The market has brutally sold off many exploration and production stocks with leverage to natural gas, including ones with exposure to the Haynesville Shale. This is due to the weakness in natural gas prices and the concern with large supply additions over the next year as the rig count ramps up in 2010.
GMX Resources (GMXR) has been one of the worst hit stocks in the natural gas led sell off. The company has other issues as well, but at $8.00 per share, it is now selling below its price at the bear market low in March 2009.
Haynesville/Bossier Shale - GMX Resources Summary
GMX Resources has 42,400 net acres in East Texas that is prospective for the Haynesville Shale. This acreage is located in Harrison, Marion and Panola County. GMX Resources plans to drill 22 gross Haynesville Shale wells in 2010.
Proved Reserves – 26 BCFE using SEC pricing
Proved Reserves – 114 BCFE using 12/31/2009 pricing
Estimated Ultimate Recovery – 6.5 BCFE
Drilling Locations – 279