NewsFebruary 3, 2014: now Thunderbird Resources; update/conclusion of bankruptcy plan;
February 19, 2013: "not broke yet"
October 4, 2012: announces changes to drilling operations and completion process to improve results; great article
April 3, 2012: reports a nice well in McKenzie County.
January 28, 2011: Overnight, from nothing to 70,000 net acres in the core Bakken; enters the Bakken, January 21, 2011.
Original PostThis post contains a lot of information received from a GMXR spokesperson -- very informative. Highly recommended for update regarding GMXR but also the Bakken in general.
I can't find it: either I blogged it or it was in the comment section, but I can't find a comment regarding GMXR and my reply.
It had to do with the company's press release updating operations and the need to rework several of their wells.
I don't always understand the jargon or the technology, but a spokesman for GMXR was nice enough to expand on what I had written (either expand or correct my mistakes -- it's in the eye of the beholder, smile):
Here is that additional information:
I truly appreciate this information.Our first three wells were successfully drilled, successfully fracture stimulated.The first two are very long laterals (some of the longest in the basin).All three wells are flowing but have restricted flows due to frac balls (all 30 balls are still in the well bore on all three wells) and proppant.We have secured our own new fit-for-purpose work over rig. It is expected to arrive between February 15 and March 1st. At that time we plan to send the work over rig to the Frank well first as it has the most restriction. Second would be the Evoniuk and finally back to the Wock.Once the work is completed and we can assess flow and production we plan to update the public on these wells.While the “IP” rates reported are accurate they are not in our view true IP rates based on the restricted flow rates. We do plan to flowback our 4th well (Lange) in different manner than our first three.
Some data points and additional comments:
1. Quite some time ago I got a call from a East Coast investor or journalist (I now forget which), and he wanted to know more about GMXR and the Bakken. At that time I had never heard of GMXR, but my research at that time suggested GMXR, a natural gas company, was using the "Bakken" as an investor-marketing gimmick. It seemed very late in the game for a company like GMXR to enter the Bakken. I was very wrong. GMXR appears to be a real player in the Bakken. I am impressed.
2. To expand on one of the points made above by the GMXR spokesperson: it is true. They do have one of the longest, if not the longest, lateral in the Bakken. I've blogged on it before.
3. The information above really helps fill in knowledge gaps. I guess it doesn't take much to get me excited.
As I told the GMXR spokesperson: the most important thing folks can do to help me out, is correct any errors I make. I don't intentionally mean to report inaccurate information.
Second, I generally don't write to investor relations to get questions answered; I just don't have time, but maybe I should when there are obvious disconnects.
Finally, I give the oil companies the benefit of the doubt on most issues, holding off on negative comments. But after awhile, I will call it like I see it (such as the disappointment in OXY's Dimond field wells and Fidelity for minimal activity in its own backyard -- MDU is headquartered in Bismarck, ND).
Anyway, again a big thank you to GMXR for expanding on their operations.
I've asked about the Marsh well -- NDIC shows "DRY" whereas GMXR reports a very, very nice IP. This is the information from GMXR regarding the Marsh well:
The Marsh 21-16TFH is listed twice.
One has a –R after it.
It’s a re-drill.
Whiting apparently had some issues in the original vertical and moved the wellbore over 10 or 15 feet and re-drilled the vertical.
That is why it showed the original as a DRY.
The one with a -R after it is currently on confidential status and did IP at 2,694.
One can find more on GMXR and the "Marsh" well by searching at this blog site.
With regard to work-over rigs, he had this to say:
Work over rigs have been in very short supply as noted by press releases from Kodiak and Whiting.
Every well drilled in the Basin will periodically be in need of a work over rig.
It’s not uncommon for a newly drilled well to have a work over rig drill out frac balls or plugs and/or proppant post-fracture stimulation.
With more rigs drilling and more wells producing than ever in the Bakken it’s not surprising that “ one more thing” is in short supply in the Bakken.