The GMX Resources ($GMXR) LANGE 11-30-1H Well

One of the wells that GMXR mentioned in their recent presentation was the Lange 11-30-1H. I believe this was their first time mentioning this well's results. They claim initial production of 2549 boe and average 30 day production of 577 boe.

Here's the actual data from the state showing the breakdown between bbls and mcf.

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Production Test Data
   IP Test Date: 4/3/2012     Pool: BAKKEN     IP Oil: 2285     IP MCF: 1591     IP Water: 6576

Pool	Date	Days	BBLS Oil	Runs	BBLS Water	MCF Prod	MCF Sold	Vent/Flare
BAKKEN	5-2012	13	3170	3362	3278	5129	0	5129
BAKKEN	4-2012	20	13567	13024	27138	17672	0	17672

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The average production was 678 bbl/day over the first 20 days, falling to 244 bbl/day over the next 13 days. That is a very sharp drop (64%).

I would guess that the well has had revenue of $1mm-1.5mm so far. However, with production already down to 244bbl/day after only a month, it looks like this is another low NPV well. Depending on your assumptions, it may breakeven. We will check back to see how quickly production continues to decline.