GMX RESOURCES (GMX) Announces Q2 Production
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GMX RESOURCES INC.,(Nasdaq: GMXR) announces that the 2Q07 production was 2 BCFE, a 117% growth from 2Q06 and 1H07 production was 3.8 BCFE, which is 113% growth from 1H06.
The 1st 20 acre pilot well has produced 31,700 mcfe in its 1st month, which is above average for our Cotton Valley Sand wells, and none of the offset wells' production have been impacted by the well to date. We have planned at least 5 more 20 acre pilot tests this year in the field and our JV partner Penn Virginia Oil & Gas, L.P. (PVOG), a subsidiary of Penn Virginia Corporation (NYSE: PVA) in 2Q07 is permitting 8 - 20 acre down-spaced wells.
In the 2nd quarter, 24 gross/14 net wells were drilled into the Cotton Valley "Taylor" Sand (CVS). The current 7 day net production average for the Company is 24.5 mmcfepd. GMXR's development in the Carthage, North Field for the quarter was all vertical 10,000 foot CVS wells with multiple stage completions; much of the same is planned for the 3rd quarter of 2007, including GMXR's and PVA/GMXR JV planned 20 acre pilot wells. Travis Peak wells and JV50% Area Bossier and CVS horizontal wells are still being discussed.
The 1st 20 acre pilot well has produced 31,700 mcfe in its 1st month, which is above average for our Cotton Valley Sand wells, and none of the offset wells' production have been impacted by the well to date. We have planned at least 5 more 20 acre pilot tests this year in the field and our JV partner Penn Virginia Oil & Gas, L.P. (PVOG), a subsidiary of Penn Virginia Corporation (NYSE: PVA) in 2Q07 is permitting 8 - 20 acre down-spaced wells.
In the 2nd quarter, 24 gross/14 net wells were drilled into the Cotton Valley "Taylor" Sand (CVS). The current 7 day net production average for the Company is 24.5 mmcfepd. GMXR's development in the Carthage, North Field for the quarter was all vertical 10,000 foot CVS wells with multiple stage completions; much of the same is planned for the 3rd quarter of 2007, including GMXR's and PVA/GMXR JV planned 20 acre pilot wells. Travis Peak wells and JV50% Area Bossier and CVS horizontal wells are still being discussed.
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