GMX Resources Inc. (GMXR), is a pure play independent oil and natural gas exploration and production company. The Company is focused on the development of Haynesville/Bossier Shale and Cotton Valley Sands in the Sabine Uplift of the Carthage, North Field of Harrison and Panola counties of East Texas (its core area).
The Company has three subsidiaries, Diamond Blue Drilling Co. (Diamond Blue), which owns three conventional drilling rigs in GMX's core area; Endeavor Pipeline Inc. A 40% interest in Endeavor Gathering is owned by Kinder Morgan Endeavor LLC (KME).
This stock moved up big Wednesday on news that the company successfully drilled and completed its fourth operated horizontal Bakken well. It was completed as a 32 stage frac Middle Bakken producer achieving a peak rate of 2,549 boepd @1,500 psi flowing casing pressure.
With this good news, investors and traders started watching this stock and are probably eying this company at the these levels.
The Company will attend the 2012 Oil and Gas Investment Symposium / IPAA where members of the Company's management team will be presenting on Tuesday April 17, 2012 from 8:45 -- 9:05 AM EDT.
At the symposium, potential investors of will be able to get more clarity on the good things that this company has in the works. It is also important to note that the stock closed right at the 50 day moving average Wednesday. This means that the stock could be ready to make a technical move and head toward the 200 day moving average @ $2.32.
This stock was at $6 exactly a year ago. Can this stock be headed back in that direction after the symposium on April 17th?
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
Additional disclosure: The information within this article is intended for educational purposes only and is not to be used to make any investment decisions without first consulting with a financial advisor.