Thursday, August 18, 2011

Adios, GMX (At Least For Now)

I've been catching up on investor materials and was interested to note that GMX announced a couple of weeks ago that the company has drilled its last well in the Haynesville until the price of natural gas goes up. The company's last Haynesville well will be completed in August.  With its strategic shift to chase liquids in the Rockies, the company has little use for dry gas (at this price who does???).

GMX also noted that has initiated 3D seismic shots for 33 square miles for completion in 2H 2011 to better identify oil targets.

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