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GMX Announces Successful Bakken Well

Source: www.gulfoilandgas.com 6/14/2012, Location: North America

GMX Resources INC., (GMXR) 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, 2012. 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.

The Company has elected to participate in a number of non-operated wells within our Bakken leaseholds, and we continue to expect additional proposals for participation based on operators’ permits obtained from the North Dakota Industrial Commission. An update on the non-operated wells follows:
The Logan 24-8H well, in which the Company has an approximate 17% working interest, located in Sections 5&8 Township 148N Range 98W in McKenzie County, North Dakota, was successfully drilled and fracture stimulated by Burlington Resources. The Logan 24-8H was drilled into the Middle Bakken and produced a peak flow rate of 1,170 boepd.

The Pojorlie 21-2-1H well, in which the Company has a 34% working interest, located in Sections 2&11, Township 146N, Range 98W in McKenzie County, North Dakota, has been successfully drilled and fracture stimulated via “plug and perforate” method by Continental Resources. The Pojorlie 21-2-1H was drilled into the Three Forks formation and is in early flowback with IP rate pending.

The Joliet 1-18H well, in which the Company has an approximate 14% working interest, located in Sections 18&19, Township 146N, Range 98W in McKenzie County, North Dakota, will be operated by Continental Resources. This well will target the Three Forks formation and has a planned total measured depth of 21,364'. The well is expected to spud in June 2012.

The Wilson 31-6H well, in which the Company has an approximate 14% working interest, located in Sections 6&7 Township 148N, Range 98W in McKenzie County, North Dakota, has been permitted by Burlington Resources (Conoco Phillips). We have elected to participate in the well and expect it to spud in early July 2012.

The Jair 31-28H well, in which the Company has less than a 1% working interest, located in Sections 28&33, Township 148N, Range 98W in McKenzie County, North Dakota, has been proposed by Burlington Resources (Conoco Phillips). We have elected to participate in the well and expect it to spud in early July 2012.

The Victoria-20H, Pocatello1-5H, Walter31-29-MBH, Chandler 1-9H wells have received permits from the North Dakota Industrial Commission by other operators where GMXR has a working interest.

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