Friday, February 21, 2014

GMX Resources => Thunderbird Resources

It looks like GMX Resources quietly emerged from bankruptcy a couple of weeks ago as Thunderbird Resources.  The company's assets were sold at auction last summer for $338 million and the recent reorganization reduced the company's debt by $505 million.  It looks like the creditors bought the carcass and split it among themselves, leaving the equity holders with the bones (a.k.a. nada). Royalty owners have been notified of the new company and it looks like business as usual going forward.

GMX, ahem, Thunderbird has about 40 completed Haynesville wells in Texas, all in Harrison Co., but hasn't had an active drilling rig since July 2012.  Don't look for that to change any time soon, although the company hasn't articulated any future plans.

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