GMX Resources Inc. announced a capital program of $175 million for 2010. The company will use the capital to drill 22 horizontal wells into the Haynesville Shale, Bossier Shale and Cotton Valley Sand in East Texas.
GMX Resources Inc. also provided production guidance of 17.5 billion cubic feet equivalent for 2010, a 30% increase over 2009 levels.
GMX Resources Inc. announced the completion results of two horizontal wells drilled recently into the Haynesville Shale. The company said that the Mia Austin #1H well had an initial production rate of 14.1 million cubic feet equivalent per day during a 24-hour test, and a 30-day average production rate of 7.5 million cubic feet equivalent.
GMX Resources Inc. said that the Verhalen E#1H well had an initial production rate of 8.3 million cubic feet equivalent per day during a 24-hour test. The company plans two additional Haynesville Shale well completions during the next two months.
GMX Resources Inc. is an oil and gas exploration and production company with properties in two areas in Texas and Louisiana. GMX Resources Inc. has 42,300 net acres under lease that is prospective for the Haynesville and Bossier Shale. The company also has 58,527 net acres under lease in Texas that is prospective for the Cotton Valley Sand.