Wednesday, March 25, 2009

GMX Resources Update

It's safe to say that GMX Resources is banking its future on the Haynesville Shale. In a recent presentation, it disclosed that 98% of its $150 million 2009 capital budget is dedicated to drilling in the Haynesville Play. The same percentage will hold for the 2010 $75 million capex budget.

In a recent investor presentation, GMX went on at length about their holdings in the Haynesville Shale, which are mostly in Texas. The first slide below shows GMX's properties (discussed in a previous post) and their relation to competitors Chesapeake and Petrohawk. The second slide shows GMX's interpretation of "de-risked" acreage - their estimate of the boundary of the paying fields. There are many versions of this map, and this is GMX's.

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