| Business Summary | | GMX
Resources,
Inc.
is
an
independent
oil
and
gas
company.
The
Company
has
a
substantial
inventory
of
drilling
and
recompletion
projects
with
an
estimated
48
Bcfe
(billion
cubic
feet
equivalent
of
proved
undeveloped
reserves
as
of
December
31,
2000.
These
projects
include
ten
recompletion
projects
and
30
new
drilling
locations
with
proved
undeveloped
reserves.
The
Company
expects
to
locate
additional
proved
drilling
and
recompletion
opportunities
as
its
evaluation
and
drilling
of
the
property
base
continues.
GMX
Resources
has
approximately
200
additional
drilling
locations
in
East
Texas,
which
the
Company
believes
have
potential
in
the
Pettit,
Travis
Peak
and
Cotton
Valley
formations
at
depths
of
6,000
to
10,000
feet.
The
Company
is
continuing
to
evaluate
its
acreage
in
Kansas
and
New
Mexico,
and
expects
to
generate
additional
drilling
prospects. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | GMX
Resources,
Inc.
is
an
independent
oil
and
gas
company.
GMX
has
acquired
underdeveloped
properties
in
east
Texas,
northwestern
Louisiana,
Kansas,
and
southeastern
New
Mexico.
The
company
intends
to
develop
these
properties
to
their
full
potential.
For
the
six
months
ended
6/30/01,
revenues
rose
73%
to
$2.8
million.
Net
income
applicable
to
Com.
totalled
$526
thousand,
up
from
$194
thousand.
Results
reflect
increased
oil
production,
along
with
higher
margins. | More
from
Market Guide: Significant
Developments |
| | | Ken
L. Kenworthy
Jr.,
Pres. Ken
L. Kenworthy
Sr.,
Exec. VP/CFO Kyle
Kenworthy,
VP Jon
Stromberg,
VP. | More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|