GMX Resources announced the completion of the Blocker Ware 19H Haynesville / Bossier horizontal ("H/B Hz") well with a 4,446 foot lateral and 12 fracture treatment stages and an initial 24 hour production ("IP") rate of 8.9 million cubic feet per day ("MMcfd") of gas, on a 22/64 choke and 4,470 pounds of flowing casing pressure ("FCP") into the sales line. The Company has also completed the Blocker Heirs 12H H/B Hz well with a 4,934 foot lateral and 14 fracture treatment stages and an IP rate of 9.4 MMcfd of gas, on a 23/64 choke and 5,344 pounds of FCP into the sales line. The last five H/B Hz wells the Company has completed have an average IP rate greater than 8.9 MMcfd, and the first three H/B wells with lateral lines greater than 4,000 feet have collectively averaged more than 5.8 MMcfd in the first 30-day period.
In addition to its first seven completed H/B Hz wells, the Company has successfully drilled the TJT Simpson 1H H/B Hz well with a 4,606 foot lateral, which is scheduled for fracture treatment in late June 2009. The Company's K 5H H/B Hz well is currently drilling and is expected to be completed in July 2009.
GMXR is a 'Pure Play', E & P Company with one of the most leveraged Haynesville / Bossier Horizontal Shale Operations in East Texas. The Company has 465 Bcfe in proved reserves (YE2008), 94% of which are natural gas. The Company's proved reserves are 81% operated and consist of 763 gross / 522 net H/B Hz 80 acre un-drilled locations; 7 gross / 7 net H/B producers, and 324 gross / 186.9 net Cotton Valley Sand ("CVS") producers; 2,657 gross / 1,974 net CVS 20 acre un-drilled locations; and 45 gross / 37.5 net Travis Peak / Hosston Sands & Pettit producers. These multiple resource layers provide high probability and the potential for repeatable, organic growth.
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