GMX Resources INC., ‘GMXR ’ an oil and gas exploration and production Company with assets in the Williston Basin, Denver Julesburg Basin and East Texas Basin provides a Company update.
The Akovenko 24-34-2H, in which the Company has a 92% working interest, is the first Company-drilled well with oil-based mud. The well is located in Sections 27 & 34, Township 146N, Range 99W in McKenzie County North Dakota. The well reached total depth in less than 30 days and drilling costs were $4 million, in line with our estimates. The plug and perf completion is targeting the Middle Bakken, and we expect oil production to be in early November.This well will be the first plug and perf completion in McKenzie County for GMXR in the Middle Bakken and in a lateral drilled with oil-based mud. Fracture stimulation of the 40-stage well began this week.
The Lange 44-31-2H, in which the Company has a 89% working interest, is located in Sections 30 & 31, Township 147N, Range 99W in McKenzie County North Dakota. We expect the well to take approximately 30 days to reach total depth which will occur in early November. The well will be our second well drilled with oil-based mud and will be completed with a plug and perf fracture stimulation.