OKLAHOMA CITY, Feb. 16, 2010 (GLOBE NEWSWIRE) -- GMX Resources Inc. (NYSE:GMXR) (visit www.gmxresources.com to view the most recent Company presentation and for more information on the Company) today announced the completion of the Mia Austin #1H Haynesville/Bossier ("H/B") horizontal well with a 14.1 million cubic feet of gas per day ("MMCF/D) initial production ("IP") rate. The well has a 4600 foot lateral, with 12 frac stages and was flowing on a 20/64 choke with 5492 pounds of Flowing Casing Pressure ("FCP").
This is the first of four H/B Hz wells the Company expects to complete during the first quarter of 2010.
Additionally, the Company will present at the EnerCom Oil and Services Conference VIII in San Francisco at the City Club, 155 Sansome, 10th Floor on Wednesday, February 17, 2010 at 10:55 AM PST. The presentation will also be webcast and available at http://www.investorcalendar.com/CEPage.asp?ID=155178.
GMX Resources Inc. is a 'Pure Play', E & P Company with one of the most leveraged Haynesville/Bossier (H/B) Horizontal Shale Operations in East Texas. The Company has 355 Bcfe in proved reserves (YE2009), 94% of which are natural gas. The Company's proved reserves are 81% operated and consist of 279 net "Capital Core" H/B Hz un-drilled locations; 13 gross / 12.9 net H/B producers, and 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; 1,382 net CVS acre un-drilled locations; and 47 net Travis Peak / Hosston Sands & Pettit producers. These multiple resource layers provide high probability and the potential for repeatable, organic growth.
The GMX Resources Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=5158
This press release includes certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. They include statements regarding the Company's financing plans and objectives, drilling plans and objectives, related exploration and development costs, number and location of planned wells, reserve estimates and values, statements regarding the quality of the Company's properties and potential reserve and production levels. These statements are based on certain assumptions and analysis made by the Company in light of its experience and perception of historical trends, current conditions, expected future developments, and other factors it believes appropriate in the circumstances, including the assumption that there will be no material change in the operating environment for the company's properties. Such statements are subject to a number of risks, including but not limited to commodity price risks, drilling and production risks, risks relating to the Company's ability to obtain financing for its planned activities, risks related to weather and unforeseen events, governmental regulatory risks and other risks, many of which are beyond the control of the Company. Reference is made to the company's reports filed with the Securities and Exchange Commission for a more detailed disclosure of the risks. For all these reasons, actual results or developments may differ materially from those projected in the forward-looking statements.