GMX Resources reported a large increase in oil and gas production in the second quarter of 2010, and due to the success of its drilling program, the company raised its estimate of oil and gas production for 2011 and 2012.
GMX Resources produced 4.31 billion cubic feet equivalent in the quarter ending 6/30/2010. This was a 35% increase from the first quarter of 2010, when the company produced 3.20 billion cubic feet equivalent.
GMX Resources said that the company’s production would have been higher, but several wells couldn’t be finished due to delays in completion services during the quarter.
GMX Resources increased production estimates for 2011 and believes its production will be in a range from 28 to 30 billion cubic feet equivalent. The previous guidance was for production in a range of 24 to 24.5 billion cubic feet equivalent.
GMX Resources also increased production estimates for 2012 and believes its production will be in a range from 32 to 34 billion cubic feet equivalent. The previous guidance for 2012 was for production to be in a range from 29 to 30.5 billion cubic feet equivalent.
During the second quarter of 2010, GMX Resources completed and brought to sales six new horizontal wells. The company now has a total of 19 horizontal wells on production.
For more information on the company, go to http://www.gmxresources.com/
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