Well, Maybe GMX Resources Doesn't Consider It Too Late or "Me Tooish" -- Bakken, North Dakota, USA

Just a few days ago ZMan stated the entry of some small companies into the Bakken as "a little too late and "me toosh."

I'm not exactly sure what to make of the Bakken entry as that seems more than a little late and "me tooish" but numbers will tell and we'll have those in hand around March 1.

I agreed.

So I doubt there was anyone more surprised than I to find this story on Yahoo!InPlay first thing this a.m.:

GMX Resources acquires five (5) oil resources in Bakken and Niobrara, announcing it has signed three (3) additional purchase and sale agreements resulting in a total of about 68,000 net acres in the core development of the Bakken/Sanish-Three Forks.

In addition, GMX Resources announces a CAPEX of $31.5 million in the Williston Basin for 2011. Press release here.

The company plans to drill 10,000-foot lateral FlexRig3 rigs beginning later this year (2011) and drilling continuously thereafter.

In a separate press release, GMX Resources announced an offering of $100 million of common stock and $200 million offering of senior notes.

Note: the FlexRigs, specifically the FlexRig3, in this story, a new wrinkle in the Bakken first noted in the conference call with Hess.