GMXR Misses by 11 Cents; Misses On Revenues -- Small Play in Bakken, North Dakota, USA

Link here.

Recently entered the Bakken; small play; predominantly a natural gas company.

These capital market transactions allowed us to purchase significant positions in the top oil play in the U.S.(the Bakken) and in a top emerging oil play in the U.S. (the Niobrara), realign our balance sheet and move 80% of our debt past the maturity date of our bank revolver. We believe we have enough liquidity in place to fund our capital expenditures for the next two years, and we expect to be cash flow positive in early 2013. Transformation to more oil production is the key in our ability to accomplish that goal. We are focused on accelerating our operational start up in North Dakota organizing four GMXR-operated 1280 acre units in the Lewis and Clark play with a total of sixteen well locations. We have about a 50% average working interest in these units and expect to be drilling in late June or early July.

"Significant" is in the eye of the beholder.