operations

GMXR is an E&P Company with 234 BCF in natural gas and 3.3 MMB of oil in our proved reserves at September 30, 2012, and 1.5 TCFE + 141MMB of potential resources. In 2011 the Company acquired leases in excess of 75,000 net acres in the Bakken Petroleum System in North Dakota and Montana as well as the Niobrara Formation in Wyoming. The Company’s historical core properties in East Texas contain our gas resource play on the Sabine Uplift; Carthage, North Field, in Panola & Harrison County. Our current development is in the Bakken Petroleum System where we have as of September 30, 2012 14 gross wells producing. We are currently focusing on developing the Middle Bakken within our leaseholds in McKenzie and Billings Counties of North Dakota. The Company projects to have 224 operated locations in the Bakken with an unrisked resource potential of 92 MMBBLs of oil. Our Niobrara development plan is also underway with the completion of 361 square miles of 3D seismic across our 40,082 net acre position. The 3D seismic signatures we have captured indicate abundant fracturing across much of our Niobrara leaseholds and have led us to identify 203 locations which would appear to possess the necessary geological elements necessary for hydrocarbon production. Our 2013 plans call for one Niobrara test well to be drilled and to commence in the first quarter. The Company has elected to temporarily suspend future drilling of East Texas gas resource play effective July 2011 until pricing and/or costs improve yielding comparative economics to our oil development programs. Virtually all of our East Texas core properties are held by production and we do anticipate resuming our Haynesville/Bossier drilling program sometime in 2013. In addition to the resource rich plays we are currently developing the Company owns a 60% membership interest in Endeavor Gathering LLC which is a midstream gas gathering operation that currently has 109 miles of pipeline, both high and low pressure, 25,000 horsepower of compression.


The Company, headquartered in Oklahoma City, Oklahoma with a regional office in Denver Colorado has the potential to operate in 34,918 net acres in the Bakken, 40,082 net acres in the Niobrara 29,837 net Haynesville/Bossier acres and 13,130 net Cotton Valley Sands acres. The Company's strategy is to grow shareholder value through acceleration of development and acreage additions achieving operational growth around its core areas, converting its oil and natural gas reserves to proved while maintaining balanced prudent financial management.

Investment Highlights:

  • High quality asset base with a geographic focus on three basins: Bakken/ Three Forks, Niobrara and Haynesville/Bossier.
  • Significant upside potential with the development of oil resource assets and the ability to allocate capital to the highest risk-adjusted rate of return.
  • Experienced operator with a proven track record of drilling success.
  • Strong price realizations & low cost structure produce favorable margins.
  • Actively protect our production to provide greater certainty of cash flows and earnings through a rolling thirty six month hedging strategy.
  • Opportunistically seek to acquire acreage in our three core areas

Click here for a description of GMXR reserves
Click here for core drilling areas
Click here for a view of multi-year inventory
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