GMX Resources issued an operational update on its oil and gas exploration and development activities for 2010. The company reported major increases in production and proved reserves from its properties in the Haynesville and Bossier Shale.
GMX Resources reported production of 17.5 billion cubic feet of natural gas equivalents during 2010. This was a 30% increase from the 13.5 billion cubic feet of natural gas equivalents produced in 2009. GMX Resources said that during the fourth quarter of 2010, the company brought eight new wells into production.
GMX Resources reported total proved reserves of 234.1 billion cubic feet of natural gas equivalents at December 31, 2010, compared to 25.9 billion cubic feet of natural gas equivalents at December 31, 2009. This represented an increase of more than 800%.
GMX Resources said that the PV-10 value of the reserves increased to $151.9 million at the end of 2010, compared to $32.8 million in 2009. The PV-10 value is calculated using standards from the Securities and Exchange Commission (SEC), which mandates using a monthly unweighted arithmetic average.
GMX Resources is an exploration and production company focused on domestic basins in the United States. The company has acreage in Texas and Louisiana, and is working to develop the Haynesville, Bossier and Cotton Valley formations.
For more information on the company, go to www.gmxresources.com