In reading the Press Release:
" OKLAHOMA CITY, April 3, 2012 (GLOBE NEWSWIRE) -- GMX RESOURCES INC.
), today announces that the Company has successfully drilled and completed its fourth operated horizontal Bakken well, the Lange 11-30-1H, 89% working interest, located in Sections 30&31 Township 147N Range 99W in McKenzie County, North Dakota. The Lange 11-30-1H was drilled to a measured depth of 20,519' with a lateral length of 9,348'. It was completed as a 32 stage frac Middle Bakken producer achieving a peak rate of 2,549 boepd @1,500 psi flowing casing pressure. "
I was left with many questions:
So I E Mail and then called :
Investor Relations Manager
Alan Van Horn
GMXR showed "2,549 boepd ". How much is Oil, Natural Gas, and Natural Gas Liquids?
Answer: He could give me an answer, otherwise he would have to issue another Press Release.
Mr. Horn did say that Oil is ~ 80% in that section of Mckenzie County.
He did say further information will be given at the IPAA:
2012 Oil and Gas Investment Symposium / IPAA New York
Tuesday, April 17, 2012
08:45am - 09:05am EDT
GMXR showed 89% Working Interest; how much is NRI (Net Revenue Interest).
Mr. Horn said it was ~72%.
My comment: The Land owner of the the Leases gets ~20% Royalty(doesn't pay a penny on drilling & completion cost..
Last Question: Is their a Pipeline connection for the Natural Gas.
Answer will be given at the IPAA.