GMX Resources Inc. reported financial results for the third quarter of 2010, along with an operational update on the company’s oil and gas exploration and development activity.
GMX Resources Inc. reported net income of $2.2 million, or $0.08 per diluted share, in the third quarter of 2010 ending September 30, 2010. The company reported a net loss of $2.5 million, or $0.12 per diluted share, in the same quarter of 2009.
GMX Resources Inc. produced 4.65 billion cubic feet of natural gas equivalents in the third quarter 2010, an 8% sequential increase in production from the 4.31 billion cubic feet of natural gas equivalents produced in the second quarter of 2010.
GMX Resources Inc. attributed the increase in production to development of the Haynesville and Bossier Shale on its acreage in Texas. During the third quarter of 2010, the company put three wells onto production from these formations.
GMX Resources Inc. also updated the company’s proved reserves of oil and gas for the quarter. The company estimates that it has proved reserves of 442.3 billion cubic feet of natural gas equivalents as of September 30, 2010. These reserves were composed of 3.6 million barrels of crude oil and 420.5 billion cubic feet of natural gas.
For more information on the company, go to www.gmxresources.com
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