GMX Resources (GMXR) announced that it entered into a joint venture agreement with EXCO Resources (XCO) to develop Haynesville Shale acreage located in Harrison County, Texas.
The joint venture will combine Haynesville Shale acreage from the Verhalen Prospect (GMX Resources) and from the Hamilton Unit (EXCO Resources), creating a block of 3,850 contiguous acres. GMX Resources estimates that it has 49 drilling locations on the joint venture acreage.
GMX Resources said that the Verhalen F #1H, the first well in the joint venture was spud on March 29, 2010. The estimated cost of this Haynesville Shale well is $8 million.