Operational Updates
GMX Announces The First Company-Drilled Bakken Well Result
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GMX RESOURCES INC., announces the result of its first company drilled bakken well.
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%…
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