GMX bucks gas with eyes on oil

Push for oil: GMX aims to make switch from gas to oil

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Luke Johnson

 02 February 2012 23:55 GMT

US junior GMX Resources expects to see a huge jump in its oil production this year as the company continues its transition away from gas production to focus on liquids.



The onshore-focused player anticipates a 302% increase in its oil production in 2012 compared to 2011. It expects output of 373,000 barrels of oil this year after producing 92,837 barrels last year.

That would come as part of an expected 2.3 million barrels of oil equivalent for the year.

“We expect our rapidly increasing oil production will serve to offset some of the decline in revenue from natural gas and we have committed 100% of our 2012 drilling capital expenditures to oil exploration,” GMX president Michael Rohleder said in a statement…

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