GMX Resources (GMXR) announced that the company has entered into two separate transactions involving the purchase of acreage in the Denver Julesburg Basin that is prospective for the Niobrara Shale.
GMX Resources is purchasing 41,637 net acres in Goshen, Laramie and Platte Counties in Wyoming. The company will have a net revenue interest of 80%, and estimates that it has 260 net wells on its newly acquired acreage. GMX Resources will drill several vertical test wells starting in July 2011.
GMX Resources has budgeted capital expenditures of $53.6 million over the next two years to develop its acreage in the Niobrara Shale. The company will spend $29.5 million in 2011 and $24.1 million in 2012.