GMX Resources - GMXR
GMX Resources Inc. operates as an independent oil and natural gas exploration and production company primarily in the United States. It has interests in two oil shale resources, including the Williston Basin that targets the Bakken/Sanish-Three Forks in North Dakota/Montana; and the DJ Basin, which targets the Niobrara Formation in Wyoming. The company also holds interests in natural gas resources comprising the Haynesville/Bossier Formation and the Cotton Valley Sand Formation in the East Texas Basin. As of December 31, 2010, it had proved reserves of 319.3 billion cubic feet of natural gas equivalent; and 264 net producing wells in east Texas. The company was founded in 1998 and is headquartered in Oklahoma City, Oklahoma.
Small Cap pick $GMXR
This is a Manic Picks from last year that netted 29.6% Alerted at 4.05
With a Crazy bear market, downgrade and earnings miss this oil driller has hit 10 year lows. But company is in the Bakken Oil Field space.
$GMXR Pulled back to a 10 year low at 1.15- 1.14 being support. My stop is at 1.13 in case she retests support. Love the long term potential here.
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GMX Resources (NYSE:GMXR) is at an early stage of developing the Williston Basin, and recently started drilling the company's third operated well into the Bakken and Three Forks formations. The company just completed its first well and reported a 24-hour initial production rate of 450 BOE.
Although the company may still earn a decent return on this well, the market was disappointed in this result and sold the stock down by more than 20%.
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