GMX Resources Announces Record Earnings: Just the Beginning

GMX Resources announces record earnings for 1Q11. This is going to be a huge quarter for energy industry.

GMX Resources made news recently when it entered the Bakken, but it has a very small footprint and one wonders exactly what it plans in the Bakken.

From the press release:

The Company has achieved total production of 6.0 Bcfe for the first quarter 2011 which is a Company record and an achievement of the previously announced guidance. The 6.0 Bcfe of production in the first quarter represents a 14% increase over the fourth quarter of 2010 and a 89% increase over the first quarter of 2010.

The Company's second quarter and full year 2011 guidance is 6.1 Bcfe with an expected range of 25.0-26.0 Bcfe, respectively, which represents an increase of 42% and 43%-49% in the second quarter and full year 2010.

GMX Resources is predominantly a natural gas exploration and production company but has recently changed its profile to highlight its involvement in two oily shale plays: the North Dakota Bakkken and the Niobrara in D-J. 

Some of the Bakken-only energy companies may miss production targets in 1Q11 due to the weather. Almost 700 wells were shut in for much of January. The high price of oil in March may make up for the losses in January, resulting in a wash for the Bakken-only energy companies.

Earnings of all Bakken-related companies are aggregated at "Earnings Central."