divided by 8M per well seems to indicate that 4 wells drilled per year is their break even point, with nothing left to service debt (problematic), yet they are drilling about 10 per year, a 66% rate over break even. Therein lies the problem, a (premeditated) prearranged BK drilling themselves literally into the ground. Go figure ?