GMX RESOURCES announces that the company has successfully drilled and completed its sixth operated horizontal Bakken well, the Johnston 31-4-1H, 55% working interest, located in Sections 4&9 Township 146N Range 99W in McKenzie County, North Dakota. The Johnston 31-4-1H was drilled to a measured depth of 20,979' with a lateral length of 8,869'. It was completed as a 34-stage frac Middle Bakken producer achieving a peak rate of 1,479 boepd. The Johnston 31-4-1H had a spud to total depth of 29 days, a spud to rig release of 31 days and a spud to sales of 58 days. The company's seventh operated well, the Fairfield State 21-16-1H, was spud on May 13. GMXR currently projects a 96% working interest in the Fairfield State 21-16-1H, which is located in Sections 16&21, Township 143N, Range 99W in Billings County, North Dakota. The Fairfield State 21-16-1H is a Three Forks well and has been successfully drilled to a total measured depth of 20,979' and a lateral length of 9,510'. The Company expects to fracture stimulate the well in July 2012. The company's eighth operated well, the Basaraba 24-35-1H, is located in Sections 26&35, Township 144N, Range 100W in Billings County, North Dakota. The Company has received the necessary federal and states permits in this 50% working interest well, which we expect to spud in June 2012.
Chairman Ben Bernanke is telling Congress that the U.S. job market remains weak and that it is too soon for the …