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GMX Spuds Eighth Bakken Well with Helmerich & Payne FlexRig

Source: www.gulfoilandgas.com 7/2/2012, Location: North America

GMX RESOURCES INC. ‘GMXR’announces that the Company has spud the Basaraba 24-35-1H located in Sections 26&35, Township 144N, Range 100W in Billings County, North Dakota.

The Company has a 50% working interest in the Basaraba 24-35-1H which has a proposed total depth of 20,950' and a proposed total vertical depth of 11,221'. The well was spud with an H&P FlexRig 3™ #255.

Michael J. Rohleder, Company President, said “We are pleased to establish a relationship with Helmerich & Payne in North Dakota. Our success in lowering overall costs by improving drilling times and spud to sales cycle times with the H&P FlexRig 3™ in our East Texas operations from 2009 to 2011 gives us continued confidence in our ability to do the same in our Bakken program. This rig comes with an experienced crew and has drilled a number of successful Bakken wells for the previous operator”.

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